VALLETTA, March 29 (Xinhua) -- The Maltese government registered a surplus of 187 million euros in its consolidated fund in 2017, according to figures published on Thursday by the National Statistics Office.
Revenue over the previous year went up by 484.2 million euros, or a 12.7 percent increase, while expenditure increased by 310.4 million euros. The increase in revenue was driven mainly driven by higher Income and Value Added tax receipts.
Last year, the country's consolidated fund had registered its first surplus in 35 years, when the fund's balance stood at 8.9 million euros.
The results released by the National Statistics Office are particularly noteworthy when considering that they cover an election year, which traditionally comes with a slight downturn in public finances.
The results do not take into account the bulk of the revenue generated through the country's Individual Investor Program.
In a statement, the government described the results as historic.
"This is the first time in this country's history that in a general election year government finances improved," the government said, adding that Malta's fiscal performance confirmed that the country's finances were being administered in a responsible manner.