The deficit for the first quarter of 2007 amounted to Lm36.7 million, compared to a deficit of Lm37.7 million recorded for the first quarter of 2006, the National Statistics Office reported yesterday.

While total income for the quarter increased by Lm1.2 million, and amounted to Lm186.4 million, total expenditure increased by Lm0.3 million, and amounted to Lm223.2 million.

When compared to the end of the March quarter 2006, total general government debt outstanding at the end of the first quarter this year contracted by Lm45.8 million and amounted to Lm1,406.8 million. Malta Government Stocks (classified as long-term securities other than shares) accounted for Lm1,123.9 million, or 79.9 per cent of the total outstanding debt.

As at end March 2007, the stock of guarantees totalled Lm240.4 million, a reduction of Lm29.4 million when compared to the stock as at the end of March 2006.