A deficit of €123.3 million was registered in the government's consolidated fund between January and March, according to data released by the National Statistics Office. The NSO said that compared to the first quarter of last year, recurrent revenue registered a decline of €29.8 million whilst total expenditure increased by €8.2 million, thereby widening the shortfall in the Government's Consolidated Fund by €38 million. Recurrent revenue was recorded at €744.9 million, down from €774.7 million last year. The major contributors to the comparative decrease of 3.8 per cent were lower proceeds from grants. Conversely, major increases were recorded in income tax, social security, customs and excise duties, licenses, taxes and fines and value added tax. In the first quarter, total expenditure stood at €868.2 million - up from €860 million last year - mainly as result of higher spending on recurrent expenditure and interest payments. These were partially outweighed by lower outlays on capital projects. Recurrent expenditure stood at €758.1 million from €715.4 million last year. This increase was primarily the result of higher contributions to government entities by €21.8 million. The...
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