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In the second quarter of 2023, the General Government recorded a deficit of €4.4 million.

Quarterly non-financial accounts (t/t-4)

During the period April to June 2023, total revenue stood at €1,729.9 million, an increase of €235.3 million when compared to the corresponding quarter in 2022. This was mainly brought about by increases in Current taxes on income and wealth (€149.9 million), Market output (€69.2 million), Net social contributions receivable (€22.8 million).

Total expenditure in the second quarter of 2023 amounted to €1,734.3 million, an increase of €150.8 million over the corresponding quarter in 2022. The largest increase was recorded in Social benefits and social transfers in kind (€46.7 million), followed by Intermediate consumption (€43.9 million), Subsidies payable (€29.7 million), Gross capital formation (€15.0 million) and Property income payable (€10.8 million). These increases were partially offset by decreases in Current transfers payable (€14.7 million).

Adjustments were made to the Government’s Consolidated Fund data to shift to accrual-based accounts and thus comply with the requirements of ESA 2010. In the second quarter of 2023, these adjustments brought about a decrease of €118.6 million to the Consolidated Fund deficit.

Quarterly financial accounts (t/t-1)

In relation to financial transactions in assets, during the second quarter, Currency and deposits and Other accounts receivable increased by €606.4 million and €160.7 million respectively, while Equity and investment fund shares increased by €1.3 million.

Considering the financial transactions in liabilities, the highest increase was recorded in Other accounts payable (€875.1 million), followed by Short-term debt securities (€32.4 million) and Long-term loans (€1.7 million). In contrast, decreases were registered in Long-term debt securities (€137.6 million) and Currency and deposits (€17.4 million).

Quarterly debt (t/t-4)

At the end of June, General Government debt stood at €9,161.1 million, or 50.7 per cent of Gross Domestic Product (GDP). This equates to an increase of €565.7 million over the corresponding quarter in 2022, largely reflected in Central Government Debt, which amounted to €9,159.1 million. Currency and deposits stood at €455.1 million, a decrease of €112.1 million over June 2022. This includes euro coins issued in the name of the Treasury, considered a liability of Central Government and the 62+ Malta Government Savings Bond, the latter amounting to €354.7 million. Long-term debt securities increased by €775.1 million, while Short-term debt securities decreased by €107.8 million, respectively. In addition, Long-term loans increased by €10.4 million and Short-term loans recorded a €0.1 million increase. Local Government debt stood at €2.0 million.

General Government guaranteed debt amounted to €1,164.1 million at the end of June 2023, equivalent to 6.4 per cent of GDP. There was a decrease of €26.4 million when compared to the second quarter of 2022.