2012 deficit 3.3% of GDP
The government deficit for 2012 stood at €225.5 million, or 3.3 per cent of GDP. The gross consolidated debt amounted to €4,871.3 million, or 71.3 per cent of GDP.
In 2012, General Government net borrowing (or deficit) was recorded at €225.5 million, up from €183.6 million for 2011. Last year, the General Government deficit was equivalent to 3.3 per cent of GDP, up from 2.8 per cent for 2011.
At the end of 2012, the General Government nominal gross consolidated debt amounted to €4,871.3 million, or 71.3 per cent of GDP, up from €4,607.3 million, or 69.5 per cent for 2011.
To arrive at the General Government Sector’s deficit for 2012, adjustments are made to the balance of the Government’s consolidated fund, which amounted to -€342.3 million. Positive adjustments included other accounts receivable and payable (+€90.2 million), the time-adjusted cash transactions (+€40.2 million) and the non-financial transactions in the treasury clearance fund (+€14.8 million). On the other hand, the main negative adjustments were the equity injection to the national air carrier (-€20 million), the net borrowing of Extra Budgetary Units (-€5.2 million), interest receivable (-€2.6 million) and the difference between interest paid and interest accrued (-€2.3 million).
On 30 September, Malta submitted its report on government deficit and debt levels for the years 2009-2013. This was done in accordance with Council Regulation (EC) No. 479/2009, as amended, as well as in accordance with the Code of Best Practice adopted by the Ecofin Council on 18 February 2003.
Compared to the previous submission of 28 March, the deficit of the General Government for 2012 was revised downwards by €0.4 million, with updates recorded in EBUs (-€0.9 million), Local Councils (+0.8 million) and the other accounts receivable and payable (-€0.4 million). Moreover, the availability of audited financial statements for both EBUs and Local Councils resulted in minor revisions in the General Government deficit for 2011, 2010 and 2009.
The General Government debt was revised marginally in 2011 and 2012.