Higher deficit recorded

The deficit recorded for the September quarter last year reached €41 million, up from €32.8 million in the comparable period the previous year. The National Statistics Office said that in the July-September period, total revenue stood at €649.4 million, an increase of €30.9 million when compared to the third quarter of 2011. This resulted from higher proceeds of €35.2 million from 'current taxes on income and wealth', offset by declines recorded in 'taxes on production and imports' (-€3.4 million) and 'market output' (-€2.7 million). Total expenditure in the third quarter amounted to €690.4 million. Total general Government debt outstanding at the end of September advanced by €422.8 million over the comparable period in 2011. General Government debt amounted to €4,900.5 million, of which €4,896.2 million related to the central Government. The increase of €422.4 million in central Government debt was underpinned by higher long-term securities (Malta Government Stocks) of €307.8 million and an increase in total loans of €95.2 million, mainly due to the EFSF rerouted debt. Moreover, short-term securities went up by €15 million.