Figures supplied by the Treasury reveal that the shortfall between recurrent revenue and total expenditure for the first 11 months of this year amounted to Lm82.0 million (€190.9 million), the National Statistics Office said yesterday.

Data from the Government Consolidated Fund indicated that the shortfall between recurrent revenue and total expenditure for the first 11 months compared to the same period last year increased by Lm2 million. The increase in total expenditure was Lm17.5 million while the increase in respect of recurrent revenue was Lm15.5 million.

When compared to the same period in 2006, revenue from income tax rose by Lm22.1 million to Lm214.6 million. Revenue from social security contributions and from value

Added tax went up by Lm4.0 million and by Lm4.9 million respectively, while revenues from Customs and Excise duties yielded an additional Lm7.9 million. Concurrently, revenue from Grants declined by Lm34.6 million.

Recurrent expenditure during the first 11 months of this year amounted to Lm719.9 million, an increase of Lm30.6 million over the same period last year. This was mainly brought about by increases of Lm10.5 million and Lm8.8 million respectively on Social

Security Benefits and on outlays under the Investment, Industry and

Information Technology Ministry.

At Lm73.4 million, interest payments on government borrowing remained practically unchanged.

Capital expenditure for the January to November period amounted to Lm89.1 million, a decline of Lm13.1 million when compared to the first 11 months of 2006. Lower capital outlays by the Finance Ministry (-Lm14.8 million) and by the Investment, Industry and Information Technology Ministry (-Lm2.4 million) were in part offset by higher expenditures under the Gozo Ministry (+Lm2.1 million), and under the Rural Affairs and the Environment Ministry (+Lm1.5 million).

Compared to November 2006, Central Government debt at the end of November this year went up by Lm54.8 million, amounting to Lm1,423.2 million. During the past 12 months Government Stock increased by Lm58.8 million, while Treasury Bills and foreign borrowing declined by Lm0.7 million and by Lm2.8 million respectively