Social protection Programmes and Initiatives continue to be the biggest source of government expenditure in Q1 of the last two years to 2019, new figures show.
According to the National Statistics Office, government spending on this area has grown by just over €59m between the first quarter of 2017 and 2019, from €519,624 to €578,630.
The current expenditure on projects and initiatives for Social Protection is around 77% greater in expenditure than spending on General Public Services (€117,060), around 83% greater than Programmes and Initiatives supporting Economic Affairs (€69,739) and 80% greater than expenditures on Health (€101,514).
In terms of total expenditure, Social Protection accounted for the largest amount in Q1 of 2019, €643,367.
Additionally, government expenditure on Education and Health came largely from Personal Emoluments (Pensions and salaries). This accounted for €114,383 for Health and €96,799 for Education.
67m deficit in Q1 2019
NSO’s figures also show that a deficit was reported in the Consolidated Fund for Q1 2019, taken by year.
According to the figures, the government recorded a deficit of just over €-67m for Q1 period, just under €10m less than the deficit than 2018 but almost €65m more than the same period in 2017.
The figures show that Total expenditure outweighed Total Revenue by around €67m (Revenue – €1,720,299m / Expenditure € 1,787,702m). Social Benefits and Social Transfers in kind were the highest expenditure for the government, having increased to €441,229m this year since 2017.
Likewise, Taxes on Production and Imports and Taxes on Income and Wealth remained the main sources of revenue, €649,804m and €615,005m respectively.
Government stocks report drop by €79m
NSO also states that the value of Malta Government Stocks also reported a drop in value.
This is reported to have dropped steadily since 2017 to 2019 (€5,389,324m to €4,891,999m), a reported drop of 79,739m
Conversely, 62+ Malta Government Saving’s Bonds increased in value since May 2018, rising from 99,477m to 291,475m in May 2019, a reported 191,998m increase.