By the end of February 2021, the Government’s Consolidated Fund reported a deficit of €327.7 million.
Data published this morning by the NSO showed that in the fi st two months of 2021, Recurrent Revenue amounted to €701.0 million, 1.6 per cent lower than the €712.2 million reported a year earlier. The largest decrease was recorded under Licences, Taxes and Fines (€23.1 million), followed by Customs and Excise Duties (€12.2 million), Grants (€9.8 million) and Rents (€7.5 million).
Conversely, increases in revenue were reported under Income Tax (€21.9 million), Value Added Tax (€16.0 million), Social Security (€4.0 million) and Fees of Office (€1.8 million).
By the end of February 2021, total expenditure stood at €1,028.7 million, 26.9 per cent higher than the previous year. During the reference period, Recurrent Expenditure totalled €914.1 million, a rise of €200.6 million in comparison to the €713.5 million reported in 2020. The main contributor to this increase was a €123.1 million rise reported under Programmes and Initiatives.
Furthermore, increases were also witnessed under Personal Emoluments (€34.3 million), Operational and Maintenance Expenses (€22.5 million) and Contribution to Government Entities (€20.8 million). The largest development in the Programmes and Initiatives category related to the Pandemic assistance scheme (€72.0 million), which includes the COVID-19 Business Assistance Programme1
Other increases under Programmes and Initiatives were reported in Hospital concession agreements (€18.8 million), Medicines and surgical materials (€14.9 million), EU own resources (€13.9 million) and Social security benefits (€7.1million).
The difference between total revenue and expenditure resulted in a deficit of €327.7 million being reported in the Government’s Consolidated Fund by the end of February 2021. This represented an increase in deficit of €229.5 million from a deficit of €98.2 million witnessed during the same period in 2020.
