2016 deficit continues its decline in September
The Ministry for Finance welcomes the latest statistics published by the National Statistics Office (NSO) showing a decrease of €98 million in the consolidated fund deficit between January and September 2016 when compared with the same period last year.
The reduction in the deficit is buoyed by a €15.5 million surplus registered in the consolidated fund in September 2016. At the same time, an increase in recurrent revenue of 4% or €112.7 million was registered between January and September 2016 when compared with the same period last year.
In January – September 2016, recurrent revenue increase was recorded mainly due to higher income tax revenue (€101.9 million) and social security (€52.3 million), with other increases registered from revenues from licences, taxes and fines (€24.8 million), customs and excise duties (€13.4 million) and VAT (€13.0 million). The Ministry also notes a €100.1 million decline in grants, due to the large push to complete EU funded projects throughout 2015 in order for Malta to benefit from the 2007-2013 funding period.
The Ministry for Finance notes that these figures are in line with its projections for the current year. In fact, Minister for Finance Edward Scicluna noted, “We are monitoring closely the deficit for this year as we have done over the last four years. We are pleased to see that we are still on track to reach our financial and fiscal targets.”
Source: Press Release issued by the Ministry of Finance