Imports saw an increase of €51.3m to €642.9m, while exports decreased by €18.4m to €257.3m, according to provisional data published by the NSO.

The increase in the value of imports was primarily due to mineral fuels, lubricants and related materials (€54.5m), machinery and transport equipment (€6.9m), and food (€6.8m). However, import of medicals dropped by €14.4m.

On the exports side, major decreases were seen in semi-manufactured goods (€8m), mineral fuels, lubricants and related materials (€4.3m) and machinery and transport equipment (€4.3m).

Trade deficit widens in H1

The trade deficit widened by €516.4m between January and June when compared to the corresponding period of 2018, reaching €2.1366b. 

Imports and exports increased by €566.3m to €3.7586b and by €49.9m to €1.622b. Moreover, higher imports were mainly in machinery and transport equipment (€651.8m), partly outweighed by a decrease of €98.3m in mineral fuels, lubricants and related materials. 

The main increase in exports was registered in miscellaneous manufactured articles (€35.1m) and in chemicals (€20.5m), partially outweighed by a decrease of €16.6m in semi-manufactured goods.

Imports from the European Union reached €2.5165b (67%) of the total and they experienced a decrease of €367.8m, compared to the same period in 2018. 

While imports from the United Kingdom grew by €774.4m, those from Italy dropped by €204.1m. Regarding exports, the main increase was directed to Spain (€31.8m) while Italy registered the highest decrease (21.9m). 

The full report with graphs and tables is available for download at the website of NSO.

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The decrease in the value of imports was primarily due to machinery and transport equipment (€65.2m), mineral fuels, lubricants and related materials (€32.1m), and food (€19.5m). 

On the exports side mineral fuels, lubricants and related materials (€11.2m) and food (€3.9m) accounted to the main decrease, partly outweighed by an increase of €11.2m in chemicals. 

During the first five months of 2019, the trade deficit widened by €505.4m, compared to the corresponding period of 2018, reaching €1.7436b, as the provisional NSO figures show. 

Thus, from January to May, imports and exports increased by €522.8m and €17.4m respectively. Higher imports were mainly in machinery and transport equipment (€697.3m), partly outweighed by a decrease of €177.5m in mineral fuels, lubricants and related materials. The main increase in exports was registered in miscellaneous manufactured articles (€44m), partly outweighed by a decrease of €22.3m in machinery and transport equipment.

Furthermore, for the same reference period, imports from the European Union reached €2.0001b (65.8%) of total imports. Imports from euro area countries dropped by €345m when compared to the same period in 2018. 

Main increases and decreases in imports were registered from the United Kingdom (€586.2m) and Italy (€202.2m), respectively. With respect to exports, the main increase was directed to the United States of America (€17.5m), whereas Germany (€23m) registered the highest decrease. 

The full report including charts and visual representation of data is available for download at the website of NSO. 

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The key contributors were current taxes on income and wealth and capital transfers receivable, with an increase of €90.6m and €17.9m respectively. Increases were also registered in taxes on production and imports (€14.2m) and net social contributions receivable (€12.1m). Nevertheless, decreases were registered in market output (€40.1m), property income receivable (€4.4m) and current transfers receivable (€1m).

In addition, the total expenditure in Q1 amounted to €1.1473b, showing an increase of €99.9m over the corresponding quarter of 2018. Increases were recorded in almost all categories, mainly in intermediate consumption (€47.5m), gross capital formation (€36.6m), current transfers payable (€34m), compensation of employees (€19m), subsidies payable (€3.8m) and social benefits and social transfers in kind (€0.4m). Nevertheless, decreases were recorded in capital transfers payable (€39.4m) and property income payable (€1.9m).

In order to achieve compliance with the provisions of ESA 2010, adjustments to the Consolidated Fund data were made. In the first quarter of 2019, these adjustments triggered a decrease of €117.7m to the deficit of the Consolidated Fund, as the NSO press release says. 

Furthermore, the major increase in financial transactions in assets during the first quarter was currency and deposits, registering an increase of €83.7m over the previous quarter. Increases were also recorded in other accounts receivable (€122.2m), equity and investment fund shares (€4.9m) and long-term debt securities (€4.8m). 

In relation to financial transactions in liabilities, the major increase was recorded in currency and deposits (€99.2m), followed by short-term debt securities (€51m) and long-term debt securities (€30m), according to the NSO press release.  

Short-term loans registered a decrease of €2.5m, while long-term loans increased by €2.3m.

Government debt increases

At the end of March, the general government debt stood at €5.8473b, showing an increase of €113.3m over the corresponding quarter of 2018. Central government debt increased by €113.2m, amounting to €5.8442b, where the largest decrease was underpinned by a drop in long-term debt securities of €191.6m. 

Conversely, short-term debt securities increased by €71.8m. Long-term loans and short-term loans registered an increase of €27.3 and €7.5m respectively. Currency and deposits stood at €376.3m, an increase of €198.2m over March 2018. 

