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Further deficit reductions in January 2017
The latest Government Finance Data released by the National Statistics Office show that there was a €33.0 million reduction in deficit for January 2017, when compared to the same period last year.
The significant reduction in government deficit is due to an effective control of expenditure growth, which is well within the parameters afforded by the growth of the recurrent revenue. While the monthly year-on-year increase in revenue was €51.8 million, total expenditure increased by €18.8 million.
PRESS RELEASE BY THE MINISTRY FOR FINANCE
The increase in recurrent expenditure for January mainly reflected the increase in expenditure on programmes and initiatives (€17.0 million), which was composed of added expenditure towards EU Own Resources, social security, the EU Presidency for 2017, and related events.
Marginal expenditure increases were recorded in contributions to Government entities, operational and maintenance expenses, and personal emoluments.
The increase in recurrent revenue was backed by higher revenue from almost all major components of revenue, with the highest increase being €6.3 million recorded from income tax revenue, reflecting the dynamic performance of the labour market.
The increase in revenue was also backed by revenue from customs and excise duties (€6.1 million) and VAT (€5.4 million). Revenues from grants, fees of Office, licenses, taxes, and fines, also recorded notable increases.
“We are pleased to see the beginning of the year keeping to the deficit reduction momentum of the last four years. The Government’s credibility on the government finances rests on the keeping of this momentum,” Minister for Finance Edward Scicluna said.
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