At the end of December, General Government debt stood at €11,397.1 million, equivalent to 46.4 per cent of Gross Domestic Product (GDP), the NSO said Wednesday.
This represented an increase of €776.0 million over the corresponding quarter in 2024, largely reflected in Central Government Debt, which amounted to €11,394.9 million.
Currency and deposits stood at €399.3 million, a decrease of €33.4 million compared to the figure recorded in the last quarter 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 €287.7 million.
Long-term debt securities increased by €725.6 million, while Short-term debt securities increased by €88.3 million. In addition, Long-term loans decreased by €11.0 million, while Short-term loans increased by €6.3 million. Local Government debt stood at €2.1 million.
General Government guaranteed debt amounted to €905.6 million at the end of December 2025, equivalent to 3.7 per cent of GDP. There was a decrease of €79.8 million when compared to the last quarter of 2024.
In the last quarter of 2025, the General Government recorded a deficit of €237.2 million, the NSO said.
Between October and December 2025, total revenue amounted to €2,455.8 million, an increase of €311.0 million when compared to the same quarter in 2024. This was mainly brought about by increases in Taxes on production and imports (€174.2 million), Current taxes on income and wealth (€125.8 million), Net social contributions received (€27.9 million) and Capital transfer receivable (€25.6 million). These were partially offset by decreases in Current transfers receivable (€25.0 million) and Property income receivable (€22.2 million) .
Total expenditure in the last quarter of 2025 reached €2,692.9 million, a decrease of €156.4 million over the corresponding quarter in 2024. The largest decrease was recorded in Capital transfers payable (€278.7 million), followed by Compensation of employees (€36.6 million), and Subsidies payable (€29.6 million). In contrast, increases were mainly registered in Intermediate consumption (€71.0 million), Current transfers payable (€67.7 million) and Social benefits and social transfers in kind (€21.3 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 last quarter of 2025, these adjustments brought the Consolidated Fund deficit down by €333.6 million, from €570.8 million to €237.2 million.
During the last quarter of 2025, there were decreases in financial transactions in assets, mainly in Currency and deposits (€583.1 million), Short-term debt securities (€6.6 million) and Long-term loans (€6.0 million). In contrast, Other accounts receivable and Long-term debt securities rose by €140.7 million and €6.3 million, respectively.
On the liabilities side, the biggest increase was recorded in Short-term debt securities (€209.2 million), followed by Long-term debt securities (€71.9 million). On the other hand, Other accounts payable decreased by €420.7 million, while Long-term loans recorded a decrease of €79.1 million.