The total government expenditure between January and July was €3.158 billion, an increase of 14.2 percent compared with the same period last year. Figures by the National Statistics Office show that the Consolidated Fund reported a deficit of €1.052 billion in the first seven months, driven by a rise in expenditure and a decrease in revenue. The total figure represents a 20 percent drop from the previous year.
The biggest decline was registered in Income Tax which fell by €207 million from 2019 to reach €671 this year. Value Added Tax decreased from over €490 to under €380 in the same period while Customs and Excise Duties lost a third to a total of €127 million.
On the other hand, increases were reported in Miscellaneous Receipts (+€27M), Fees of Office (+€25M), and Dividends on Investments (+€6M).
Recurrent expenditure rose by €200 million to €2.5 billion, with a €1.5 billion outlay for Programmes and Initiatives – an increase of €112 million from a year before. Contributions to Government entities rose to €342 million (+€45M), Operational and Maintenance Expenses to €147 (+25M), and Personal Emoluments to €527 million (+€16M).
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