In 2016, Government’s Consolidated Fund registered a surplus of €8.9 million, the NSO said today.
The Consolidated Fund data is the starting point for the compilation of the General Government deficit in line with the ESA 2010 methodologies. Today, the National Statistics Office, submitted to the Commission the latter by means of the Excessive Defi cit Procedure (EDP) Notification for the years 2013-2016, which data shall be published locally on the 24th April.
Compared to 2015, recurrent revenue registered an increase of €172.2 million whereas total expenditure went down by €72.5 million. This resulted in a positive change in the Government’s Consolidated Fund by €244.7 million.
In 2016, recurrent revenue was recorded at €3,807.0 million, up from €3,634.8 million last year. The comparative increase of 4.7 per cent was primarily the result of higher Income Tax and Social Security which increased by €143.6 million and €64.8 million respectively. Moreover, increases were also recorded for Licences, Taxes and Fines (€30.0 million), Value Added Tax (€24.8 million) and Fees of Office (€19.7 million) among others. Conversely, major decreases were recorded in proceeds from Grants (€73.8 million), Miscellaneous Receipts (€30.6 million) and Customs and Excise Duties (€12.9 million).
Compared to 2015, total expenditure stood at €3,798.1 million down from €3,870.6 million, mainly as result of lower spending on capital expenditure and interest component which outweighed added outlays on recurrent expenditure.
Recurrent expenditure stood at €3,264.3 million from €3,056.8 million last year. The major contributor to this increase was Programmes and Initiatives with a rise of €92.1 million. The main developments in this category involved higher Social Security Benefits (€32.3 million), a rise in Social State Contribution (of €21.8 million which also features as revenue), Health Concession Agreements (€16.0 million), added outlays due to EU Presidency 2017 (€15.5 million), Contribution to Planning Authority (€9.1 million), Public Service Obligations (€5.8 million), Private Residential Care (€4.5 million), Church Schools (€2.8 million) and Solid Waste Management (€2.6 million). On the other hand, lower outlays for EU Own Resources were recorded (€27.1 million). Increases were also registered in Contributions to Government Entities (€60.1 million), Personal Emoluments (€39.6 million) and Operational and Maintenance Expenses (€15.7 million).
The interest component of the public debt servicing costs stood at €223.5 million, down from €232.3 million last year. Government’s capital expenditure witnessed a decline of €271.2 million, and was recorded at €310.3 million. This was mainly the result of lower spending on EU funded projects due to the closure for the payments under the EU funding programme 2007-2013.
At the end of 2016, Central Government Debt stood at €5,474.9 million, up by €140.2 million over the corresponding month last year. This was the result of higher Malta Government Stocks and Treasury Bills, which added €180.9 million and €32.0 million respectively. On the other hand, Domestic Loans with Commercial Banks and Foreign Loans went down by €56.4 million and €10.4 million respectively.
Higher holdings by government funds in Malta Government Stocks resulted in a decrease in debt of €10.2 million. Moreover the Euro coins issued in the name of the Treasury went up by €4.3 million.