At the end of Q2, General Government debt stood at €11,117.5 million, equivalent to 46.9 per cent of Gross Domestic Product (GDP), the NSO said Tuesday.
This represented an increase of €1,010.3 million over the corresponding quarter in 2024, largely reflected in Central Government Debt, which amounted to €11,115.2 million.
Currency and deposits stood at €430.7 million, a decrease of €2.3 million over the figure recorded for June of 2024. This includes euro coins issued in the name of the Treasury, considered a liability of Central Government, and the 62+ Malta Government Savings Bond, which amounted to €322.7 million. Long-term debt securities increased by €812.3 million, while Short-term debt securities increased by €107.0 million. In addition, Long-term loans increased by €92.0 million. Local Government debt stood at €2.3 million.
General Government guaranteed debt amounted to €957.2 million at the end of June 2025, equivalent to 4.0 per cent of GDP1. There was a decrease of €106.9 million when compared to the second quarter of 2024.
In the second quarter of 2025, the General Government recorded a deficit of €170.4 million, the NSO said.
Between April and June 2025, total revenue amounted to €1,959.5 million, a decrease of €38.7 million compared with the same quarter in 2024. This was mainly brought about by decreases in Current taxes on income and wealth (€98.5 million) and Property income receivable (€3.0 million). These were partially offset by increases in Market output (€43.4 million), Net social contributions (€8.6 million), Taxes on production and imports (€7.0 million) and Capital transfers receivable (€4.0 million).
Total expenditure in the second quarter of 2025 reached €2,129.9 million, an increase of €170.4 million over the corresponding quarter in 2024. The largest increase was recorded in Compensation of employees (€69.9 million), followed by Intermediate consumption (€50.1 million), Social benefits and social transfers in kind (€40.5 million), and Subsidies payable (€32.9 million), while decreases were registered in Current transfers payable (€65.3 million) and Current taxes on income and wealth (€0.5 million).
Adjustments were implemented to the Government's Consolidated Fund data to transition to accrual-based accounting, aligning with the requirements of ESA 2010. In the second quarter of 2025, these adjustments brought the Consolidated Fund deficit down by €46.6 million, from €217.0 million to €170.4 million.
During the second quarter of 2025, there were increases in financial transactions in assets, mainly in Currency and deposits (€420.0 million), Other accounts receivable (€39.9 million) and Short-term debt securities (€5.5 million). In contrast, a decrease of €1.8 million was recorded under Long-term debt securities.
On the liabilities side, the biggest increase was registered in Other accounts payable (€439.0 million), followed by Short-term debt securities (€99.5 million) and Long-term loans (€81.3 million). Currency and deposits recorded a small decrease of €0.7 million.