By end of October 2024, government debt stood at over €10.2 billion

At the end of October 2024, Central Government debt stood at €10,260.8 million, an increase of €579.9 million when compared to 2023, the National Statistics Office (NSO) said.

“The increase reported under Malta Government Stocks (€667.2 million) was the main contributor to the rise in debt. Higher debt was also reported under Foreign Loans (€71.8 million) and Euro coins issued in the name of the Treasury (€4.0 million). This increase in debt was partially offset by drops in Treasury Bills (€106.8 million) and the 62+ Malta Government Savings Bond (€25.9 million). Moreover, higher holdings by government funds in Malta Government Stocks resulted in a decrease in debt of €30.5 million.”

The NSO said that between January and October 2024, recurrent Revenue amounted to €6,123.4 million, €900 million higher than the figure reported a year earlier.

“The largest increases were recorded under Income Tax (€483.2 million), Value Added Tax (€169.4 million) and Social Security (€115.3 million). On the other hand, minor drops in revenue were reported under Reimbursements (€0.5 million), Interest on loans made by Government (€0.2 million) and Miscellaneous Receipts (€0.1 million).”

Total expenditure till October 2024 stood at €6,026.7 million, €647.6 million higher than the previous year, the NSO added.

“During the reference period, Recurrent Expenditure totalled €5,190.7 million, an increase of €531.3 million compared to the €4,659.4 million reported the year prior. The main contributor to this increase was a €332.1 million rise reported under Programmes and Initiatives. Further increases were also recorded under Personal Emoluments (€111.4 million), Contributions to Government Entities (€52.3 million) and Operational and Maintenance Expenses (€35.5 million). The main developments in the Programmes and Initiatives category involved higher outlays towards Social security benefits (€140.3 million), EU own resources (€62.9 million) and National airline restructuring assistance (€50.7 million).”

The interest component of the public debt servicing costs totalled €215 million, an increase of €40.1 million when compared to the previous year, the NSO said.

From January to October 2024, Government’s capital spending amounted to €621 million, €76.3 million higher than the comparative period in 2023, it said. “This rise resulted from increased spending towards Enhancing uptake of electric vehicles (€23.7 million), Road construction and improvements (€19.1 million) and Property, plant and equipment (€14.9 million).”

The difference between total revenue and expenditure resulted in a surplus of €96.7 million being reported in the Government’s Consolidated Fund at the end of October 2024, whereas a year earlier a deficit of €155.7 million was registered. “This difference mirrors an increase in total Recurrent Revenue (€900 million), partly offset by a rise in total expenditure, which consists of Recurrent Expenditure (€531.3 million), Interest (€40.1 million) and Capital Expenditure (€76.3 million).”