The shortfall between recurrent revenue and total expenditure for the first nine months of 2007 amounts to Lm73.3 million ( EUR170.7 million), the National Statistics Office reported yesterday.

Data from the Government Consolidated Fund indicates that the shortfall between recurrent revenue and total expenditure for the first nine months of the year, compared to the same period last year, increased by Lm0.4 million and amounted to Lm73.3 million. The increase in total expenditure was Lm16.2 million, while that in respect of recurrent revenue was Lm15.8 million.

When compared to the same period in 2006, revenue from Income Tax rose by Lm21.2 million to Lm176.5 million. Revenue from Social Security Contributions and from Value Added Tax increased by Lm3.9 million, and by Lm4.3 million respectively. Revenue from Grants declined by Lm22.9 million for the period under review.

Recurrent expenditure during the first three quarters amounted to Lm582.7 million, an increase of Lm22.6 million over the same period last year. This increase was mainly brought about by an increase of Lm9.5 million on Social Security Benefits.

Interest payments on Government borrowing edged up by Lm0.1 million and totalled Lm63.0 million.

Capital expenditure for the January to September period amounted to Lm73.3 million, a decline of Lm6.5 million when compared to the first three quarters of 2006. Lower capital outlays by the Finance Ministry (-Lm11.9 million) were only partly offset by higher expenditures under the Rural Affairs and the Environment Ministry (+Lm2.1 million), the Gozo Ministry (+Lm2.2 million), and the Urban Development and Roads Ministry (+Lm1.3 million).

Compared to September 2006, Central Government debt at the end of September this year increased by Lm17.3 million, amounting to Lm1,394.1 million. For the 12-month period ending September 2007, Treasury Bills and Government Stock increased by Lm4.5 million and by Lm23.6 million respectively, while foreign borrowing declined by Lm10.2 million