By the end of July 2024, the Government's Consolidated Fund reported a surplus of €60.3 million, while the Central Government debt stood at €9,769.7 million, the NSO said Friday.
Between January and July 2024, Recurrent Revenue amounted to €4,089.5 million, €658.1 million higher than the figure reported a year earlier. The largest increases were recorded under Income Tax (€356.0 million), Value Added Tax (€163.7 million) and Social Security (€87.3 million). On the other hand, the main drops in revenue were reported under Customs and Excise Duties (€17.2 million), Sales - Others (€7.0 million) and Rents (€2.1 million).
Total expenditure till July 2024 stood at €4,029.2 million, €295.4 million higher than the previous year.
During the reference period, Recurrent Expenditure totalled €3,537.0 million, an increase of €293.9 million compared to the €3,243.0 million reported the year prior. The main contributor to this increase was a €211.6 million rise reported under Programmes and Initiatives. Further increases were also recorded under Personal Emoluments (€60.0 million), Operational and Maintenance Expenses (€14.5 million) and Contributions to Government Entities (€7.9 million). The main developments in the Programmes and Initiatives category involved higher outlays towards Social security benefits (€106.9 million), the EU own resources (€44.3 million) and National airline restructuring assistance (€17.1 million).
The interest component of the public debt servicing costs totalled €147.7 million, an increase of €28.5 million when compared to the previous year, the NSO said.
From January to July 2024, Government's capital spending amounted to €344.5 million, €27.0 million less than the comparative period in 2023. This decrease resulted from lower expenditure towards Investment incentives (€21.7 million), the REPowerEU initiative (€20.0 million) and National airline restructuring assistance (€15.0 million). The drop was partially offset by increases reported under Enhancing uptake of electric vehicles (€18.6 million), Road construction and improvements (€13.3 million) and Property, plant and equipment (€6.9 million).
The difference between total revenue and expenditure resulted in a surplus of €60.3 million being reported in the Government's Consolidated Fund at the end of July 2024, whereas a year earlier a deficit of €302.4 million was registered. This difference mirrors an increase in total Recurrent Revenue (€658.1 million), partly offset by a rise in total expenditure, which consists of Recurrent Expenditure (€293.9 million), Interest (€28.5 million) and Capital Expenditure (-€27.0 million).
At the end of July 2024, Central Government debt stood at €9,769.7 million, an increase of €373.5 million when compared to 2023. The increase reported under Malta Government Stocks (€696.1 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 (€4.0 million). This increase in debt was partially offset by drops in Treasury Bills (€306.5 million) and the 62+ Malta Government Savings Bond (€26.1 million). Moreover, higher holdings by government funds in Malta Government Stocks resulted in a decrease in debt of €66.0 million.