A reduction of €68.7 million was recorded in the consolidated fund deficit in the first five months of this year when compared to the same period of last year. In fact, while in the first five months of 2016, the deficit was equal to €71.3 million, the deficit for the same period of this year declined to €2.6 million.

PRESS RELEASE BY THE MINISTRY FOR FINANCE

This reduction was the result of significant increases in all the main revenue categories, while growth in recurrent expenditure was contained. Indeed, during the period January to May of this year, recurrent revenue increased by €165.4 million, while recurrent expenditure increased by €84.5 million.

For the period January to May 2017, capital expenditure increased by €17.8 million over the same period of last year.

Minister for Finance Prof. Edward Scicluna commented: “I am pleased to note that in the first five months of this year, we have managed to record a €68.7 million decrease in the cash deficit over the same five months of 2016. This is an improvement over an already successful year which resulted in a surplus”.

Friday 30th June 2017