The government said in a statement that during the month of February, the government’s revenue was €38 million more than its expenditure.

This, the DOI statement said, was the fifth consecutive month that statistics issued by the NSO indicated that there was a surplus in the consolidated fund. “This means that for five consecutive months, the government was in a position to reduce public debts for the first time in recent history.

“While towards the end of October, the government’s debts were €5.4 billion, by the end of February these debts decreased to €5.2 billion.

“The positive balance between what was spent and what entered the government’s coffers in the first two months of 2015,” the government said. That amount of €50 million, the statement read, was created despite the capital expenditure of nearly €9.5 million, or rather 39% more than the same period a year ago. At the same time, the recurrent expenditure increased by 0.4% only.

Income as a result of income tax and NI increased to €10.5 million – “a firm indication that wages have been increased and the number of persons working also increased”.

VAT-related income increased by five million euros.

Another point raised by the government is that when compared to last year, “it obtained €103 million more in EU funds”.