By the end of July 2022, the Government’s Consolidated Fund reported a deficit of €514.9 million. In parallel, debt levels
have gone up to €8.5 billion, an increase of €709.4 million from 2021, fresh data by the NSO revealed.
The increase deficit resulted from an increased discrepancy between revenue and expenditure. In the first seven months of 2022, Recurrent Revenue amounted to €3,014.5 million, 14.7 per cent higher than the €2,627.7 million reported a year earlier. The largest increase was recorded under Value Added Tax (€130.4 million), followed by Income Tax (€120.4 million) and Social Security (€74.2 million).
By the end of July 2022, total expenditure stood at €3,529.3 million, 0.6 per cent higher than the previous year.
During the reference period, Recurrent Expenditure totaled €3,113.1 million, an increase of €36.5 million in
comparison to the €3,076.6 million reported in the first seven months of 2021. The main contributor to this
increase was a €41.9 million increase reported under Programmes and Initiatives.
Furthermore, increases were also witnessed under Personal Emoluments (€10.4 million) and Contributions to Government Entities (€8.6 million). This rise in expenditure outweighed a decrease under Operational and Maintenance Expenses (€24.4 million). The main developments in the Programmes and Initiatives category involved added outlays towards Economic stimulus payments (€48.2 million), Social security benefits (€33.7 million) and nergy support measures (€30.3 million).
The interest component of the public debt servicing costs totalled €100.8 million, a decrease of €2.7 million when
compared to the previous year.
By the end of July 2022, Government’s capital spending amounted to €315.4 million, €13.2 million lower than 2021. This decrease resulted from lower expenditure towards Property, plant and equipment (€10.3 million),
The difference between total revenue and expenditure resulted in a deficit of €514.9 million being reported in the Government’s Consolidated Fund at the end of July 2022. Compared to the same period in 2021, there was a decrease in deficit of €366.2 million. This difference mirrors an increase in total Recurrent Revenue (€386.8 million), partly offset by a rise in total expenditure, which consists of Recurrent Expenditure (€36.5 million), Interest
(-€2.7 million) and Capital Expenditure (-€13.2 million)
At the end of July 2022, Central Government debt stood at €8,557.8 million, an increase of €709.4 million from 2021. The increase reported under Malta Government Stocks (€569.0 million) was the main contributor to the rise in debt.
