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Malta: General Government Debt 2023 =€346.6 MLN

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General debtBy the end of November 2023, the Government’s Consolidated Fund reported a deficit of €346.6 million.

Between January and November 2023, Recurrent Revenue amounted to €5,781.7 million, €674.1 million higher than the figure reported a year earlier. The largest increases were recorded under Income Tax (€382.2 million), Social Security (€92.1 million) and Value Added Tax (€77.0 million). On the other hand, the main drops in revenue were reported under Miscellaneous Receipts (€23.5 million) and Central Bank of Malta (€22.2 million).

Total expenditure by the end of November 2023 stood at €6,128.3 million, €365.2 million higher than the previous year.

During the reference period, Recurrent Expenditure totalled €5,238.0 million, an increase of €220.5 million compared to the €5,017.5 million reported at the end of November 2022. The main contributor to this increase was a €79.3 million rise reported under Contributions to Government Entities. Higher contributions were, among others, made towards the Malta Tourism Authority (€35.5 million), Resource Support and Services Ltd (€7.8 million) and Mental Health Services (€4.2 million). Furthermore, increases were also recorded under Personal Emoluments (€50.6 million), Operational and Maintenance Expenses (€50.4 million) and Programmes and Initiatives (€40.2 million).

The main developments in the Programmes and Initiatives category involved higher outlays towards Social security benefits (€102.9 million), Energy Support Measures (€39.4 million) and Medicines and surgical materials (€30.4 million). The increase in outlay was partially offset by decreases in Pandemic assistance schemes (€117.8 million) and EU own resources (€52.5 million).

The interest component of the public debt servicing costs totalled €192.7 million, an increase of €36.2 million when compared to the previous year.

Between January and November 2023, Government’s capital spending amounted to €697.6 million, €108.5 million higher than 2022. This increase resulted from higher outlays with respect to Contribution towards Capital projects (€44.3 million), Property, plant and equipment (€21.9 million) and the REPowerEU initiative (€20.0 million).

The difference between total revenue and expenditure resulted in a deficit of €346.6 million being reported in the Government’s Consolidated Fund at the end of November 2023. Compared to the same period in 2022, there was a decrease in deficit of €308.9 million. This difference mirrors an increase in total Recurrent Revenue (€674.1 million), partly offset by a rise in total expenditure, which consists of Recurrent Expenditure (€220.5 million), Interest (€36.2 million) and Capital Expenditure (€108.5 million).

At the end of November 2023, Central Government debt stood at €9,578.0 million, an increase of €713.5 million when compared to 2022. The increase reported under Malta Government Stocks (€1,037.1 million) was the main contributor to the rise in debt. Higher debt was also reported under Euro coins issued in the name of the Treasury (€4.6 million). This increase in debt was partially offset by drops in Treasury Bills (€311.0 million) and the 62+ Malta Government Savings Bond (€23.4 million). Finally, higher holdings by government funds in Malta Government Stocks resulted in an increase in debt of €6.3 million.





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