In the second quarter of 2018, the General Government recorded a surplus of €114.1 million, the NSO said.
During the period April-June 2018, total revenue stood at €1,173.2 million, an increase of €108.2 million when compared to the second quarter of 2017. This increase in revenue was triggered mainly by higher Current taxes on income and wealth (€49.9 million).
Increases were also registered in Taxes on production and imports (€45.1 million), Net social contributions receivable (€32.6 million), Property income receivable (€6.3 million) and Current transfers receivable (€0.4 million). Decreases were recorded in Market output (€21.9 million), and Capital transfers receivable (€4.3 million) (Table 2). Total expenditure in the second quarter amounted to €1,059.1 million, an increase of €6.5 million from the second quarter of 2017.
Increases were recorded mainly in Compensation of employees (€27.1 million), Intermediate consumption (€19.6 million), Social benefits and social transfers in kind (€9.6 million), Subsidies payable (€3.7 million).
Decreases were recorded in Capital transfers payable (€32.7 million), Current transfers payable (€13.6 million), Property income payable (€4.0 million) and Gross capital formation (€3.3 million). In order to achieve compliance with the provisions of ESA 2010, adjustments to the Consolidated Fund data were made. In the second quarter of 2018, these adjustments triggered a decrease of €195.2 million to the deficit of the Consolidated Fund.
During the second quarter, in relation to financial transactions in assets, Currency and deposits registered an increase of €438.6 million over the previous quarter. Moreover, Other accounts receivable increased by €174.1 million and Equity and investment fund shares increased by €0.1 million.
With regards to financial transactions in liabilities, the major increase was recorded in Other accounts payable, €514.7 million. Conversely, Long-term debt securities witnessed a negative transaction of €170.4 million while Long-term loans went down by €11.3 million. On the other hand, Currency and deposits went up by €96.2 million, whereas Short-term debt securities increased by €66.3 million
Total General Government debt outstanding at the end of June decreased by €126.8 million over the second quarter of 2017. General Government debt amounted to €5,735.0 million, of which €5,731.2 million related to Central Government. The decrease in Central Government debt was underpinned by a drop in Long-term debt securities of €468.6 million. Conversely, Short-term debt securities increased by €148.6 million. Additionally, Long-term loans increased by €6.2 million while Short-term loans decreased by €12.1 million.
Currency and deposits stood at €273.4 million, a rise of €198.6 million over June 2017, and includes the euro coins issued in the name of the Treasury considered as liability for Central Government and the 62+ Malta Government Savings Bond, the latter amounting to €193.0 million. In addition, the Local Government debt stood at €3.8 million. The Government guaranteed debt amounted to €1,075.0 million at the end of June 2018, a decrease gof €354.1 million when compared to the same period last year