The Finance Ministry welcomes the financial figures published by the National Statistics Office (NSO) related to Government Finance Data on Friday 28th January 2014, which show that during January 2014 the major components of recurrent revenue increased by €12.1 million in January 2014 when compared to the corresponding month in 2013.

This increase stems primarily from increased revenue from income tax, which increased by €8.2 million, from €60.2 million in January 2013 to €68.5 million in January 2014. Other increases were recorded in revenue from customs and excise, which rose by €5.2 million, VAT which rose by €0.5 million, and social security which increased by €0.2 million.

The Ministry also notes a €32.5 million decline in EU grants which is normally expected to be compensated by a similar and contrary change in capital expenditure in the coming months.

Furthermore, the Ministry notes that total expenditure increased by €10.4 million as envisaged in its 2014 Budget.

All in all the January financial figures are according to the government projections which are expected to remain on track as they have been over the last 11 months.

– Friday, 28th February, 2013