LA VALLETTA (MALTA) (ITALPRESS/MNA) – Maltàs debt has continued to increase, close to 10 billion euro, according to new national statistics. Meanwhile, the Maltese government has decreased its deficit in the first quarter of this year. Maltàs debt is at 9.97 billion, up from the 9.24 billion recorded last year, equivalent to 50.4% of Maltàs GDP. Malta is on track to keep its debt-to-GDP ratio under 60% to avoid falling under the EU regulations over debt levels, something it has failed to do for its deficit. Last month, the European Commission warned eight member states, including Malta, over their excessive budget deficits. Data for the first quarter of 2024 shows that the government’s revenue has imcreased by a fifth compared to the same period last year, almost reaching 1.69 billion. But its spending has also increased by 5.5%, to reach 1.75 billion. This means Maltàs deficit for the first three months of the year was of 59 million. The increased revenue is a result of by more tax collection, with almost 650 million collected in taxes on income and wealth between January and March, roughly 150 million more than in the first quarter of 2023. The government also received 70 million more in taxes on imports and production and increased its income from social contributions by 30 million. However, the government’s spending on its employees has increased to almost 511 million, more than any other point in its history, and 30 million more than during the same period in 2023. Government spending on social benefits has also increased drastically by 53 million compared to the first quarter of last year.
(ITALPRESS).
– Photo credit: Malta Tourism Office –