The surplus, which Gramegna formally presented on Friday, is a result of a favourable revenue stream, notably due to corporate income tax and VAT. 

While expenditures as of 30 September 2019 saw a +3.7% rise compared to the same time last year, this was more than offset by a +9.2% growth in income over the same period. A full snapshot is provided in this table.   

Although the voted budget for 2019 had provided for a €815.2m deficit, at the end of Q3 there was a balance on government accounts of -€222.6 which, according to the government’s communiqué, is a promising outlook: “On the basis of this evolution, we can estimate that the balance for the 2019 year will improve significantly compared to the voted budget.”