The Ministry for Finance welcomes the latest Government Finance Data, published by the National Statistics Office (NSO), which shows that for the first half of this year, Government revenue continued to be buoyant, with the increase in tax revenue rising by €218 million or 12.5 per cent, reflecting an increase in employment income coupled with a record low unemployment rate.
“The fiscal data for the first half of the year is in line with the ministry’s forecasts for the first six months. As with previous years, we will ensure that while expenditure growth will take care of the country’s economic, social and environmental needs, it will be kept in line so as to provide a modest surplus”, stated Minister for Finance Edward Scicluna.
Expenditure on public investment projects increased by €77 million for the first half of this year reflecting the various Government projects currently being undertaken, in particular the projects to upgrade Malta’s infrastructure.
Recurrent expenditure increased by 11.7 per cent with the highest contributor being expenditure on programs and initiatives. This category of expenditure reflected the various growth-enhancing social budget measures implemented during this year.