Government deficit narrowed by €225.7 million at end of last year

Government finances had a deficit of €1,242.2 million at the end of last year, official figures issued on Wednesday show. 

The National Statistics Office said recurrent revenue amounted to €5,394.5 million, 22.9 per cent higher than the €4,389.3 million reported a year earlier. The largest increase was recorded under Income Tax (€554.1 million), followed by Value Added Tax (€202.4 million), Social Security (€136.0 million), Grants (€49.7 million), Customs and Excise Duties (€35.9 million), Dividends on Investments (€29.2 million), Licences, Taxes and Fines (€25.7 million), Reimbursements (€6.6 million) and Central Bank of Malta (€1.5 million).

The rise in revenue was partially offset by decreases under Fees of Office (€23.9 million), Miscellaneous Receipts (€8.6 million) and Rents (€3.6 million).

By the end of 2021, total expenditure stood at €6,636.8 million, 13.3 per cent higher than the previous year.  Recurrent Expenditure totalled €5,718.1 million, a rise of €1,079.2 million in comparison to the €4,638.9 million reported in 2020.

The main contributor to this increase was a €883.5 million rise reported under Programmes and Initiatives. personal emoluments (€115.8 million),...