The Government total expenditure rose to €2.7 billion in the first half of 2020, an increase of 16.9 percent compared with the same period last year. Figures by the National Statistics Office show a deficit of €895.6 million in the Consolidated Fund between January and June, up from €156.1 million last year.
While expenditure surged, driven by a €228 million in recurrent expenditure, total revenue in the six months decreased from €2.2 billion in 2019 to €1.8 billion this year. Income Tax fell by €128 million, Value Added Tax by €86 million, and Licenses by €54 million. On the other hand, revenue from Fees of Office and Miscellaneous Receipts increased by €15 million and €32 million, respectively.
Government debt rose by €896 compared with the first half of 2019, reaching €6.377 million at the end of June. This debt was mainly financed from Treasury Bills and Malta Government Stocks, which registered increases of €522 million and €380 million, respectively, from the previous year.