At the end of January 2025, Central Government debt stood at €10,562.5 million, an increase of €803.1 million when compared to January 2024, the National Statistics Office said Friday.
The increase reported under Malta Government Stocks (€791.9 million) was the main contributor to the rise in debt. Higher debt was also reported under Treasury Bills (€82.8 million) and Euro coins issued in the name of the Treasury (€4.2 million).
This increase in debt was partially offset by drops in the 62+ Malta Government Savings Bond (€25.7 million) and Foreign Loans (€0.1 million). Moreover, higher holdings by government funds in Malta Government Stocks resulted in a decrease in debt of €50.0 million.
By the end of January 2025, the Government's Consolidated Fund reported a deficit of €185.7 million, the NSO said.
In January 2025, Recurrent Revenue amounted to €395.8 million, €50.2 million lower than the figure reported a year earlier. The largest drops were recorded under Value Added Tax (€44.5 million), Grants (€34.8 million) and Miscellaneous Receipts (€6.3 million). On the other hand, higher revenue was documented under Social Security (€30.9 million), Sales - Services (€3.6 million) and Income Tax (€1.3 million).
Total expenditure in January 2025 stood at €581.4 million, €53.1 million higher than the previous year.
During the reference period, Recurrent Expenditure totalled €546.6 million, an increase of €59.2 million compared to the €487.4 million reported the year prior. The main contributor to this increase was a €29.9 million rise reported under Contributions to Government Entities. Higher contributions were, among others, made towards the Malta College of Arts, Science and Technology (€11.3 million), Aġenzija Sapport (€6.8 million) and Court Services Agency (€6.3 million). Further increases were also recorded under Programmes and Initiatives (€20.8 million) and Personal Emoluments (€13.8 million). Conversely, Operational and Maintenance Expenses declined by €5.3 million.
The main developments in the Programmes and Initiatives category involved higher outlays towards Social security benefits (€7.6 million), EU own resources (€5.8 million) and Child care for all (€4.3 million).
The interest component of the public debt servicing costs totalled €23.1 million, an increase of €3.3 million when compared to the previous year.
During January 2025, Government's capital spending amounted to €11.8 million, €9.4 million lower than the comparative period in 2024. Lower spending was registered under Road construction and improvements (€6.9 million), Maritime facilities (€2.9 million) and Property, plant and equipment (€2.7 million). The drop in capital was partially offset by increases exhibited under National Identity Management Systems (€1.6 million) and Film Industry Incentives (€1.3 million).
The difference between total revenue and expenditure resulted in a deficit of €185.7 million being reported in the Government's Consolidated Fund at the end of January 2025, a €103.4 million rise from the €82.3 million deficit registered the prior year. This difference mirrors a decline in total Recurrent Revenue (€50.2 million), combined with a rise in total expenditure, which consists of Recurrent Expenditure (€59.2 million), Interest (€3.3 million) and Capital Expenditure (-€9.4 million).