Quarterly Accounts for General Government: Q1/2011

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1 13 July hrs 133/2011 In the first quarter this year, the General Government account registered a shortfall of 43.0 million. Quarterly Accounts for General Government: Q1/2011 Quarterly Non-Financial Accounts (t/t-4) The deficit recorded by the General Government for the first quarter of 2011 amounted to 43.0 million, down from 44.6 million in the comparable period last year. During the March quarter, total revenue stood at million, an increase of 65.7 million compared to the corresponding quarter in The main contributors were 'current taxes on income and wealth' ( million), 'social contributions ' ( million) and 'taxes on production and imports' (+ 5.6 million). On the other hand 'property income ' declined by 6.2 million. Total expenditure during the first quarter this year amounted to million. The comparative increase of 64.1 million was the result of higher 'social benefits and social transfers in kind ( million), 'intermediate consumption' ( million), 'property income' ( million) and 'compensation of employees (+ 6.2 million). Conversely, lower expenditure was recorded in 'current' and 'capital transfers payable' by 8.8 million and 6.7 million respectively. Quarterly Financial Accounts (t/t-1) Tables 6 and 7 provide a quarterly overview of financial transactions in assets and liabilities. During the period under review, a major increase in financial transactions in assets was recorded in 'other accounts ' of million. Other increases were registered in 'short-term loans' of 26.3 million and 'long-term loans of 23.6 million, mainly on account of loans granted to the national airline ( 26.4 million) and to Greece ( 20.0 million). These were outweighed by declines in 'currency and deposits' and 'shares and other equity' of 25.2 million and 7.4 million respectively. With regard to financial transactions in liabilities, 'long-term securities' advanced by million while 'short-term securities' went up by 37.7 million. Long-term loans' exhibited an increase of 10.8 million while 'short-term loans' declined by 6.0 million. An increase of 95.7 million was recorded in 'other accounts payable'. Quarterly Debt (t/t-4) Compiled by: Unit A2: Public Finance Directorate A: Economic Statistics As shown in Table 8, total General Government debt outstanding at the end of March 2011 increased by million from the comparable period in 2010, and amounted to 4,397.7 million. Central Government debt increased by million. This was underpinned by higher long-term securities (Malta Government Stocks), which went up by million. On the other hand, Central Government short-term securities declined by million. The euro coins issued in the name of the Treasury, which are considered as a currency liability pertaining to the Central Government, amounted to 40.7 million, a rise of 3.8 million over the euro coin stock recorded at the end of March In addition, the Local Government debt edged up by 0.2 million Further information on data: Mr Mark GALEA T E.

2 800,000 Chart 1. General Government deficit (-) / surplus (+) 700, , , , , , ,000 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q deficit (-) / surplus (+) total revenue total expenditure Period Table 1. Revenue and Expenditure of the General Government Sector Total revenue Change (t/t-4) Total expenditure Change (t/t-4) Deficit (-) / Surplus (+) % % Q1 477, , ,583 Q2 530, , , Q3 498, , ,591 Q4 598, , ,144 TOTAL 2,105, ,246, ,921 Q1 520, , ,504 Q2 523, , , Q3 501, , ,638 Q4 655, , ,001 TOTAL 2,200, ,328, ,488 Q1 545, , ,651 Q2 559, , , Q3 576, , ,538 Q4 618, , ,750 TOTAL 2,299, ,567, ,552 Q1 544, , ,399 Q2 570, , , Q3 535, , ,036 Q4 658, , ,028 TOTAL 2,308, ,525, ,021 Q1 572, , ,602 Q2 594, , , Q3 576, , ,419 Q4 671, , ,560 TOTAL 2,415, ,641, , Q1 638, , ,952 2

