In the second quarter of 2017, the General Government recorded a surplus of €4.5 million, the NSO said today.
During the period April-June 2017, total revenue stood at €1,056.4 million, an increase of €140.2 million when compared to the second quarter of 2016. This increase in revenue was triggered mainly by higher Market Output (€94.2 million) and Current taxes on income and wealth (€22.0 million). Increases were also registered in Taxes on Production and Imports (€13.8 million), Net Social Contributions receivable (€13.8 million) and Property income receivable (€3.6 million). Decreases were recorded in Current transfers receivable (€6.0 million) and Capital transfers receivable (€1.3 million) (Table 2).
Total expenditure in the second quarter amounted to €1,051.9 million, an increase of €163.2 million from the second quarter of 2016. Increases were recorded mainly in Intermediate Consumption (€53.6 million), Capital transfers Payable (€48.9 million), Gross Capital Formation (€25.1 million),
Compensation of Employees (€20.1 million), Social Benefits and Social Transfers in Kind (€12.4 million) and Current transfers payable (€6.6 million). Decreases were mainly recorded in Property income payable (€2.5million).
In order to achieve compliance with the provisions of ESA 2010, adjustments to the Consolidated Fund data were made. In the second quarter of this year, these adjustments triggered a reduction of €83.7 million to the deficit of the Consolidated Fund, resulting in a surplus.
Quarterly financial accounts
During the second quarter, in relation to financial transactions in assets, Currency and deposits registered an increase of €183.6 million over the previous quarter. Likewise, Other accounts receivable increased by €70.7 million.
With regard to financial transactions in liabilities, the major increase was recorded in Other accounts payable, €269.8 million. Concurrently, Short-term debt securities witnessed a negative transaction of
€38.7 million whereas Short-term loans increased by €17.4 million. Moreover, Long-term loans went down by €8.4 million while Long-term debt securities increased by €4.8 million. Currency and deposits increased by €2.0 million.
Quarterly Debt
Total General Government debt outstanding at the end of June increased by €44.1 million over the second quarter of 2016. General Government debt amounted to €5,868.9 million, of which €5,865.2 million related to Central Government. The increase in Central Government debt was underpinned by a rise in Long-term debt securities of €154.1 million. Conversely, Short-term debt securities decreased by €126.9 million. Additionally, Short-term loans increased by €11.4 million while Long-term loans increased by €0.2 million. The euro coins issued in the name of the Treasury, which are considered as a currency liability pertaining to the Central Government, amounted to €74.8 million, a rise of €5.2 million over the euro coin stock recorded at the end of June 2016. In addition, the Local Government debt stood at €3.6 million.
The Government guaranteed debt amounted to €1,429.1 million at the end of June 2017, an increase of €8.4 million when compared to the same period last year.