In the first five months of 2015, Government’s Consolidated Fund registered a deficit of €118.9 million, down by €120 million.

During January to May, recurrent revenue registered an increase of €185.8 million over the same period last year, which outweighed the rise in expenditure of €65.7 million, hence resulting in a positive change in the Government’s Consolidated Fund of €120.0 million.

Recurrent revenue was recorded at €1,339.9 million, up from €1,154.1 million last year.

The major contributors to the comparative increase of 16.1 per cent were higher proceeds from Grants, Customs and Excise Duties, Income Tax, and Value Added Tax. On the other hand, Fees of Office registered a decrease of €4.7 million.

Compared to the first five months last year, total expenditure recorded an increase of €65.7 million due to higher recurrent and capital expenditures and interest payments.

Recurrent expenditure went up by €32.6 million, totalling €1,183.9 million.

The interest component of the public debt servicing costs for the first five months of 2015 stood at €96.1 million from €92.3 million last year.

Government’s Capital Expenditure was recorded at €178.7 million, up by €29.2 million from last year.

At the end of May 2015, Central Government Debt stood at €5,345.2 million, an increase of €61.4 million over the corresponding period last year.