In the last quarter of 2017, the General Government recorded a surplus of €204.3 million, the NSO said today.
During the period October-December 2017, total revenue stood at €1,267.1 million, an increase of €99.8 million when compared to the last quarter of 2016. This increase in revenue was triggered mainly by higher Current taxes on income and wealth (€39.4 million). Increases were also registered in Market output (€33.7 million), Net social contributions receivable (€17.1 million), Capital transfers receivable (€16.5 million) and Current transfers receivable (€1.8 million). Decreases were recorded in Taxes on production and imports (€7.7 million) and Property income receivable (€1.1 million).
Total expenditure in the last quarter amounted to €1,062.8 million, an increase of €24.4 million from the last quarter of 2016. Increases were recorded mainly in Compensation of employees (€27.9 million), Capital transfers payable (€12.6 million), Social benefits and social transfers in kind (€11.9 million) and Subsidies payable (€4.1 million). Decreases were mainly recorded in Current transfers payable (€21.3 million), Intermediate consumption (€6.1 million) and Property income payable (€4.1 million).
In order to achieve compliance with the provisions of ESA 2010, adjustments to the Consolidated Fund data were made. In the last quarter of 2017, these adjustments triggered an increase of €78.0 million to the surplus of the Consolidated Fund.
Quarterly financial accounts
During the fourth quarter, in relation to financial transactions in assets, Currency and deposits registered a decrease of €423.7 million over the previous quarter. Conversely, Equity and investment fund shares increased by €95.9 million whereas Other accounts receivable decreased by €63.4 million. Moreover Short-term loans and Long-term loans increased by €0.4 million and €0.2 million respectively.
With regard to financial transactions in liabilities, the major decrease was recorded in Other accounts payable, €363.4 million. Concurrently, Long-term debt securities witnessed a negative transaction of €266.7 million while Short-term debt securities increased by €47.8 million. Additionally, Short-term loans and Long-term loans went down by €2.3 million and €1.3 million respectively. Currency and deposits increased by €31.5 million.
Quarterly debt (t/t-4)
Total General Government debt outstanding at the end of December decreased by €85.8 million over the fourth quarter of 2016. General Government debt amounted to €5,642.6 million, of which €5,638.9 million related to Central Government. The decrease in Central Government debt was underpinned by a drop in Long-term debt securities of €107.1 million. Likewise, Short-term debt securities decreased by €77.0 million. Additionally, Long-term loans decreased by €9.5 million while Short-term loans increased by €2.6 million. Currency and deposits stood at €177.8 million, a rise of €105.0 million over December 2016, and includes the euro coins issued in the name of the Treasury considered as liability for Central Government and the new 62+ Malta Government Savings Bond which amounted to €99.6 million. In addition, the Local Government debt stood at €3.7 million.
The Government guaranteed debt amounted to €1,069.3 million at the end of December 2017, a decrease of €330.0 million when compared to the same period last year.