Between January and February 2024, the Government’s Consolidated Fund reported a surplus of €151.4 million, the NSO said Friday.
By the end of February 2024, Recurrent Revenue amounted to €1,182.7 million, €153.9 million higher than the figure reported a year earlier. The largest increases were recorded under Income Tax (€124.8 million), Social Security (€34.6 million) and Licences, Taxes and Fines (€11.1 million). On the other hand, the main drops in revenue were reported under Miscellaneous Receipts (€14.7 million), Grants (€9.0 million) and Customs and Excise Duties (€8.4 million).
Total expenditure till February 2024 stood at €1,031.3 million, €116.7 million higher than the previous year.
During the reference period, Recurrent Expenditure totalled €927.9 million, an increase of €89.4 million compared to the €838.5 million reported at the end of February 2023. The main contributor to this increase was a €92.3 million rise reported under Programmes and Initiatives. Furthermore, increases were also recorded under Personal Emoluments (€16.8 million) and Operational and Maintenance Expenses (€5.9 million). On the other hand, Contributions to Government Entities fell by €25.5 million, following lower contributions, among others, towards the Malta Tourism Authority (€19.9 million) and Malta College of Arts, Science and Technology (€10.3 million).
The main developments in the Programmes and Initiatives category involved higher outlays towards Social security benefits (€83.7 million), Energy Support Measures (€13.2 million) and Expenses linked to the issuance of Malta Government Stocks (€4.2 million). The increase in outlay was partially offset by a drop witnessed under Hospital concession agreements (€12.7 million).
The interest component of the public debt servicing costs totalled €41.2 million, an increase of €15.4 million when compared to the previous year.
By the end of February 2024, Government’s capital spending amounted to €62.2 million, €11.9 million higher than 2023. This increase resulted from higher expenditure towards Property, plant and equipment (€7.9 million), Road construction and improvements (€7.5 million) and Maritime facilities (€3.9 million). Conversely, drops in outlay were reported towards Film industry incentives (€3.0 million) and Information technology in government schools (€1.6 million).
The difference between total revenue and expenditure resulted in a surplus of €151.4 million being reported in the Government’s Consolidated Fund at the end of February 2024. Compared to the same period in 2023, there was an increase in surplus of €37.2 million. This difference mirrors an increase in total Recurrent Revenue (€153.9 million), partly offset by a rise in total expenditure, which consists of Recurrent Expenditure (€89.4 million), Interest (€15.4 million) and Capital Expenditure (€11.9 million).
At the end of February 2024, Central Government debt stood at €10,076.1 million, an increase of €795.8 million when compared to 2023. The increase reported under Malta Government Stocks (€1,087.1 million) was the main contributor to the rise in debt. Higher debt was also reported under Foreign Loans (€71.9 million) and Euro coins issued in the name of the Treasury (€4.2 million). This increase in debt was partially offset by drops in Treasury Bills (€288.7 million) and the 62+ Malta Government Savings Bond (€23.3 million). Finally, higher holdings by government funds in Malta Government Stocks resulted in a decrease in debt of €55.4 million.