Govt records deficit of €336.7 million during first 3 months of 2020

Statistics published by the National Statistics Office, NSO show that during the first three months of this year the total revenue stood at €949.9 million, a decrease of €193.6 million when compared to the corresponding quarter in 2019.

Data shows that decreases in revenue were registered in almost all categories, primarily due to the impact of the COVID-19 pandemic, with the largest being;

  • Current taxes on income and wealth – €138.1 million
  • Market output – €20.5 million  
  • Net social contributions – €18.9 million
  • Other decreases were registered in
  • capital transfers receivable – €11.1 million,
  • Taxes on production and imports – €7.2 million
  • Current transfers receivable – €2.5 million

On the other hand there was an increase in property income receivable ,€4.6 million.

The data published by NSO shows that the total expenditure in the first quarter of 2020 amounted to €1,286.6 million, an increase of €99.5 million over the corresponding quarter in 2019.

Increases in expenditure were recorded in subsidies payable, €47.7 million, mostly in relation to the COVID-19 wage supplement amounting to €36.9 million, Intermediate consumption, €40.8 million, Social transfers in kind, €14.3 million, Compensation of employees, €11.6 million and Current transfers payable, €8.6 million.

Photo by: NSO

In contrast, when compared to the corresponding quarter of 2019, capital transfers payable and gross capital formation both registered a decrease of €13.9 million and €7.1 million respectively.

Other decreases were recorded in property income payable, €2.6 million and current taxes on income and wealth, €0.1 million.

According to the data published, in relation to financial transactions in assets, during the first quarter of 2020, currency and deposits and other accounts receivable registered an increase of €143.5 million and €16.0 million respectively, followed by equity and investment fund shares, €1.8 million and long-term loans, €0.3 million.

At the end of March, General Government debt stood at €5,927.5 million, which means an increase of €97.2 million over the corresponding quarter in 2019. Central Government debt increased by €97.2 million, amounting to €5,924.1 million.