3 Table 2. Components of General Government Sector's revenue Period Market output Taxes on production and imports Property income Current taxes on income, wealth, etc. Social contributions Current transfers Capital transfers Total revenue P.1 D.2 D.4 D.5 D.61 D.7 D.9 Q1 23, ,972 28, ,457 94,206 3,984 31, ,958 Q2 22, ,041 16, ,236 96,653 4,358 34, , Q3 22, ,963 7, ,123 97,718 4,114 39, ,051 Q4 27, ,274 10, , ,195 6,438 63, ,479 TOTAL 96, ,250 63, , ,772 18, ,844 2,105,363 Q1 27, ,708 37, , ,951 3,725 12, ,369 Q2 29, ,553 8, ,781 93,644 4,542 16, , Q3 24, ,753 11, ,665 94,685 8,234 16, ,609 Q4 27, ,729 15, , ,025 5,105 25, ,114 TOTAL 109, ,743 72, , ,304 21,605 70,566 2,200,431 Q1 42, ,369 44, , ,845 4,079 8, ,003 Q2 38, ,886 8, , ,293 5,758 13, , Q3 33, ,874 8, ,839 97,252 5,270 19, ,715 Q4 37, ,110 9, , ,574 10,431 6, ,694 TOTAL 151, ,240 70, , ,964 25,538 46,768 2,299,637 Q1 24, ,087 40, , ,580 4,313 10, ,502 Q2 27, ,862 11, ,156 97,703 5,629 16, , Q3 28, ,926 6, , ,647 4,524 13, ,493 Q4 32, ,608 9, , ,944 4,463 23, ,439 TOTAL 114, ,484 69, , ,875 18,929 63,499 2,308,848 Q1 23, ,561 40, , ,432 4,048 18, ,626 Q2 27, ,807 16, , ,688 4,022 36, , Q3 23, ,129 17, , ,384 4,696 24, ,975 Q4 30, ,737 9, , ,867 8,095 29, ,435 TOTAL 105, ,233 84, , ,372 20, ,165 2,415, Q1 27, ,124 34, , ,367 4,915 20, ,346 3

4 Table 3. Components of General Government Sector's expenditure Period Compensation of employees Intermediate consumption Property income payable Gross capital formation* Social benefits and social transfers in kind Subsidies payable Current taxes on income, wealth, etc. Current transfers payable D.1 P.2 D.4 P.5 D.6 D.3 D.5 D.7 D.9 Capital transfers payable Total expenditure Q1 169,593 61,469 41,025 56, ,852 15, ,506 5, ,541 Q2 168,853 63,494 47,219 29, ,245 34, ,469 7, , Q3 169,628 68,430 53,884 44, ,410 20, ,127 9, ,641 Q4 170,310 92,184 37,931 65, ,040 37, ,579 25, ,623 TOTAL 678, , , , , , ,682 47,935 2,246,285 Q1 173,426 58,816 53,811 47, ,600 24, ,301 7, ,873 Q2 177,385 68,201 32,843 41, ,461 29, ,276 14, , Q3 179,191 66,279 43,128 28, ,952 22, ,486 10, ,247 Q4 176, ,489 51,775 62, ,609 35,696 8,321 22,508 10, ,116 TOTAL 706, , , , , ,055 8,321 83,571 43,156 2,328,918 Q1 199,075 91,562 42,080 52, ,622 44, ,406 19, ,654 Q2 199,401 94,107 46,842 20, ,728 42, ,721 8, , Q3 212,249 96,345 44,769 33, ,391 23, ,396 9, ,253 Q4 220, ,579 54,172 40, ,807 14, ,547 9, ,444 TOTAL 831, , , , , , ,070 47,708 2,567,189 Q1 219,024 64,831 44,455 20, ,316 21, ,169 7, ,901 Q2 202,223 92,073 45,503 26, ,496 21, ,149 24, , Q3 204, ,724 43,610 29, ,492 8, ,193 7, ,528 Q4 204,380 92,664 61,537 43, ,901 12,254-7,469 30,557 18, ,467 TOTAL 829, , , , ,204 63,614-7, ,069 58,389 2,525,869 Q1 210,733 78,528 32,513 38, ,928 8, ,248 13, ,228 Q2 208,988 99,704 56,792 17, ,813 20, ,898 30, , Q3 209,813 90,123 33,625 23, ,218 11, ,019 14, ,394 Q4 208, ,724 64,699 55, ,036 18, ,257 18, ,995 TOTAL 838, , , , ,995 59, ,422 77,351 2,641, Q1 216, ,722 47,571 40, ,208 8, ,442 7, ,298 * For the purpose of this comparative table acquisition and disposal of land is included within the Gross Capital Formation Category. 4

