Quarterly Accounts for General Government: Q1/2024
Quarterly non-financial accounts (t/t-4)
During the period January to March 2024, total revenue stood at €1,688.5 million, an increase of €278.4 million when compared to the corresponding quarter in 2023. This was mainly brought about by increases in Current taxes on income and wealth (€151.6 million), Taxes on production and imports (€71.3 million) and Market output (€39.6 million), partially offset by decreases in Capital transfers receivable (€14.6 million) (Table 2).
Total expenditure in the first quarter of 2024 amounted to €1,747.7 million, an increase of €90.7 million over the corresponding quarter in 2023. The largest increase was recorded in Social benefits and social transfers in kind (€52.9 million), followed by Compensation of employees (€30.9 million) and Property income payable (€18.4 million) (Table 3).
Adjustments were implemented to the Government’s Consolidated Fund data to transition to accrual-based accounting, aligning with the requirements of ESA 2010. During the first quarter of 2024, these adjustments resulted in a decrease of €100.8 million to the Consolidated Fund surplus, which stood at €41.6 million (Table 4).
Chart 1. General Government Sector revenue and expenditure
in € millions
No Data Found
Quarterly financial accounts (t/t-1)
In relation to financial transactions in assets, during the first quarter of 2024, increases were recorded in Equity and investment fund shares (€173.2 million) and Short-Term debt securities (€10.0 million). Conversely, Currency and deposits and Other accounts receivable decreased by €129.4 million and €79.1 million, respectively (Table 7).
Considering the financial transactions in liabilities, the highest increase was recorded in Long-term debt securities (€345.0 million). In contrast, decreases were registered in Other accounts payable (€178.9 million), Short-term debt securities (€122.3 million) and Currency and deposits (€22.0 million) (Table 8).
Quarterly debt (t/t-4)
At the end of March, General Government debt stood at €9,976.2 million, or 50.4 per cent of Gross Domestic Product (GDP)1. This equates to an increase of €726.3 million over the corresponding quarter in 2023, largely reflected in Central Government Debt, which amounted to €9,974.3 million. Currency and deposits stood at €432.8 million, a decrease of €39.7 million over March of 2023. This includes euro coins issued in the name of the Treasury, considered a liability of Central Government, and the 62+ Malta Government Savings Bond, the latter amounting to €329.9 million. Long-term debt securities increased by €955.6 million, while Short-term debt securities decreased by €271.2 million, respectively. In addition, Long-term loans increased by €81.3 million. Local Government debt stood at €1.9 million (Table 11).
General Government guaranteed debt amounted to €1,069.7 million at the end of March 2024, equivalent to 5.4 per cent of GDP1. There was a decrease of €89.0 million when compared to the first quarter of 2023 (Table 11).
1 Calculated using the sum of the quarterly GDP for the last four quarters.
Chart 2. General Government debt
in € millions
Additional Tables and Charts
Tables
Methodological Notes
1. All data in this news release are in line with the European System of Accounts (ESA) 2010 Manual (ISBN 978-92-79-31242-7). This system of accounts is mandatory for all EU Member States.
2. General Government Sector (S.13 sector according to the ESA2010 definitions) is made up of the Central Government Sector (S.1311) and the Local Government Sector (S.1313). The Central Government Sector includes the Budgetary Central Government, made up of Government ministries and departments and the Extra Budgetary Units (EBUs).
3. As a general rule, ESA 2010 states that all financial assets and liabilities are to be valued using current market prices on the date to which the balance sheet relates. Changes between opening and closing stocks may also include other economic flows which are not due to financial transactions. The other economic flows are broken down into revaluations in financial assets and liabilities, and other changes in the volume of financial assets and liabilities.
4. The deficit calculated from the non-financial accounts (B.9) should be consistent with the deficit measured from the financial accounts (B.9f) however, differences arise due to different sources and estimations.
5. Quarterly General Government Debt (Table 11) may not be consistent with the reported government liabilities in the Quarterly Financial Accounts for General Government (QFAGG) (Table 6). They differ because of the different valuation rules: government liabilities are reported at market value, whereas government debt is reported at nominal value excluding accrued interest. In Table 11, General Government debt is in line with Maastricht debt provisions, at the end of the period indicated. All aggregates are consolidated between the different sub-sectors of General Government. The government guarantees reported in Table 11 are on debt instruments. Government guarantees include guarantees granted by the EBUs but exclude government guarantees provided to EBUs. There are two types of guarantees: one-off (individual and large amounts) and standardised (issued in large numbers, for fairly small amounts and identical terms).
6. The figures for taxes on production and imports are treated differently between the compilation of the GDP and the General Government Sector accounts. In the latter an adjustment is made for the payment of the EU own resource on import duties.
7. The European Financial Stability Facility (EFSF) was established on 7 June 2010 for the purpose of providing stability support to Euro Area Member States (EAMS). The EFSF finances such support by issuing or entering into bonds, notes, commercial paper, or other financing arrangements. The operations are backed by guarantees of the EAMS on the basis of an agreed ‘adjusted contribution key’. On 27 January 2011, Eurostat decided that the debt issued by the EFSF for each support operation must be rerouted to the public accounts of the EAMS providing guarantees, proportionately to their contribution key. Therefore, the recording of such flows impacts the gross government debt (as defined in the Maastricht Treaty) but not the net debt. In addition, all revenue/expenditure streams (interest, margins and service fees) are recorded in the General Government accounts, resulting in a positive impact on the deficit/surplus of the EAMS.
8. The GDP used in the fiscal ratios is calculated using the sum of the quarterly GDP for the last four quarters. Source of GDP data: News Release 099/2024 dated 29 May 2024.
9. All data in this release should be considered as provisional and therefore subject to revision. Figures may not add up due to rounding.
10. t/t-4 refers to the change over the corresponding quarter in the previous year.
t/t-1 refers to the change over the previous quarter.
11. The data contained in this release is subject to revision. For an updated time-series which includes past data, please refer to the Statistical Indicators for this domain.
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13. A detailed news release calendar is available online.
14. References to this news release are to be cited appropriately. For guidance on access and re-use of data please visit our dedicated webpage.
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Quarterly Accounts for General Government: Q1/2024
- In the first quarter of 2024, the General Government recorded a deficit of €59.2 million.
- Compared to the corresponding quarter in 2023, total revenue increased by €278.4 million, while total expenditure increased by €90.7 million.
- At the end of the first quarter of 2024, the General Government debt stood at €9,976.2 million, an increase of €726.3 million over the same quarter in 2023.
- The Government guaranteed debt amounted to €1,069.7 million at the end of March 2024, a decrease of €89.0 million when compared to the first quarter of 2023.
Quarterly Accounts for General Government: Q1/2024
