In the second quarter of 2019, the Government recorded a surplus of €19.7 million, according to figures released by the National Statistics Office in a press release issued on Monday morning.
During the period April to June of this year, total revenue stood at €1,270.5 million, an increase of €88.9 million when compared to the corresponding quarter in 2018. The key contributors to this growth were current taxes on income and wealth and taxes on production and imports with an increase of €46.6 million and €28.5 million respectively.
Other increases were also registered in Capital transfers receivable (€20.4 million) and Market output (€9.0 million). On the other hand, decreases were recorded in Net social contributions receivable (€8.7 million), Property income receivable (€6.7 million) and Current transfers receivable (€0.2 million).
Total expenditure in the second quarter amounted to €1,250.9 million, an increase of €186.9 million over the previous quarter in 2018. Increases were recorded in almost all components of general government expenditure, mainly in Gross capital formation (€46.3 million) and Social beneﬁts and social transfers in kind (€42.3 million).
In addition, other increases were registered in Current transfers payable (€34.1 million), Intermediate consumption (€28.6 million), Compensation of employees (€17.5 million), Capital transfers payable (€11.4 million) and Subsidies payable (€9.5 million). On the other hand, Property income payable and Current taxes on income and wealth have registered a decrease of €2.8 million and €0.1 million respectively.
In order to achieve compliance with the provisions of ESA 2010, adjustments to the Government’s Consolidated Fund data were made. In the second quarter of 2019, these adjustments brought about a decrease of €41.6 million to the deﬁcit of the Consolidated Fund.