5 Table 4. Quarterly Financial Accounts for General Government - Financial Stocks in Assets Position at end of period Currency and deposits Short-term Long-term Financial derivatives Short-term loans Long-term loans Shares and other equity Other accounts AF.2 AF.331 AF.332 AF.34 AF.41 AF.42 AF.5 AF.7 Q1 326, ,398 26,624 1,235, , Q2 408, ,366 26, , ,586 Q3 512, ,352 26, , ,504 Q4 431, ,809 23, , ,830 Q1 358, ,246 24, , , Q2 445, ,226 23, , ,220 Q3 437, ,457 25, , ,797 Q4 487, ,376 24, , ,375 Q1 335, ,740 26, , , Q2 508, ,740 27, , ,006 Q3 502, ,919 29, , ,820 Q4 475, ,680 29, , ,682 Q1 348, ,865 28, , , Q2 640, ,598 27, , ,129 Q3 582, ,243 27, , ,901 Q4 577, ,553 26, , ,492 Q1 516, ,432 26, , , Q2 592, ,187 41, , ,764 Q3 672, ,861 46, , ,935 Q4 583, ,762 46, , , Q1 553, ,015 69, , ,663 5

6 Table 5. Quarterly Financial Accounts for General Government - Financial Stocks in Liabilities Position at end of period Currency and deposits Short-term Long-term Financial derivatives Short-term loans Long-term loans Shares and other equity Other accounts payable AF.2 AF.331 AF.332 AF.34 AF.41 AF.42 AF.5 AF.7 Q ,904 3,030, , , , Q ,557 3,011, , , ,250 Q ,842 2,961, , , ,303 Q ,728 2,927, , , ,930 Q ,358 2,905, , , , Q ,765 2,853, , , ,796 Q ,892 2,864, , , ,005 Q4 8, ,350 2,958, , , ,038 Q1 23, ,669 2,984, , , , Q2 26, ,260 2,969, , , ,285 Q3 29, ,078 3,075, , , ,117 Q4 31, ,591 3,299, , , ,671 Q1 32, ,250 3,179, , , , Q2 34, ,123 3,249, , , ,446 Q3 36, ,441 3,398, , , ,189 Q4 37, ,677 3,521, , , ,229 Q1 36, ,945 3,603, , , , Q2 38, ,182 3,767, , , ,033 Q3 40, ,073 3,958, , , ,857 Q4 40, ,961 3,930, , , , Q1 40, ,673 3,965, , , ,922 6

7 Period Currency and deposits Table 6. Quarterly Financial Accounts for General Government - Financial Transactions in Assets Short-term Long-term Financial derivatives Short-term loans Long-term loans Shares and other equity Other accounts F.2 F.331 F.332 F.34 F.41 F.42 F.5 F.7 Q1-67, ,714 85,525 Q2 82, ,068 27, Q3 102, ,850-34,082 Q4-51, ,461 2,550-88,674 TOTAL 67, , ,381-9,617 Q1-72, ,468 87,632 Q2 85, , Q3-6, ,096-26,946-27,423 Q4 53, ,708-57,403 TOTAL 60, ,123 63,564 Q1-157, ,922-8,237 97,563 Q2 174, ,534 1,543 16, Q3 5, ,577 1,543-35,625 Q4-27, ,016 TOTAL -6, ,036-5,096 43,127 Q1-128, , ,949 Q2 288, , Q3-17, ,227 Q4-6, ,018-3,285-91,445 TOTAL 136, ,126-2,158-1,721 8,774 Q1-15, ,025 Q2 74, ,206-1,206-3, Q3 75, , ,828 Q4-87, , ,737 TOTAL 46, ,623 18, , Q1-25, ,253 23,635-7, ,465 7

