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.

The post Quarterly accounts register €16.5m deficit in Q1 first appeared on The Malta Business Weekly.