The deficit recorded by the general government for the March quarter this year amounted to €85.5 million, an increase of €41 million over the comparable period of 2011.

Quarterly non-financial accounts

During January-March 2012, total revenue stood at €662.2 million, an increase of €32.3 million compared to the first quarter of 2011. The main contributors were ‘taxes on production and imports’ (+€21.1 million) and ‘market output’ (+€16.4 million). Other increases were recorded in ‘property income receivable’ (+€3.1 million), ‘current transfers receivable’ (+€2.2 million) and ‘social contributions receivable’ (+€2.1 million). Conversely, ‘current taxes on income and wealth’ declined by €11.8 million.

Total expenditure during the period under review amounted to €747.7 million. The comparative increase of €73.3 million was triggered by higher outlays on all components of general government sector’s expenditure, with the exception of ‘social benefits and social transfers in kind’, which registered a drop of €8.4 million. The major increases were recorded in ‘intermediate consumption’ (+€31.8 million) and ‘capital transfers payable’ (+€20.7 million). Moreover, ‘property income’ and ‘gross capital formation’ rose by €8.8 million and €8.2 million respectively.

Quarterly financial accounts

During the period under review, the main increases in financial transactions in assets were recorded in ‘other accounts receivable’ of €189.1 million, ‘long term loans’ of €37.7 million and ‘currency and deposits of €14.1 million. Moreover, ‘shares and other equity’ and ‘short-term loans’ went up by €1.2 million and €0.8 million respectively.

With regard to financial transactions in liabilities, ‘long-term securities’ advanced by €232.7 million whereas ‘short-term securities’ went down by €41.3 million. Moreover, ‘other accounts payable’ increased by €75.8 million. Loans, both ‘long-term’ and ‘short-term’, went up by €43.8 million and €2.5 million respectively. Concurrently, ‘currency and deposits’ declined marginally by €0.6 million.

Quarterly debt

Total general government debt outstanding at the end of March advanced by €431.9 million over the comparable period in 2011. General government debt amounted to €4,831.4 million, of which €4,827.6 million relates to central government, which recorded an increase of €431.7 million. This was underpinned by higher long-term securities (Malta Government Stocks) of €562.7 million and an increase in total loans of €65 million, mainly due to the EFSF rerouted debt.

Conversely, short-term securities decreased by €200.4 million. The euro coins issued in the name of the treasury, which are considered as a currency liability pertaining to the central government, amounted to €45.2 million, a rise of €4.5 million over the euro coin stock recorded at the end of March 2011. In addition, the local government debt edged up by €0.2 million.