8 Table 7. Quarterly Financial Accounts for General Government - Financial Transactions in Liabilities Period Currency and deposits Short-term Long-term Financial derivatives Short-term loans Long-term loans Shares and other equity Other accounts payable 8 F.2 F.331 F.332 F.34 F.41 F.42 F.5 F.7 Q1 0-26,734 46, ,374 49, ,078 Q ,347 13, , , Q3 0 74,285-34, ,573-8, ,740 Q4 0 15,886-23, ,180-13, ,577 TOTAL 0-69,911 2, ,249 18, ,771 Q1 0 25, ,380-2, ,723 Q2 0 57,993 79, , , Q3 0-88,964-14, ,986 1, ,432 Q4 8,318-13,602 76, ,953 5, ,788 TOTAL 8,318-18, , ,530 1, ,252 Q1 14,975-12,586-17, ,554-22, ,809 Q2 3,431 77, , ,897-1, , Q3 2,850-10,283 39, , ,835 Q4 1,597-40,871 74, ,462-3, ,010 TOTAL 22,853 13, , ,816-27, ,876 Q1 1, ,453-72, ,348 1, ,661 Q2 2, ,994 92, ,915-12, , Q3 1,914-84, , ,300 2, ,908 Q , , ,655-10, ,526 TOTAL 5, , , ,308-18, ,379 Q ,313 23, ,727 8, ,999 Q2 1,928 17, , ,789-10, , Q3 1,725-92, , ,691 3, ,149 Q ,252 75, ,380-2, ,198 TOTAL 3,803-95, , , Q , , ,997 10, ,708

9 Table 8. General Government debt Position at end of period Currency Central Government Debt Securities other, excluding Financial derivatives Loans Short-term Long-term Total Short-term Long-term Total Total Central Government Debt Total Local Government Debt Total General Government debt of which : EFSF rerouted debt* Government Guaranteed debt AF.2 AF.331 AF.332 AF.33 AF.41 AF.42 AF.4 AF.42 Q ,923 2,672,631 3,089,554 25, , ,782 3,382,336 1,866 3,384, , Q ,562 2,672,631 2,955,194 26, , ,702 3,240,895 2,025 3,242, ,178 Q ,789 2,640,696 2,998,485 31, , ,943 3,279,428 2,185 3,281, ,247 Q ,799 2,617,402 2,991,201 23, , ,103 3,251,304 2,345 3,253, ,085 Q ,881 2,618,010 3,017,891 30, , ,927 3,280,818 2,476 3,283, , Q ,032 2,695,284 3,152,317 30, , ,352 3,414,669 2,606 3,417, ,160 Q ,204 2,695,284 3,063,488 32, , ,348 3,327,836 2,736 3,330, ,637 Q4 8, ,936 2,753,324 3,108,260 30, , ,590 3,382,169 2,867 3,385, ,821 Q1 23, ,556 2,753,358 3,093,914 53, , ,807 3,384,014 2,814 3,386, , Q2 26, ,712 2,843,785 3,263,497 58, , ,695 3,561,916 2,761 3,564, ,295 Q3 29, ,561 2,901,249 3,309,810 64, , ,788 3,617,172 2,707 3,619, ,662 Q4 31, ,804 2,954,420 3,320,224 69, , ,400 3,629,795 2,654 3,632, ,803 Q1 32, ,603 2,900,022 3,442,625 25, , ,190 3,709,493 2,710 3,712, , Q2 34, ,258 2,976,585 3,620,843 22, , ,525 3,877,276 2,766 3,880, ,204 Q3 36, ,750 3,116,481 3,676,231 23, , ,400 3,937,452 2,822 3,940, ,003 Q4 37, ,137 3,216,381 3,690,518 33, , ,467 3,951,138 2,878 3,954, ,790 Q1 36, ,757 3,254,361 3,789,118 24, , ,709 4,048,737 2,904 4,051, , Q2 38, ,610 3,361,834 3,914,444 26, , ,467 4,169,749 2,931 4,172, ,025 Q3 40, ,317 3,539,809 4,000,126 29, , ,376 4,263,066 2,957 4,266, ,424 Q4 40, ,760 3,603,616 3,981,376 33, , ,030 4,245,363 2,984 4,248, , Q1 40, ,798 3,710,196 4,126,994 30, , ,875 4,394,607 3,091 4,397,697 3,906 1,025,031 * Refer to methodological note 7. 9

