Deficit widens by €64 million

The Central Government recorded a deficit of €342 million in the first 11 months of the year up from the €278.2 million registered in the same period last year. Government finance data published by the National Statistic Office shows that the deficit widened by €63.8 million as a result of a €195.8 million increase in total expenditure, which outweighed the €132 million rise in revenue. During January-November 2012, recurrent revenue stood at €2,366 million, up by 5.9 per cent over last year. Compared to 2011, total expenditure went up by 7.8 per cent to €2,708.1 million, as a result of higher spending on all expenditure components. Recurrent expenditure rose by €127.7 million. Expenditure on government's capital projects was registered at €305.2 million. The increase of €56 million over the corresponding period last year includes an equity injection of €20 million to the national air carrier. At the end of November, central government debt stood at €4,756.6 million, up by €200.9 million, or 4.4 per cent, over the corresponding period last year. This was the result of higher long-term borrowing, which added €300.7 million. On the other hand, short term securities declined by €71.7...