At the end of September, General Government debt stood at €11,214.9 million, equivalent to 46.5 per cent of Gross Domestic Product (GDP), the NSO said Wednesday.
This represented an increase of €1,049.7 million over the corresponding quarter in 2024, largely reflected in Central Government Debt, which amounted to €11,212.6 million. Currency and deposits stood at €399.6 million, a decrease of €33.8 million over the figure recorded for September 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 €289.0 million. Long-term debt securities increased by €784.8 million, while Short-term debt securities increased by €202.7 million. In addition, Long-term and Short-term loans increased by €87.2 million and €8.8 million, respectively. Local Government debt stood at €2.3 million.
General Government guaranteed debt amounted to €951.3 million at the end of September 2025, equivalent to 3.9 per cent of GDP1. There was a decrease of €96.4 million when compared to the third quarter of 2024.
In the third quarter of 2025, the General Government recorded a surplus of €82.6 million.
Between July and September 2025, total revenue amounted to €2,172.2 million, an increase of €151.5 million compared with the same quarter in 2024. This was mainly brought about by increases in Taxes on production and imports (€64.4 million), Market output (€46.1 million), Current taxes on income and wealth (€28.4 million) and Net social contributions (€23.3 million). These were partially offset by decreases in Capital transfers receivable (€27.6 million).
Total expenditure in the third quarter of 2025 reached €2,089.5 million, an increase of €80.7 million over the corresponding quarter in 2024. The largest increase was recorded in Intermediate consumption (€65.5 million), followed by Social benefits and social transfers in kind (€53.8 million), Compensation of employees (€31.7 million), and Current transfers payable (€7.1 million). In contrast, decreases were mainly registered in Gross capital formation (€32.9 million), Capital transfers payable (€29.1 million) and Subsidies payable (€14.4 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 third quarter of 2025, these adjustments brought the Consolidated Fund surplus down by €121.7 million, from €204.3 million to €82.6 million.
During the third quarter of 2025, there were increases in financial transactions in assets, mainly in Currency and deposits (€577.4 million), Short-term debt securities (€3.1 million) and Long-term debt securities (€1.7 million). In contrast, a decrease of €66.4 million was recorded under Other accounts receivable.
On the liabilities side, the biggest increase was recorded in Other accounts payable (€380.8 million), followed by Long-term debt securities (€232.0 million) and Long-term loans (€0.5 million). Short-term debt securities decreased by €77.7 million, while Currency and deposits recorded a decrease of €31.3 million.