The Government’s Consolidated Fund reported a deficit of €432.7 million

Government Finance Data: January-December 2024

Between January and December 2024, Recurrent Revenue amounted to €7,859.6 million, €1,446.6 million higher than the figure reported a year earlier. The largest increases were recorded under Income Tax (€957.0 million), Value Added Tax (€182.4 million) and Social Security (€154.2 million). On the other hand, drops in revenue were reported under Miscellaneous Receipts (€7.9 million), Sales – Others (€1.2 million) and Sales – Goods (€0.2 million).

Total expenditure till December 2024 stood at €8,292.3 million, €1,073.4 million higher than the previous year.

During the reference period, Recurrent Expenditure totalled €6,890.3 million, an increase of €883.8 million compared to the €6,006.5 million reported the year prior. The main contributor to this increase was a €525.5 million rise reported under Programmes and Initiatives. Further increases were also recorded under Personal Emoluments (€215.6 million), Contributions to Government Entities (€89.6 million) and Operational and Maintenance Expenses (€53.1 million). The main developments in the Programmes and Initiatives category involved higher outlays towards Social security benefits (€167.8 million), National airline restructuring assistance (€105.9 million) and EU own resources (€68.4 million).

The interest component of the public debt servicing costs totalled €261.4 million, an increase of €47.2 million when compared to the previous year.

From January to December 2024, Government’s capital spending amounted to €1,140.6 million, €142.5 million higher than the comparative period in 2023. This rise resulted from increased spending towards Energy infrastructure (€125.0 million), Infrastructural investment programme (€65.1 million) and Property, plant and equipment (€30.4 million). The rise in capital was partially offset from the reclassification of the National airline restructuring assistance (€40.5 million), which featured under Capital Expenditure in 2023 but is now classified within the Programmes and Initatives category. Other decreases where recorded in Contribution towards capital projects (€27.0 million) and Investment incentives (€18.9 million).

The difference between total revenue and expenditure resulted in a deficit of €432.7 million being reported in the Government’s Consolidated Fund at the end of December 2024, a €373.2 million drop from the €805.9 million deficit registered in the prior year. This difference mirrors an increase in total Recurrent Revenue (€1,446.6 million), partly offset by a rise in total expenditure, which consists of Recurrent Expenditure (€883.8 million), Interest (€47.2 million) and Capital Expenditure (€142.5 million).

At the end of December 2024, Central Government debt stood at €10,467.6 million, an increase of €727.7 million when compared to 2023. The increase reported under Malta Government Stocks (€791.9 million) was the main contributor to the rise in debt. Higher debt was also reported under Treasury Bills (€23.2 million) and Euro coins issued in the name of the Treasury (€4.0 million). This increase in debt was partially offset by drops in 62+ Malta Government Savings Bond (€25.8 million) and Foreign Loans (€0.1 million). Moreover, higher holdings by government funds in Malta Government Stocks resulted in a decrease in debt of €65.4 million.