National Statistics Office says Maltese government has a deficit of €753.2 million as of the end of August

According to a statement released by the National Statistics Office (NSO), the Government’s Consolidated Fund would have a deficit of €753.2 million by the end of August 2021.

From January through August, there was a recurring income of €3,221.5 million, which is a 27.6% increase over the previous year’s numbers. Income tax increased the most, at €331.4 million, followed by VAT at €186.1 million, social security at €134.6 million, and customs and excise charges at €58.5 million. By the end of August, Malta’s overall spending amounted to €3,974.7 million, which is 10.1% higher than in 2020.

The greatest contributor to Recurrent Expenditure was the staggering €433.2 million increase reported under programmes and initiatives, with the Pandemic Assistance Scheme, which includes the COVID-19 Business Assistance Programme, totalling €257.4 million.