News Releases

Government Finance Data: January-February 2023
Data tal-Ħruġ: 24 March 2023
By the end of February 2023, the Government’s Consolidated Fund reported a surplus of €114.2 million.

Between January and February 2023, Recurrent Revenue amounted to €1,028.8 million, €231.3 million higher than the €797.5 million reported a year earlier. The largest increase was recorded under Income Tax (€155.4 million), followed by Value Added Tax (€31.7 million), Grants (€30.1 million), Miscellaneous Receipts (€6.8 million), Licences, Taxes and Fines (€3.7 million), Social Security (€3.0 million), Sales-Services (€2.3 million), Rents (€0.4 million), Sales-Others (€0.3 million) and Reimbursements (€0.2 million). On the other hand, lower revenue was reported under Fees of Office (€1.8 million), Customs and Excise Duties (€0.7 million) and Sales-Goods (€0.1 million).

By the end of February 2023, total expenditure stood at €914.6 million, €36.4 million higher than the previous year.

During the reference period, Recurrent Expenditure totalled €838.5 million, an increase of €36.1 million in comparison to the €802.4 million reported at the end of February 2022. The main contributor to this increase was a €17.3 million rise reported under Operational and Maintenance Expenses. Furthermore, increases were also recorded under Programmes and Initiatives (€9.5 million) and Personal Emoluments (€9.5 million). This rise in expenditure outweighed a decrease under Contributions to Government Entities (€0.2 million). The main developments in the Programmes and Initiatives category involved added outlays towards Social security benefits (€13.2 million), Medicines and surgical materials (€8.2 million), Residential care in private homes (€7.9 million), Street lighting and other services (€4.7 million), Extension of school transport network (€3.7 million), Chief medical officer medicines (€3.7 million), Provision of spare capacity – electricity (€3.5 million) and Tal-Linja card (€3.3 million). This rise in Programmes and Initiatives was partly offset by a decrease under the Pandemic assistance schemes (€39.0 million).

The interest component of the public debt servicing costs totalled €25.8 million, an increase of €2.7 million when compared to the previous year.

By the end of February 2023, Government’s capital spending amounted to €50.3 million, €2.3 million lower than 2022. This decrease resulted from lower expenditure towards Road construction and improvements (€9.0 million). The drop in capital outlay was partially offset by increases witnessed under Film industry incentives (€1.5 million), Greening of public and private buildings (€1.5 million), Information technology in government schools (€1.4 million) and National Identity Management Systems (€1.4 million).

The difference between total revenue and expenditure resulted in a surplus of €114.2 million being reported in the Government’s Consolidated Fund at the end of February 2023, a €194.9 million increase from the €80.6 million deficit witnessed in the corresponding period of 2022. This difference mirrors an increase in total Recurrent Revenue (€231.3 million), partly offset by a rise in total expenditure, which consists of Recurrent Expenditure (€36.1 million), Interest (€2.7 million) and Capital Expenditure (-€2.3 million) (Table 1).

At the end of February 2023, Central Government debt stood at €9,280.3 million, an increase of €886.4 million when compared to 2022. The increase reported under Malta Government Stocks (€781.2 million) was the main contributor to the rise in debt. Higher debt was also reported under Treasury Bills (€237.5 million) and Euro coins issued in the name of the Treasury (€5.3 million). This increase in debt was partially offset by a decrease in the 62+ Malta Government Savings Bond (€99.9 million) and Foreign Loans (€0.1 million). Finally, higher holdings by government funds in Malta Government Stocks resulted in a decrease in debt of €37.5 million (Table 6)


Chart 1. Consolidated Fund Surplus/Deficit: February 2023

in € thousands

No Data Found

Chart 2. Recurrent Revenue by main category (%)

February 2023

No Data Found

Chart 3. Expenditure by main category (%)

February 2023

No Data Found

Additional Tables and Charts

Methodological Notes

1. Data in this news release is compiled in order to provide users with regular up-to-date information on the Consolidated Fund of Government. Data are sourced as follows:

i. Revenue and Expenditure, and Public Debt Servicing → The Consolidated Fund, the transactions of which are consolidated at the Treasury.
ii. Central Government Debt (excluding EBUs and Local Councils) → Central Bank of Malta and the Treasury.

All allocations provided from the Consolidated Fund are either authorised by Parliament under an Appropriation Act, or are permanently appropriated by Parliament under other relevant legislation. On the other hand, the Treasury Clearance Fund contains all those funds and accounts the expenses in respect of which are initially defrayable out of public funds and are eventually repayable from the Consolidated Fund or other sources.

2. In this release Revenue and Expenditure categories are recorded in accordance with their presentation in the 2023 Financial Estimates.

3. This news release follows the guidelines set out in the European System of Accounts (ESA 2010) Manual on Government Deficit and Debt. Therefore, the difference between the recurrent revenue and expenditure as listed in Table 1 is essentially the cash-based position as far as the Central Government’s Consolidated Fund is concerned. In this respect, financial transactions, such as proceeds from loans, proceeds from sale of financial assets, and revenue from other accounts of Government are not taken into consideration. Likewise, direct loan repayments, contributions to sinking funds, acquisition of equity, as well as transfers into other accounts of Government, are excluded from the total expenditure.

4. The debt position includes the actual debt which is held by Government. On the other hand, any investments made by Government in its own funds are excluded from the total debt. As from December 2007, the Euro coins issued in the name of the Treasury are considered as a currency liability pertaining to the Central Government.

5. Data in this release are subject to revision. Any revisions to the data are carried out at the first opportunity and published accordingly in the subsequent news release.

6. The Enhanced Economic Governance package adopted by the European Parliament and Council in November 2011 included requirements on the collection and dissemination of fiscal data, through the Council Directive 2011/85/EU. The requirements in the government finance statistics domain included a methodological reconciliation table (showing the transition between monthly data used for national policy purposes and ESA-quarterly data used to produce national accounts and EU fiscal surveillance).

a. Reconciliation Table 

b. ESA 2010 Glossary

c. Other Government Finance Statistics data requirements. 

7. Data on Government Expenditure by the Classification of Functions of Government (COFOG) classifies government expenditure data by the purpose for which the funds are used. COFOG data in Table 2 refers to the total expenditure of the Consolidated Fund and is not fully consistent with the General Government sector expenditure by function and in ESA 2010 methodology, that is compiled by NSO on an annual basis with a delay of one year. The functions are in line with the COFOG classifications as published in the Government Finance Statistics Manual 2001 (ISBN 1-58906-061-X).

8. Table 3 presents the Consolidated Fund year to date in ESA 2010 codes according to the EU Council Directive 85/2011 requirements.

9. More information relating to this news release may be accessed at:
Statistical Concepts 
Statistical Database

10. Any quotations from this news release are to be cited and/or referenced.

11. A detailed news release calendar is available online.

Government Finance Data: January-February 2023
Data tal-Ħruġ: 24 March 2023
  • By the end of February 2023, Government’s Consolidated Fund registered a surplus of €114.2 million.
  • Compared to the previous year, recurrent revenue and total expenditure increased by €231.3 million and €36.4 million, respectively.
  • A positive change in the Government’s Consolidated Fund by €194.9 million.
  • By the end of February 2023, Central Government Debt totalled €9,280.3 million, €886.4 million higher than the corresponding month in 2022.
Kalkulatur tal-Inflazzjoni Kalendarju tal-Istqarrijiet tal-Aħbarijiet Talbiet għat-Tagħrif Mistoqsijiet dwar il-Kodiċi tan-NACE
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