This includes the euro coins issued in the name of the Treasury considered as liability for central government and the 62+ Malta Government Savings Bond, the latter amounting to €291.9m. The Local Government debt stood at €3.1m.

The government-guaranteed debt amounted to €1.0680b at the end of March 2019, a decrease of €17m when compared to the corresponding period of 2018.

The full report including charts and visual representation of data is available for download at the website of NSO.

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This surplus was primarily the result of a positive net balance of the services account of €825.8m marked by improvements in the net balances of the other services, travel and transport accounts. This was partially outweighed by negative net balances in the goods account (€414m), primary income account (€324.4m) and secondary income account (€38.5m), according to NSO figures.

During Q1 2019, the capital account registered a positive net balance of €26.5m, compared to a positive balance of €3.4m in 2018, as the NSO figures show.  

In addition, the financial account was shaped by net asset decreases of €51.8m, an improvement in the net balance of assets of €117.5m over the same quarter in 2018.

The development in the financial account balance was mainly the result of lower direct investment by €2.451b, higher financial derivatives liabilities (€90.2m) and a decline in the reserve assets of the country by €42.4m. These were partially offset by higher other investment (€1.435b) and portfolio investment (€1.097b).

The full report including charts and visual representation of data is available for download at the website of NSO.

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Both imports and exports were down by €62.3m and €27.6m, respectively. The decrease in the value of imports was primarily due to mineral fuels, lubricants and related materials (€61.5m).

On the exports side, mineral fuels, lubricants and related materials (€13.4m) and machinery and transport equipment (€12.1m) contributed to the main decrease, according to the NSO press release.

Focussing on Q1 2019, the trade deficit widened by €606.7m when compared to the corresponding period of 2018, reaching €1.515b.

Imports and exports increased by €613.7m and €7.1m respectively, with higher imports mainly in machinery and transport equipment (€754.9m), partly outweighed by a decrease of €164m in mineral fuels, lubricants and related materials.

The main increase in exports was registered in miscellaneous manufactured articles (€42.1m), partly outweighed by a decrease in machinery and transport equipment (€26.9m), as the press release says.

For the same reference period, imports from the European Union reached €1.720b (67.1%) of total imports. A decrease of €218.5m was registered in imports from EU countries when compared to the same period in 2018.

The United Kingdom and Italy registered an increase and decrease in imports with €594.4m and €79.3m, respectively. Regarding exports, the main increase was directed to the United States (€8m), whereas Italy (€25.1m) registered the highest decrease.

The full report including charts and visual representation of data is available for download at the website of NSO.

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In the first two months of the year, recurrent revenue amounted to €689.2m, up by 4.8% (€31.3m), as compared to €657.9m by the end of February a year earlier, NSO figures reveal.

The revenue was chiefly boosted by an increase in the income tax (€21.6m) and social security (€19.5m); while further growth occurred in value-added tax (€7.2m), rents (€2m), and the licences, taxes and fines segment (€0.8m).

Outlay drops occurred in dividends (€4.8m), the Central Bank of Malta (€4m), fees of office (€3.7m), reimbursements and grants (both €2.6m), customs and excise duties (€1.6m) and miscellaneous receipts (€0.5m).

Total expenditure at the end of February was up by a year-on-year 17.7% to €752.1m. Recurrent expenditure stood was up by €73.9m to €650.9m. The increase was chiefly fuelled by a €53.2m rise in programmes and initiatives, followed by personal emoluments (€14.4m), operational and maintenance expenses (€3.4m) and contributions to government entities (€3m).

“The difference between total revenue and expenditure resulted in a deficit of €62.9m being reported in the Government’s Consolidated Fund by the end of February 2019, compared to a surplus of €18.7m during the same period in 2018. The main catalysts in the difference were increased outlays in both recurrent and capital expenditure,” the NSO says in the report.

The full report including charts and visual representation of data is available for download at the website of NSO.

The Maltese government’s consolidated fund registered a deficit of €55m by the end of January, while recurrent revenue rose by year-on-year €19.4m (6.8%) to €302.4m — from January 2018’s €283m —, according to recent figures published by Malta’s National Statistics Office (NSO).

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The increase in revenue was primarily the result of a €13.7m rise in social security, the NSO says. Further growth was recorded as follows: income tax (€8.7m), value-added tax (€8.5m), reimbursements (€2.3m), licences, taxes and fines (€2.2m), rents (€2.0m), miscellaneous receipts (€1.8m) and dividends (€0.2m), according to NSO figures. Dropping figures were seen in customs and excise duties (€10.0m), grants (€7.5m), Central Bank of Malta (€2.0m) and fees of office (€0.5m).

Total expenditure stood at €357.4m in January 2019, growing by year-on-year 20.7%. The interest component of the public debt servicing costs amounted to €12.9m, dropping by €5.m from the previous year’s €18.3m.

The full report including charts and visual representation of data is available for download at the website of NSO.

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