A statement released by government read that quarterly figures on General Government Finances published today by the National Statistics Office show that during the first quarter of this year, Government revenue recorded a strong increase of €59.1 million across all revenue categories.
"The highest increase was registered in revenue from taxes on production and imports. This reflects the robust growth in private consumption which increased by €45.2 million during the same period. Of note is also the increase in revenue from current taxes on income and wealth and net social contributions which rose by €17.5 million and €8.9 million respectively, on the back of dynamic performance in the labour market largely thanks to Government's success in making work pay and easing access to the labour market".
"On the expenditure side, the highest increase was recorded in investment which increased to €94 million reflecting the commencement of various infrastructural projects which will continue enhancing the productive capacity of the Maltese economy".
Minister for Finance Edward Scicluna remarked, "The increases in both revenue and expenditure are in line with Government fiscal targets. We are also pleased to note the strong increase in the tax base, namely income and consumption which is reflective of the increasingly strong performance of the Maltese economy."
"The General Government deficit stood at €172.3 million. This includes one-off adjustments of €86.9 million mainly due to EU funded projects and the Air Malta loan to equity injection".
According to the NSO statistics published, Total revenue stood at €754.6 million, a €59.1 million increase over the same period last year and expenditure stood at €926.8 million, around €94million more spent during the first quarter of 2014. Total expenditure in the 1st quarter of 2014 stood at €832,272
"All expenditure components registered higher outlays with the largest increases recorded in Gross capital formation (€31.8 million), Capital transfers payable (€26.3 million) and Compensation of employees (€17.2 million). Concurrently, Intermediate consumption and Current transfers payable added €9.7 million and €6.5 million respectively," the NSO statement read.
The National Statistics Office results show that total General Government debt outstanding at the end of March increased by €143.0 million over 2014. "General Government debt amounted to €5,640.6 million, of which €5,636.7 million related to Central Government. The increase in Central Government debt was underpinned by higher Long-term debt securities (Malta Government Stocks) of €293.6 million. Moreover, Short-term loans went up by €13.5 million, whereas Short-term debt securities and Long-term loans declined by €159.1 million and €10.4 million respectively. The euro coins issued in the name of the Treasury, which are considered as a currency liability pertaining to the Central Government, amounted to €60.3 million, a rise of €5.3 million over the euro coin stock recorded at the end of March 2014. In addition, the Local Government debt went up by €0.1 million and stood at €4.0 million".