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In the third quarter of 2022, the General Government recorded a deficit of €127.0 million.

Quarterly Accounts for General Government: Q3/2022
Quarterly non-financial accounts (t/t-4)

During the period July to September 2022, total revenue stood at €1,474.5 million, an increase of €151.1 million when compared to the corresponding quarter in 2021. Almost all components of General Government revenue recorded an increase, with Current taxes on income and wealth registering an increase of €68.6 million over the same period in 2021. This was followed by Net social contributions receivable (€45.0 million), Taxes on production and imports (€44.5 million), Property income receivable (€1.3 million), Market output (€1.1 million) and Current transfers receivable (€0.3 million). In contrast, Capital transfers receivable decreased by €9.7 million (Table 2).
Total expenditure in the third quarter of 2022 amounted to €1,601.5 million, a decrease of €18.6 million over the corresponding quarter in 2021. The largest decrease was recorded in Current transfers payable (€81.6 million), followed by Social benefits and social transfers in kind (€0.8 million) and Current taxes on income and wealth (€0.4 million). These decreases were partially offset by increases in Subsidies payable (€44.2 million), Compensation of employees (€7.6 million), Gross capital formation (€4.7 million), Property income payable (€3.8 million), Capital transfers payable (€3.3 million) and Intermediate consumption (€0.7 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 third quarter of 2022, these adjustments brought about an increase of €123.4 million to the Consolidated Fund deficit (Table 4).

Quarterly financial accounts (t/t-1)
In relation to financial transactions in assets, during the third quarter, Currency and deposits, and Other accounts receivable registered a decrease of €82.1 million and €18.6 million, respectively, while Long-term loans decreased by €0.6 million. The other instruments did not record any significant changes (Table 7).
Considering the financial transactions in liabilities, the highest increase was recorded in Short-term debt securities (€110.9 million), followed by Long-term debt securities (€76.4 million) and Long-term loans (€2.1 million). In contrast, decreases were registered in Currency and deposits (€93.7 million) and Other accounts payable (€76.0 million) (Table 8).

Quarterly debt (t/t-4)
At the end of September, General Government debt stood at €8,737.8 million, or 53.2 per cent of Gross Domestic Product (GDP)1. This equates to an increase of €762.0 million over the corresponding quarter in 2021, largely reflected in Central Government Debt, which amounted to €8,735.7 million. Currency and deposits stood at €474.3 million, an increase of €5.3 million over September of 2021. 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 €377.0 million. Long-term and short-term debt securities increased by €473.9 million and €277.5 million, respectively. Long-term loans increased by €6.8 million, while Short-term loans decreased by €1.5 million. Local Government debt stood at €2.1 million (Table 9).
General Government guaranteed debt amounted to €1,164.3 million at the end of September 2022, equivalent to 7.1 per cent of GDP. There was a decrease of €38.0 million when compared to the third quarter of 2021 (Table 9)

ARTICLE WRITTEN BY NSO

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