At the end of May 2025, Central Government debt stood at €10,884.3 million, an increase of €866.5 million when compared to 2024, the NSO said Friday. The increase reported under Malta Government Stocks (€842.5 million) was the main contributor to the rise in debt. Higher debt was also reported under Treasury Bills (€52.8 million) and Euro coins issued in the name of the Treasury (€3.8 million).
This increase in debt was partially offset by drops in the 62+ Malta Government Savings Bond (€5.7 million) and Foreign Loans (€0.1 million). Moreover, higher holdings by government funds in Malta Government Stocks resulted in a decrease in debt of €26.8 million.
By the end of May 2025, the Government's Consolidated Fund reported a deficit of €146.1 million, the NSO said.
Between January and May 2025, Recurrent Revenue amounted to €3,009.6 million, €108.2 million higher than the figure reported a year earlier. The largest increases were recorded under Social Security (€77.7 million), Customs and Excise Duties (€37.0 million) and Income Tax (€30.3 million). On the other hand, lower revenue was recorded under Grants (€87.7 million), Licences, Taxes and Fines (€0.7 million) and Sales - Goods (€0.2 million).
Total expenditure from January to May 2025 stood at €3,155.6 million, €247.0 million higher than the previous year.
During the reference period, Recurrent Expenditure totalled €2,812.6 million, an increase of €248.5 million compared to the €2,564.0 million reported the year prior. The main contributor to this increase was an €105.9 million rise reported under Programmes and Initiatives. Further increases were also recorded under Personal Emoluments (€83.4 million), Contributions to Government Entities (€39.1 million) and Operational and Maintenance Expenses (€20.1 million).
The main developments in the Programmes and Initiatives category involved higher outlays towards Social security benefits (€46.9 million), Church schools (€14.9 million) and Energy support measures (€12.1 million).
The interest component of the public debt servicing costs totalled €117.8 million, an increase of €14.8 million when compared to the previous year.
By the end of May 2025, Government's capital spending amounted to €225.3 million, €16.3 million lower than the comparative period in 2024. Lower spending was registered under Road construction and improvements (€29.9 million), Enhancing uptake of electric vehicles (€11.3 million) and Property, plant and equipment (€5.5 million). On the other hand, increased outlay was reported by Investment incentives (€15.0 million), the RePowerEU initiative (€12.3 million) and the Development of a second electricity interconnector (€8.6 million).
The difference between total revenue and expenditure resulted in a deficit of €146.1 million being reported in the Government's Consolidated Fund at the end of May 2025, in comparison to a €7.2 million deficit registered by the close of May 2024. This difference mirrors an increase in total Recurrent Revenue (€108.2 million), coupled with a higher rise in total expenditure, which consists of Recurrent Expenditure (€248.5 million), Interest (€14.8 million) and Capital Expenditure (-€16.3 million).