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STATISTICS MALTA

Malta: Quarterly Accounts for General Government: Q1/2023

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INDICATORI_DEI_SERVIZI_A_BREVE_TERMINE_Q12023_3.jpgIn the first quarter of 2023, the General Government recorded a deficit of €245.5 million.

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

During the period January to March 2023, total revenue stood at €1,397.5 million, an increase of €89.9 million when compared to the corresponding quarter in 2022. This was mainly brought about by increases in Taxes on production and imports (€43.6 million), Current taxes on income and wealth (€20.6 million) and Net social contributions receivable (€11.9 million) (Table 2).

Total expenditure in the first quarter of 2023 amounted to €1,643.0 million, a decrease of €37.9 million over the corresponding quarter in 2022. The largest decrease was recorded in Current transfers payable (€49.1 million), followed by Gross capital formation (€27.1) and Subsidies payable (€17.1 million). This was partly offset by increases in Social benefits and social transfers in kind (€27.0 million), Compensation of employees (€21.1 million) and Intermediate consumption (€8.1 million) (Table 3).

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 first quarter of 2023, these adjustments brought about an increase of €109.8 million to the Consolidated Fund deficit (Table 4).

Quarterly financial accounts (t/t-1)

In relation to financial transactions in assets, during the first quarter, Currency and deposits and Equity and investment fund shares increased by €11.1 million and €6.2 million, respectively. On the other hand, Other accounts receivable and Long-term loans registered a decrease of €47.6 million and €23.7 million, respectively (Table 7).

Considering the financial transactions in liabilities, the highest increase was recorded in Long-term debt securities (€347.9 million), followed by Long-term loans (€1.1 million). In contrast, decreases were registered in Short-term debt securities (€94.7 million), Other accounts payable (€32.5 million) and Currency and deposits (€1.6 million) (Table 8).

Quarterly debt (t/t-4)

At the end of March, General Government debt stood at €9,255.1 million, or 53.6 per cent of Gross Domestic Product (GDP)1. This equates to an increase of €603.8 million over the corresponding quarter in 2022, largely reflected in Central Government Debt, which amounted to €9,253.1 million. Currency and deposits stood at €472.4 million, a decrease of €94.8 million when compared to the figure recorded in March 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 €373.7 million. Long-term debt securities and Long-term loans increased by €711.7 million and €13.7 million, respectively. This was partly offset by Short-debt term securities, which declined by €26.8 million, while Short-term loans did not record any changes. Local Government debt stood at €2.1 million (Table 9).

 

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