At the end of May 2026, Central Government debt stood at €11,840.9 million, an increase of €956.6 million when compared to 2025, the NSO said Friday.
The increase reported under Malta Government Stocks (€943.0 million) was the main contributor to the rise in debt.
Higher debt was also reported under Treasury Bills (€74.5 million) and Euro coins issued in the name of the Treasury (€5.6 million). This increase in debt was partially offset by a drop in the 62+ Malta Government Savings Bond (€37.7 million) and Foreign Loans (€2.3 million). Moreover, higher holdings by government funds in Malta Government Stocks resulted in a decrease in debt of €26.5 million.
By the end of May 2026, the Government's Consolidated Fund reported a deficit of €178.0 million.
Between January and May 2026, Recurrent Revenue amounted to €3,527.1 million, €517.5 million higher than the figure reported a year earlier. The largest increases were recorded under Income Tax (€261.4 million), Value Added Tax (€106.5 million) and Grants (€90.8 million). On the other hand, lower revenue was recorded under Miscellaneous Receipts (€15.4 million), Dividends on Investment (€8.3 million) and Fees of Office (€4.9 million).
Total expenditure by the close of May 2026 stood at €3,705.1 million, €549.4 million higher than the previous year.
During the reference period, Recurrent Expenditure totalled €3,182.2 million, an increase of €369.6 million compared to the €2,812.6 million reported the year prior. The main contributor to this increase was a €209.0 million rise reported under Programmes and Initiatives. Further increases were also recorded under Personal Emoluments (€68.9 million), Operational and Maintenance Expenses (€49.1 million), and Contributions to Government Entities (€42.6 million).
The main developments in the Programmes and Initiatives category involved higher outlays towards Social security benefits (€73.6 million), Medicines and surgical materials (€23.0 million) and EU own resources (€15.8 million).
The interest component of the public debt servicing costs totalled €127.7 million, an increase of €9.9 million when compared to the previous year.
By the end of May 2026, Government's capital spending amounted to €395.2 million, €169.9 million higher than the comparative period in 2025. Higher outlay was, among others, reported towards the Acquisition of property for public purposes (€48.7 million), Development of a second electricity interconnector (€26.9 million) and Property, Plant and Equipment (€18.9 million). The rise in spending was partially offset by drops recorded under the Investments in Physical Assets (Agricultural EU funds) (€6.0 million) and Investment Incentives (€5.0 million).
The difference between total revenue and expenditure resulted in a deficit of €178.0 million being reported in the Government's Consolidated Fund at the end of May 2026, in comparison to the €146.1 million deficit registered the year prior. This difference mirrors an increase in total Recurrent Revenue (€517.5 million), offset by a higher rise in total expenditure, which consists of Recurrent Expenditure (€369.6 million), Interest (€9.9 million) and Capital Expenditure (€169.9 million) (Table 1).