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STATISTICS MALTA

MALTA: Quarterly Accounts: Q2/2023

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MALTA Dati sul Lavoro Maggio 2023In the second quarter of 2023, the General Government recorded a deficit of €4.4 million.

In the period from April to June 2023, the total revenue amounted to €1,729.9 million, an increase of €235.3 million compared to the same quarter in 2022. This was mainly due to increases in current taxes on income and wealth (€149.9 million), Market production (€69.2 million), and Net social contributions receivable (€22.8 million).

Total expenditure in the second quarter of 2023 was €1,734.3 million, an increase of €150.8 million compared to the same 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), Payable subsidies (€29.7 million), Gross capital formation (€15.0 million), and Property income payable (€10.8 million). These increases were partially offset by reductions in Current transfers payable (€14.7 million).

Adjustments were made to the Government's Consolidated Fund data to switch to accrual-based accounts and thus comply with the requirements of ESA 2010. In the second quarter of 2023, these corrections led to a decrease of €118.6 million in the Consolidated Fund deficit. Regarding financial transactions in assets, during the second quarter, Currency and deposits and Other receivable accounts 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 largest 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). On the other hand, decreases were recorded in Long-term debt securities (€137.6 million) and Currency and deposits (€17.4 million). At the end of June, the General Government debt amounted to €9,161.1 million, or 50.7% of Gross Domestic Product (GDP). This equates to an increase of €565.7 million compared to the same quarter in 2022, largely reflected in Central Government Debt, which amounted to €9,159.1 million. Currency and deposits amounted to €455.1 million, a decrease of €112.1 million compared to June 2022. This includes euro coins issued in the name of the Treasury, considered a liability of the 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 amounted to €2.0 million. General Government guaranteed debt was €1,164.1 million at the end of June 2023, equivalent to 6.4% of GDP. There was a decrease of €26.4 million compared to the second quarter of 2022.

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