Edward Scicluna

Malta’s fiscal performance still on track

Minister for Finance Edward Scicluna welcomes the latest Government Finance Data, published by the NSO, which shows that in June of this year there was a reduction of €26 million in the Consolidated Fund Deficit. Indeed, total revenue increased by €60 million while total expenditure increased by €35 million.

PRESS RELEASE BY THE MINISTRY FOR FINANCE

Minister Edward Scicluna remarked: “We can state that the NSO data on public finances for the first half of the year shows that the government is on track to reach another fiscal surplus for this year.”

During the first half of this year, tax revenue continued to be robust, increasing by €160 million. The significant increase in tax revenues continued to reflect the buoyant growth recorded in employment and consumption coupled with a record low unemployment rate. As a result, despite a significant decline in revenue from EU grants of €67 million from the peak in revenue recorded in 2017, total recurrent revenue still increased by €70 million.

The highest increase in expenditure for the first six months was recorded in programmes and initiatives which continues to reflect the ongoing implementation of the 2018 Budget measures.  Expenditure on public investment projects also increased.

27th July 2018

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