The Malta Independent 25 August 2019, Sunday

Government registers €127.9m surplus in third quarter 2018 – NSO

Friday, 18 January 2019, 11:19 Last update: about 8 months ago

In the third quarter of 2018, the General Government recorded a surplus of €127.9 million, the NSO said today.

During the period July-September 2018, total revenue stood at €1,234.5 million, an increase of €75.3 million when compared to the third quarter of 2017.

The main contributors were Taxes on production and imports and Current taxes on income and wealth with an increase of €58.1 million and €26.3 million respectively. Other minor increases were also registered in Capital transfers receivable (€5.4 million) and Property income receivable (€2.4 million). Decreases were registered in Net social contributions receivable (€7.6 million), Market output (€7.3 million), and Current transfers receivable (€1.9 million).

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Total expenditure in the third quarter amounted to €1,106.7 million, an increase of €103.2 million over the corresponding quarter of 2017. Increases were recorded mainly in Current transfers payable (€32.1 million), Capital transfers payable (€31.8 million), Compensation of employees (€21.3 million), Gross capital formation (€18.8 million), Subsidies payable (€4.2 million) and Social benefi ts and social transfers in kind (€2.7 million).

Decreases were recorded in Property income payable (€5.1 million), Intermediate consumption (€2.4 million) and Current taxes on income and wealth (€0.1 million). In order to achieve compliance with the provisions of ESA 2010, adjustments to the Consolidated Fund data were made. In the third quarter of 2018, these adjustments resulted in a decrease of €17.1 million to the surplus of the Consolidated Fund.

During the third quarter, in relation to financial transactions in assets, Currency and deposits and Other accounts receivable registered a decrease of €440.4 million and €52.9 million respectively, over the previous quarter. Moreover, Long-term debt securities and Equity and investment fund shares increased by €100.1 and €51.1 million respectively. With regards to financial transactions in liabilities, the major increase was recorded in Long-term loans (€4.3 million), followed by Currency and deposits (€2.9 million). On the other hand, Long-term debt securities, Other accounts payable and Short-term debt securities registered a decrease of €240.5 million, €208.1 million and €9.2 million respectively.

 At the end of September, the General Government debt stood at €5,512.0 million, showing a decrease of €325.9 million over the third quarter of 2017. Central Government debt amounted to €5,509.0 million, where the largest decrease was underpinned by a drop in Long-term debt securities of €674.9 million. Conversely, Short-term debt securities increased by €196.1 million. Additionally, Long-term loans increased by €19.5 million while Short-term loans decreased by €4.1 million.

Currency and deposits stood at €276.4 million, an increase of €129.3 million over September 2017, and includes the euro coins issued in the name of the Treasury considered as liability for Central Government and the 62+ Malta Government Savings Bond, the latter amounting to €193.0 million. The Local Government debt stood at €2.9 million. The Government guaranteed debt amounted to €1,083.9 million at the end of September 2018, a gdecrease of €338.4 million when compared to the corresponding period last year.

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