Deficit of €144 million in first four months of 2019

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By the end of April, the Government’s Consolidated Fund registered a deficit of €144 million for 2019.

Between January and April of 2019, recurrent revenue rose by €158.1 million and amounted to €1,387.7 million. This represents a 12.9% increase from the €1,229.6 million reported in revenue during the corresponding period in 2018. The increase was primarily the result of a €75.8 million rise in Income Tax.

Total expenditure by the end of April 2019 stood at €1,531.7 million which is a 15.6% increase from the corresponding period in 2018. Recurrent expenditure stood at €1,321.1 million, €163.6 million higher than the corresponding amount reported by the end of April 2018. The main contributor to this increase was a €100.6 million rise reported under Programmes and Initiatives.

Government’s capital expenditure registered an increase of €51.2 million from the same period last year and amounted to €144.4 million. The rise in outlay was due to added expenditure reported on road construction and improvements €18.8 million investment incentives €14.6 million EU Internal Security Fund – Borders and VISA €10.9 million and EU structural funds 2014-2020 €7.9 million.

The difference between total revenue and expenditure resulted in a deficit of €144.4 million being reported in the Government’s Consolidated Fund by the end of April 2019, compared to a deficit of €95.9 million in the same period in 2018. The main catalysts in the difference were increased outlays in both recurrent and capital expenditure.

During April 2019, Central Government Debt stood at €5,503 million, a €121.6 million rise from the corresponding month last year.

Access the full NSO (National Statistics Office) report here.