At the end of November 2025, Central Government debt stood at €11,361.9 million, an increase of €999.2 million when compared to 2024, the NSO said Tuesday.
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 (€199.6 million) and Euro coins issued in the name of the Treasury (€4.6 million).
This increase in debt was partially offset by a drop in the 62+ Malta Government Savings Bond (€38.2 million) and Foreign Loans (€2.3 million) . Moreover, higher holdings by government funds in Malta Government Stocks resulted in a decrease in debt of €57.4 million.
By the end of November 2025, the Government's Consolidated Fund reported a deficit of €474.3 million.
Between January and November 2025, Recurrent Revenue amounted to €7,142.4 million, €316.1 million higher than the figure reported a year earlier. The largest increases were recorded under Social Security (€131.6 million), Value Added Tax (€101.7 million) and Licences, Taxes and Fines (€61.2 million). On the other hand, lower revenue was recorded under Grants (€67.9 million), Miscellaneous Receipts (€21.6 million) and Interest on loans made by Government (€0.6 million).
Total expenditure from January to November 2025 stood at €7,616.7 million, €688.0 million higher than the previous year.
During the reference period, Recurrent Expenditure totalled €6,520.8 million, an increase of €560.3 million compared to the €5,960.5 million reported the year prior. The main contributor to this increase was a €246.3 million rise reported under Programmes and Initiatives. Further increases were also recorded under Contributions to Government Entities (€146.7 million), Personal Emoluments (€106.2 million), and Operational and Maintenance Expenses (€61.0 million).
The main developments in the Programmes and Initiatives category involved higher outlays towards Social security benefits (€128.9 million), EU own resources (€41.0 million) and Housing Programmes (€12.6 million).
The interest component of the public debt servicing costs totalled €264.0 million, an increase of €28.9 million when compared to the previous year.
By the end of November 2025, Government's capital spending amounted to €832.0 million, €98.8 million higher than the comparative period in 2024. Higher outlay was, among others, reported towards the Development of a second electricity interconnector (€78.1 million), the RePowerEU initiative (€20.6 million) and Maritime Facilities (€7.8 million). The rise in spending was partially offset by drops recorded under the scheme Enhancing uptake of electric vehicles (€24.2 million), Road construction and improvements (€23.0 million) and Investment incentives (€12.4 million).
The difference between total revenue and expenditure resulted in a deficit of €474.3 million being reported in the Government's Consolidated Fund at the end of November 2025, in comparison to a €102.5 million deficit registered by the close of November 2024. This difference mirrors an increase in total Recurrent Revenue (€316.1 million), coupled with a higher rise in total expenditure, which consists of Recurrent Expenditure (€560.3 million), Interest (€28.9 million) and Capital Expenditure (€98.8 million).