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Deficit widens




                                     The central Government has recorded a deficit of €322.5 million in the first 10 months, up from
                                   €289.6 million registered in the same period last year. The National Statistics Office said that an
                                   increase in recurrent revenue of €162.9 million was offset by a rise in total expenditure of €195.8
                                   million, widening the government deficit by €32.9 million. During January-October, recurrent
                                   revenue stood at €2,138.7 million, a rise of 8.2 per cent over last year. This increase was mainly
                                   triggered by higher proceeds from Income Tax by €108.1 million. Recurrent expenditure rose by
                                   €125 million. The major increase was recorded in Programmes and Initiatives by €88.3 million,
                                   mainly as a result of higher social security benefits (+€40.2 million), medicines and surgical
                                   materials (+€7.8 million), EU own resources (+€6.6 million), contribution to church schools
                                   (+€3.9 million) and assistance to help the elderly live independently (+€3.6 million). Expenditure
                                   on capital projects was registered at €270.3 million. The increase of €61.3 million over the
                                   corresponding period in 2011 included an equity injection of €20 million to the national air
                                   carrier. During the period under review, the…
                                   timesofmalta.com

                                   http://www.allplacedout.com/deficit-widens/




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Deficit widens

  • 1. Deficit widens The central Government has recorded a deficit of €322.5 million in the first 10 months, up from €289.6 million registered in the same period last year. The National Statistics Office said that an increase in recurrent revenue of €162.9 million was offset by a rise in total expenditure of €195.8 million, widening the government deficit by €32.9 million. During January-October, recurrent revenue stood at €2,138.7 million, a rise of 8.2 per cent over last year. This increase was mainly triggered by higher proceeds from Income Tax by €108.1 million. Recurrent expenditure rose by €125 million. The major increase was recorded in Programmes and Initiatives by €88.3 million, mainly as a result of higher social security benefits (+€40.2 million), medicines and surgical materials (+€7.8 million), EU own resources (+€6.6 million), contribution to church schools (+€3.9 million) and assistance to help the elderly live independently (+€3.6 million). Expenditure on capital projects was registered at €270.3 million. The increase of €61.3 million over the corresponding period in 2011 included an equity injection of €20 million to the national air carrier. During the period under review, the… timesofmalta.com http://www.allplacedout.com/deficit-widens/ 1/1 Powered by TCPDF (www.tcpdf.org)