General Government Debt and Deficit under Maastricht Treaty Second Reporting for 2009
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1 22 October hrs 187/2009 The General Government deficit for 2008 is estimated at million, or 4.7 per cent of GDP. General Government Debt and Deficit under Maastricht Treaty Second Reporting for 2009 On 30 September 2009, Malta submitted its report on government deficit and debt levels for the years This was done in accordance with Council Regulation (EC) Nr 3605/93, and subsequent amendments, as well as in accordance with the Code of Best Practice adopted by the Ecofin Council of the 18 February This is Malta s second submission for 2009, and updates the first submission of 30 March, which was reported in NSO News Release No. 67/2009 dated 22 April. Debt and Deficit Positions In 2008, General Government net borrowing (or deficit) was estimated at million, up from a deficit of million for In 2008, general government deficit was equivalent to 4.7 per cent of GDP, compared to 2.2 per cent of GDP for At the end of 2008, the General Government nominal gross consolidated debt amounted to 3,626.2 million, or 63.8 per cent of GDP; compared to 3,379.2 million, or 62.0 per cent of GDP for Updates Compared to the previous submission of 30 March, the following updates were made: 2007 The deficit of the General Government decreased by 0.6 million on account of updated data sources from the Extra Budgetary Units (EBUs) The deficit of the General Government has been revised downwards by 1.1 million, from million to million. This revision was the result of more complete information in respect of the EBUs (- 0.4 million), Local Councils (+ 0.1 million) and accruals data (- 0.7 million). The estimated General Government nominal gross consolidated debt was revised downward by 3.7 million. Updated data sources have necessitated the downward revision of the debt of EBUs and Local Councils, by 3.4 million and 0.2 million respectively. No significant revisions were made to data for the years prior to Compiled by: Unit A2: Public Finance Directorate A: Economic Statistics Further information on data: Mr Mark GALEA T E. mark.b.galea@gov.mt EDP Consolidated Inventory An EDP Consolidated Inventory of Sources and Methods is available on the NSO website. This document may be accessed at A list at the end of this Release names the extra budgetary units (EBUs) which formed part of the General Government sector as at 30 September 2009
2 Table 1. General Government Deficit and Debt Data: thousands General Government deficit (-) / surplus (+) -137, , , ,361 Central Government -139, , , ,038 Local Government 1, as a % of GDP General Government Debt 3,355,347 3,253,655 3,379,198 3,626,204 Central Government 3,353,645 3,251,309 3,376,313 3,623,443 Local Government 1,702 2,346 2,885 2,761 as a % of GDP GDP 4,781,231 5,114,177 5,447,898 5,687,168 Source of GDP data: News Release 156/2009 dated 7 September 2009 percentage Chart 1. General Government Deficit as a % of GDP percentage Chart 2. General Government Debt as a % of GDP
3 Table 2. Transition between Consolidated Fund Deficit and General Government Deficit thousands 2008 Structural Deficit of Consolidated Fund Transactions -175, , , ,136 as a % of GDP Adjustments to the Consolidated Fund: Loans granted (+) Loans repayments (-) , Equities, acquisitions (+) 1,871 1,840 3,480 3,078 Equities, sales (-) Other financial transactions -1,575-1,724-16,942-7,976 3 Difference interest paid (+) and interest accrued (-) -1,977 1,882-5,088-3,084 4 Other accounts receivable (+) and payable (-) -18,260-17,714-23,417 50,604 5 Time adjusted cash Reg. 2516/ ,917 14,435 15,132 11, Net Borrowing (-) / Net Lending (+) of public entities forming part of Central Government 16,873-7,401-25,485-44,594 7 Other adjustments (+/-) Treasury Clearance Fund flows in deposits accounts 26,355 23,292 5,558-41,255 Treasury Clearance Fund flows in advance accounts 18,949 9,655 9,621-14,381 Treasury Clearance Fund flows in unallocated stores 2, Sinking Fund interests' received 4,120 5,231 8,037 6,344 Interest received not included in structural deficit ,523 Adjustment Stock premium proceeds -22,514-1,478-3,476 5,637 Time Adjustment re Sale of Land 0-23,993 23, Loan Write-off Debt Cancellation -1, Privatisation expenses Net Borrowing (-) / Net Lending (+) of Central Government (S.1311) -139, , , ,038 Net Borrowing (-) / Net Lending (+) of Local Government (S.1313) 1, Net Borrowing (-) / Net Lending (+) of General Government (S.13) -137, , , ,361 as a % of GDP GDP 4,781,231 5,114,177 5,447,898 5,687,168 Explanatory Notes: 1. Repayments of loans made by Water Services Corporation. 