By the end of April 2024, the Government’s Consolidated Fund reported a surplus of €22.9 million, the NSO said Friday.
Between January and April 2024, Recurrent Revenue amounted to €2,251.9 million, €361.1 million higher than the figure reported a year earlier. The largest increases were recorded under Income Tax (€272.2 million), Value Added Tax (€68.5 million) and Social Security (€68.3 million). On the other hand, the main drops in revenue were reported under Grants (€69.8 million), Customs and Excise Duties (€14.3 million) and Sales – Others (€5.9 million).
Total expenditure till April 2024 stood at €2,229.0 million, €145.7 million higher than the previous year.
During the reference period, Recurrent Expenditure totalled €1,979.1 million, an increase of €135.1 million compared to the €1,844.0 million reported a year earlier. The main contributor to this increase was a €96.9 million rise reported under Programmes and Initiatives. Further increases were also recorded under Personal Emoluments (€31.4 million), Operational and Maintenance Expenses (€5.8 million) and Contributions to Government Entities (€1.1 million). The main developments in the Programmes and Initiatives category involved higher outlays towards Social security benefits (€52.2 million), the National airline restructuring assistance (€13.8 million) and Child care for all (€7.3 million).
The interest component of the public debt servicing costs totalled €83.0 million, an increase of €17.0 million when compared to the previous year.
From January to April 2024, Government’s capital spending amounted to €166.9 million, €6.5 million lower than the comparative period in 2023. This decrease resulted from lower expenditure towards Investment incentives (€11.2 million), National Identity Management Systems (€5.9 million) and Direct aid to farmers (€5.1 million). The drop was partially offset by increases reported under Enhancing uptake of electric vehicles (€9.1 million) and Road construction and improvements (€9.0 million).
The difference between total revenue and expenditure resulted in a surplus of €22.9 million being reported in the Government’s Consolidated Fund at the end of April 2024, whereas a year earlier a deficit of €192.5 million was registered. This difference mirrors an increase in total Recurrent Revenue (€361.1 million), partly offset by a rise in total expenditure, which consists of Recurrent Expenditure (€135.1 million), Interest (€17.0 million) and Capital Expenditure (-€6.5 million).
At the end of April 2024, Central Government debt stood at €9,927.2 million, an increase of €764.2 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 (€3.8 million). This increase in debt was partially offset by drops in Treasury Bills (€306.7 million) and the 62+ Malta Government Savings Bond (€43.6 million). Finally, higher holdings by government funds in Malta Government Stocks resulted in a decrease in debt of €48.3 million.