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STATISTICS

MALTESE GOVERNMENT FINANCE DATA: JANUARY-MAY 2021

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Copia-di-Statistiche-NSO-2In the first five months of 2021, Recurrent Revenue amounted to €1,812.8 million, 20.1 per cent higher than the €1,508.9 million reported a year earlier. The largest increase was recorded under Income Tax (€165.9 million), followed by Social Security (€84.6 million), Value Added Tax (€84.0 million), Licences, Taxes and Fines (€8.1 million) and Customs and Excise Duties (€7.0 million). The rise in revenue was partially offset by decreases under Miscellaneous Receipts (€21.3 million), Grants (€13.2 million), Fees of Office (€7.4 million), Rents (€2.4 million) and Dividends on Investments (€1.2 million).

By the end of May 2021, total expenditure stood at €2,503.6 million, 14.7 per cent higher than the previous year.

During the reference period, Recurrent Expenditure totalled €2,203.7 million, a rise of €405.3 million in comparison to the €1,798.4 million reported by the end of May 2020. The main contributor to this increase was a €279.6 million rise reported under Programmes and Initiatives. Furthermore, increases were also witnessed under Personal Emoluments (€73.2 million), Operational and Maintenance Expenses (€27.6 million) and Contributions to Government Entities (€24.9 million). The largest development in the Programmes and Initiatives category was related to the Pandemic assistance scheme (€167.9 million), which includes the COVID-19 Business Assistance Programme. Other increases under Programmes and Initiatives were reported under Hospital concession agreements (€36.5 million), St Vincent de Paul Residence service contract (€10.5 million), Church schools (€9.6 million), Social security benefits (€7.8 million), Medicine and surgical materials, Extension of the school transport network (both €4.2 million), Cancer treatment (€4.0 million), EU own resources (€2.7 million) and Residential care in private homes (€1.5 million).

The interest component of the public debt servicing costs totalled €74.2 million, an increase of €0.4 million when compared to the previous year.

By the end of May 2021, Government’s capital spending amounted to €225.8 million, €84.4 million lower than 2020. The drop largely resulted from the reclassification of the COVID-19 Business Assistance Programme (€115.0 million), which featured under Capital Expenditure between March and December 2020 but is now classified under Recurrent Expenditure.

The difference between total revenue and expenditure resulted in a deficit of €690.8 million being reported in the Government’s Consolidated Fund at the end of May 2021. Compared to the same period in 2020, there was an increase in deficit of €17.4 million. This difference mirrors an increase in total expenditure, consisting of Recurrent Expenditure (€405.3 million), Interest (€0.4 million) and Capital Expenditure (-€84.4 million), largely offset by a rise in Recurrent Revenue (€303.9 million). Changes in expenditure and revenue reflect developments related to COVID-19.

At the end of May 2021, Central Government debt stood at €7,830.1 million, a €1,442.0 million rise from 2020. Increases reported under Malta Government Stocks (€932.0 million) and Foreign Loans (€419.9 million) were the main contributors to the rise in debt. The latter increase in debt was a result of the €420.0 million EU loan from the temporary Support to mitigate Unemployment Risks in an Emergency (SURE) instrument. Higher debt was also reported under the 62+ Malta Government Savings Bond (€90.1 million), Treasury Bills (€1.3 million) and Euro coins issued in the name of the Treasury (€1.2 million). Finally, lower holdings by government funds in Malta Government Stocks resulted in a decrease in debt of €2.4 million. 

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