Compared to the same month last year, recurrent revenue registered an increase of €51.8 million whereas total expenditure went up by €18.8 million. This resulted in a positive change in the Government’s Consolidated Fund by €33.0 million, the NSO said in a statement today.
In January 2017, recurrent revenue was recorded at €261.2 million, up from €209.4 million last year. The comparative increase of 24.7 per cent was primarily the result of higher Grants and Income Tax which increased by €22.1 million and €6.3 million respectively. Moreover, increases were also recorded for Customs and Excise Duties (€6.1million), Value Added Tax (€5.4 million), Fees of Office (€5.0 million), Licences, Taxes and Fines (€4.4 million), Reimbursements (€1.1 million), Rents (€0.9 million) and Miscellaneous Receipts (€0.6 million). Conversely, decreases were recorded in Social Security (€0.1 million).
Compared to January last year, total expenditure stood at €277.0 million up from €258.2 million, mainly as result of added outlays on recurrent expenditure and interest payments which outweighed lower spending on capital expenditure.
Recurrent expenditure stood at €249.5 million from €220.0 million last year. The major contributor to this increase was Programmes and Initiatives with a rise of €17.0 million. The main developments in this category involved higher EU Own Resources (€13.1 million), Social Security Benefits (€2.5 million), added outlays due to Public Service Obligations (€2.5 million), Child Care for all (€1.2 million), EU Presidency 2017 (€1.1 million) and Heads of Government Event (€1.0 million). On the other hand, lower outlays for Medicines and Surgical Materials were recorded (€6.4 million). Increases were also registered in Contributions to Government Entities (€8.4 million), Operational and Maintenance Expenses (€2.4 million) and Personal Emoluments (€1.7 million).
The interest component of the public debt servicing costs stood at €17.5 million, up from €15.2 million last year. Government’s capital expenditure witnessed a decline of €13.0 million, and was recorded at €10.0 million.
At the end of January 2017, Central Government Debt stood at €5,498.5 million, up by €60.6 million over the corresponding month last year. This was the result of higher Malta Government Stocks and Euro coins issued in the name of the Treasury, which added €180.9 million and €4.5 million respectively.
On the other hand, Domestic Loans with Commercial Banks and Treasury Bills went down by €56.4 million and €47.9 million respectively. Higher holdings by government funds in Malta Government Stocks resulted in a decrease in debt of €10.2 million. Moreover Foreign Loans decreased by €10.4 million.