Recurrent revenue up to the end of June amounted to Lm389.9 million, and accounted for 41 per cent of this year’s budget forecast, the National Statistics Office said yesterday.
Compared to the first six months of 2005, this revenue represented an increase of Lm13.8 million, or 3.7 per cent. Recurrent revenue for the same period in 2005 amounted to Lm376.1 million, which accounted for 42 per cent of the actual final out-turn.
At the same time, total expenditure, excluding contributions from sinking funds and direct loan repayments, amounted to Lm463.9 million, a fall of Lm7 million, or 1.5 per cent, from the Lm470.9 million expended in the same period in 2005.
The total expenditure for the January to June period amounted to 46.1 per cent of the approved 2006 estimate.
Total expenditure for the same period in 2005 accounted for 48.5 per cent of the actual total expenditure for the year.
The shortfall between recurrent revenue and total expenditure during the period under review amounted to Lm74 million this year, compared to a shortfall of Lm94.8 million one year ago.
During the first six months of 2006, there were no proceeds from sinking funds on converted loans, while in the same period in 2005, proceeds from this source amounted to Lm3.8 million.
Loan repayments between January and June 2006 amounted to Lm0.06 million, and there were no such repayments in 2005. Contributions to sinking funds amounted to Lm6.4 million and Lm6 million respectively for the comparative periods of 2006 and 2005.
During the first six months of this year, local loans amounting to Lm25 million were taken up, while during the same period last year, Lm76.5 million in loans was taken up. There was no resort to foreign borrowing in either of the comparative periods. Proceeds this year from the disposal of shares owned by the government amounted to Lm74.2 million.
The increase of Lm13.8 million in recurrent revenue during the first half of 2006, when compared to the same period in the previous year, was reported mainly under Income Tax (+Lm4.1 million), Social Security contributions (+Lm5.0 million), Customs and Excise (+Lm4.7 million), licences, taxes and fines (+Lm4.1 million), Value Added Tax (+Lm4.1 million), and dividends on investment (+Lm1.6 million).
A relative decline in revenue was recorded under Central Bank of Malta
(-Lm4.0 million), Grants
(-Lm3.0 million), and Miscellaneous Receipts
(-Lm2.8 million).
Recurrent expenditure (excluding Public Debt Servicing) during the first six months of 2006 amounted to Lm372.6 million, an increase of Lm5.6 million, or 1.5 per cent, on the Lm367.0 million expended during the same period in 2005. Recurrent expenditure for the periods under review accounts for 47.7 per cent of the budgetary estimates for 2006, while the 2005 figure
corresponds to 47.9 per cent of the actual final outturn for that year.