End 2025, government deficit was €823.9 million, debt €11.3 billion – NSO
At the end of 2025, Central Government debt stood at €11,360.4 million (€11.3 billion), an increase of €892.8 million when compared to 2024, the NSO said Friday. The increase reported under Malta Government Stocks (€892.8 million) was the main contributor to the rise in debt. Higher debt was also reported under Treasury Bills (€108.6 million) and Euro coins issued in the name of the Treasury (€4.9 million).
This increase in debt was partially offset by drops in 62+ Malta Government Savings Bond (€38.3 million) and Foreign Loans (€2.3 million). Moreover, higher holdings by government funds in Malta Government Stocks resulted in a decrease in debt of €73.0 million (Table 6).
In 2025, the Government’s Consolidated Fund reported a deficit of €823.9 million.
Between January and December 2025, Recurrent Revenue amounted to €8,071.9 million, €212.3 million higher than the figure reported a year earlier. The largest increases were recorded under Social Security (€147.8 million), Value Added Tax (€88.9 million) and Licences, Taxes and Fines (€66.0 million). On the other hand, drops in revenue were reported under Grants (€97.2 million), Income Tax (€50.5 million) and Miscellaneous Receipts (€9.6 million).
Total expenditure for 2025 stood at €8,895.8 million, €603.5 million higher than the previous year.
During the reference period, Recurrent Expenditure totalled €7,485.7 million, an increase of €595.4 million compared to the €6,890.3 million reported the year prior. The main contributor to this increase was a €237.4 million rise reported under Programmes and Initiatives. Further increases were also recorded under Contributions to Government Entities (€153.1 million), Personal Emoluments (€124.3 million) and Operational and Maintenance Expenses (€80.5 million).
The main developments in the Programmes and Initiatives category involved higher outlays towards Social security benefits (€142.7 million), EU own resources (€34.2 million) and Domestic Battery Storage Scheme (€13.0 million).
The interest component of the public debt servicing costs totalled €296.6 million, an increase of €35.2 million when compared to the previous year.
In 2025, Government’s capital spending amounted to €1,113.5 million, €27.0 million lower than in 2024. Lower spending was registered under Energy infrastructure (€112.1 million), Infrastructural investment programme (€71.9 million) and Road construction and improvements (€35.9 million). On the other hand, increased outlay was reported on the Development of a second electricity interconnector (€85.4 million), Investment incentives (€29.1 million) and RePowerEU initiative (€25.7 million).
The difference between total revenue and expenditure resulted in a deficit of €823.9 million being reported in the Government’s Consolidated Fund in 2025, a €391.2 million rise from the €432.7 million deficit registered the prior year. This difference mirrors an increase in total Recurrent Revenue (€212.3 million), offset by a higher rise in total expenditure, which consists of Recurrent Expenditure (€595.4 million), Interest (€35.2 million) and Capital Expenditure (-€27.0 million).
RSS Feed Source: Independent Malta End 2025, government deficit was €823.9 million, debt €11.3 billion – NSO