2. Acquisition of shares in European Bank for Reconstruction and Development and in European Investment Bank (subscription shares). 3. Non-trading profits included in Central Bank of Malta transfers to Government. For 2007, it includes also privatisation receipts amounting to 10.0 million. 4. Difference between the interest paid and accrued of the Treasury Bills, Malta Government Stocks and Foreign Loans. 5. Accruals adjustment: from 2005 including all budgetary central government. 6. In line with Council Regulation 2516/2000, the method of recording of taxes and social contributions is the time-adjusted method. 7. The net borrowing (-) / net lending (+) of the extra budgetary units forming part of the cental government sector (based on a delimitation exercise). 8. Although this amount was received in 2006, according to ESA95 rules revenue is accounted for after the actual transfer of ownership of the land. 9. The net borrowing (-) / net lending (+) of the 68 local councils. Source of GDP data: News Release 156/2009 dated 7 September
4 Extra Budgetary Units as at 30th September, 2009 NACE CODES* NACE CODES* Appogg 85 Malta Philharmonic Orchestra 92 Bord Tal-Koperattivi 75 Malta Resources Authority 75 Broadcasting Authority 75 Malta Shipyards 35 Environment Protection Fund 75 Malta Society of Arts, Manufactures and Commerce 75 Employment and Training Corporation 74 Malta Standards Authority 75 Foundation for Educational Services 75 Malta Statistics Authority 75 Foundation for Medical Services 75 Malta Tourism Authority 75 Foundation for Tomorrow's Schools 75 Malta Transport Authority 75 Gozo Ferries Co Ltd 71 Manoel Theatre Management Committee 92 Heritage Malta 92 Medicines Authority 75 Housing Authority 75 MEPA 75 Industrial Projects and Services Ltd 74 MIMCOL 74 International Institute on Ageing 80 Mount Carmel Hospital 85 Kunsill Malti ghall-isport 92 National Audit Office 75 Lotteries and Gaming Authority 75 National Commission Persons with Disability 75 Malta College of Arts, Science and Technology 80 Occupational Health and Safety Authority 75 Malta Communications Authority 75 Office of the Ombudsman 75 Malta Council for Culture and the Arts 92 Sapport 85 Malta Council for Economic and Social Development 75 Sedqa - Agency against Drug and Alcohol Abuse 85 Malta Council for Science and Technology 75 St James Cavalier Creativity Centre 92 Malta Enterprise Corporation 75 Superintendence of Cultural Heritage 75 Malta Government Investments Ltd 75 University of Malta 80 Malta Government Technology Investments Ltd 75 WasteServ Malta Ltd 90 Malta National Laboratory 74 Zammit Clapp Hospital 85 This list does not include entities which are already accounted for within the Departmental Accounting System (DAS) of Central Government. * General Classification of economic activities within the European communities. Industries are grouped into 60 categories (A60). 4
5 METHODOLOGICAL NOTES Within the context of this exercise, Government is taken to mean the General Government (S.13 sector according to the ESA 95 definitions). This includes the Budgetary Central Government made up of Government ministries and departments, the Extra Budgetary Units (EBU's) which are classfied as forming part of this sector, as well as all the Local Councils. In ESA95, EBU's are included within the Central Government sub-sector (S.1311). This release presents Government deficit and debt worked out in line with the procedure defined in the Maastricht Treaty (Article 104). The basic conceptual reference framework for this exercise is the ESA 95 Manual on Government Deficit and Debt (2002 edition and subsequent updates); which is in turn based on the European System of National and Regional Accounts (ESA 95). This compliance with the reference framework allows for the international comparibility of the data. Article 104 of the Maastricht Treaty requires Member States to avoid excessive government deficits. In this repect the Commission monitors the development of the budgetary situation and of the stock of government debt. A protocol of the Maastricht Treaty specifies the reference percentages for general government deficit (which should not exceed 3 per cent of GDP), and for the gross nominal consolidated debt (which should not exceed 60 per cent of GDP). 4. The data contained in this release may be reviewed. Figures may not add up due to rounding. European statistics comparable to data in this News Release are available at: EUROSTAT Website/Homepage/Statistical Database Data Navigation Tree >Main Tables >Economy and Finance >Government statistics >Government defict and debt >Database >Economy and Finance >Government statistics >Government deficit and debt For further assistance send a request from: 5
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