10 Methodological Notes All data in this News Release are in line with the European System of Accounts (ESA 95) Manual (ISBN ). This system of accounts is mandatory for all EU Member States. General Government Sector (S.13 sector according to the ESA95 definitions) is made up of the Central Government Sector (S.1311) and the Local Government Sector (S.1313). The Central Government Sector includes the Budgetary Central Government, made up of Government ministries and departments and the Extra Budgetary Units (EBUs) which are classfied as forming part of this sector. ESA95 states as a general rule that all financial assets and liabilities are to be valued using current market prices on the date to which the balance sheet relates. Changes between opening and closing stocks may also include other economic flows which are not due to financial transactions. The other economic flows are broken down into revaluations in financial assets and liabilities, and other changes in the volume of financial assets and liabilities. The deficit calculated from the non-financial accounts (B.9) should be consistent with the deficit measured from the financial accounts (B.9f), differences arise due to different sources and estimations. Quarterly government debt (Table 8) may not be consistent with the reported government liabilities in the Quarterly Financial Accounts for General Government (QFAGG) (Table 5). They differ because of the different valuation rules: government liabilities are reported at market value, whereas government debt is reported at nominal value excluding accrued interest. In Table 8, General Government debt is in line with Maastricht debt provisions, at the end of the period indicated. All aggregates are consolidated between the different sub-sectors of General Government. Government guarantees exclude guarantees on MIGA and IBRD and on foreign loans taken by the Central Bank of Malta on behalf of government, which loans already feature in the calculation of government external debt. Government guarantees include guarantees granted by the EBUs but exclude government guarantees provided to EBUs. A time series of data presented in this News Release is available, in greater detail, at the online Statistical Database - StatDB - on the NSO website. Registration (free-of-charge) is required to access and use the StatDB. To view the datasets available in the database, please access this link: The European Financial Stability Facility (EFSF) was established on 7 June 2010 for the purpose of providing stability support to Euro Area Member States (EAMS). The EFSF finances such support by issuing or entering into bonds, notes, commercial paper, or other financing arrangements. The operations are backed by guarantees of the EAMS on the basis of an agreed 'adjusted contribution key'. On 27 January 2011, Eurostat decided that the debt issued by the EFSF for each support operation must be rerouted to the public accounts of the EAMS providing guarantees, proportionately to their contribution key. Therefore the recording of such flows will impact the gross government debt (as defined in the Maastricht Treaty) but not the net debt. In addition, all revenue/expenditure streams (interest, margins and service fees) will be recorded in the general government accounts, resulting in a positive impact on the deficit/surplus of the EAMS. The data contained in this news release have been drawn up in line with the ESA95 methodologies. The glossary provides the necessary definitions and is available online: All data in this release should be considered as provisional and therefore subject to revision. 10. t/t-4 refers to the change over the corresponding quarter in the previous year t/t-1 refers to the change over the previous quarter. European statistics comparable to data in this News Release are available at: EUROSTAT Website/Homepage/Statistical Database Data Navigation Tree >Database by themes >Economy and Finance >Government statistics >Quarterly government finance statistics For further assistance send a request from: 10

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