In the third quarter of 2014, the General Government recorded a deficit of €29.7 million.
During the period July-September 2014, total revenue stood at €790.4 million, an increase of €98.3 million when compared to the third quarter of 2013. This was mainly triggered by higher proceeds from Current taxes on income and wealth (€38.5 million), Taxes on production and imports (€34.4 million) and Net social contributions (€11.2 million). Receivables from Current transfers, Market output and Capital transfers also registered increases, as opposed to, Property income receivable which decreased by €4.2 million.
Total expenditure in the third quarter amounted to €820.1 million. The largest increases were recorded in Compensation of employees (€17.5 million) and Current transfers payable (€15.8 million). Added outlays were also recorded in Subsidies, Gross capital formation and Intermediate consumption. On the contrary, Capital transfers Payable, Social benefits and social transfers in kind and Property income payable went down by €2.1 million, €2.0 million and €1.7 million respectively.
During the quarter under review, in relation to financial transactions in assets, Currency and deposits registered a decrease of €335.7 million over the previous quarter. In addition, other accounts receivable decreased by €7.4 million. Conversely, Long-term loans, Equity and investment fund shares, and Short-term loans added €2.4 million, €2.3 million and €1.3 million respectively.
With regard to financial transactions in liabilities, the major decrease was recorded in Other accounts payable with €207.5 million. Short-term and Long-term debt securities went down by €98.7 million and €39.7 million respectively. While long-term loans added €4.6 million and Currency and deposits increased by €2.4 million.
Total General Government debt outstanding at the end of September advanced by €218.3 million over the comparable period in 2013. General Government debt amounted to €5,627.3 million, of which €5,623.4 million related to Central Government.
The increase in Central Government debt was underpinned by higher Long-term debt securities (Malta Government Stocks) of €311.7 million. Long-term loans went up by €66.8 million, whereas Short-term debt securities and Short-term loans declined by €114.1 million and €51.2 million respectively. The euro coins issued in the name of the Treasury, which are considered as a currency liability pertaining to the Central Government, amounted to €59.5 million, a rise of €5.2 million over the euro coin stock recorded at the end of September 2013. Moreover, the Local Government debt went down by €0.1 million and stood at €3.8 million.