The Maltese Government recorded a deficit of €44.5 million during the three-month period between July and September of 2023, with expenditure outstripping revenue despite a marked increase in the latter as tax income rose.
According to fresh data published by the National Statistics Office, during the period, total revenue stood at €1.64 billion, an increase of €176.4 million when compared to the corresponding quarter in 2022. This was mainly brought about by increases in market output (€46.6 million), current taxes on income and wealth (€44.9 million), and taxes on production and imports (€41.5 million).
Total expenditure in the third quarter of 2023 amounted to €1.69 billion, an increase of €36.4 million over the corresponding quarter in 2022. The largest increase was recorded in intermediate consumption (€41.8 million), followed by social benefits and social transfers in kind (€38.7 million) and current transfers payable (€29.8 million). These increases were partially offset primarily by decreases in subsidies payable (€121.5 million).
Considering the financial transactions in liabilities, the highest increase was recorded in long-term debt securities (€578 million). In contrast, decreases were registered in short-term debt securities (€346.9 million) and Other accounts payable (€346.4 million).
At the end of September, General Government debt stood at €9,409.8 million, or 49.3 per cent of GDP. This equates to an increase of €714.9 million over the corresponding quarter in 2022, largely reflected in Central Government Debt, which amounted to €9,407.8 million.
Currency and deposits stood at €455.5 million, a decrease of €18.8 million over September of 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 €353.3 million.
Long-term debt securities increased by €1,285.4 million, while short-term debt securities decreased by €560.5 million, respectively. In addition, long-term loans increased by €8.7 million, and Short-term loans recorded a €0.1 million increase. Local Government debt stood at €2 million.
While inflation remains high, the ECB projects it will ease in the second half of next year
Market analysts suggest that the uncertainty surrounding the review, with speculation of an impending sale, has fuelled investor concerns
A walk through the primary cybersecurity threats facing today’s SME’s and Melita’s practical solutions to combat them