In the first quarter of 2026, the General Government recorded a deficit of €339.0 million, the NSO said Monday, with the debt reaching €11,457.6 million, equivalent to 45.9 per cent of Gross Domestic Product (GDP).
Between January and March 2026, total revenue amounted to €2,002.3 million, an increase of €42.5 million compared with the same quarter in 2025. This was mainly brought about by increases in Taxes on production and imports (€66.2 million), Capital transfer receivable (€26.0 million), Market output (€25.5 million) and Net social contributions (€14.6 million). These were partially offset by decreases in Current taxes on income and wealth (€93.7 million) and Property income receivable (€1.5 million).
Total expenditure in the first quarter of 2026 reached €2,341.3 million, an increase of €296.3 million over the corresponding quarter in 2025. The largest increase was recorded in Intermediate consumption (€93.3 million), followed by Social benefits and social transfers in kind (€66.5 million), Compensation of employees (€54.4 million) and Current transfers payable (€46.5 million). In contrast, decreases were mainly registered in Capital transfers payable (€10.0 million) and Subsidies payable (€2.9 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 first quarter of 2026, these adjustments increased the Consolidated Fund deficit by €254.7 million, from €84.3 million to €339.0 million.
During the first quarter of 2026, there were decreases in financial transactions in assets, mainly in Currency and deposits (€399.7 million), Other accounts receivable (€6.2 million), and Long-term debt securities (€4.3 million). In contrast, Equity and investment fund shares increased by €7.8 million.
On the liabilities side, the biggest decreases were recorded in Other accounts payable (€118.6 million) and Short-term debt securities (€44.5 million). On the other hand, Long-term debt securities increased by €94.2 million, while Long-term loans recorded an increase of €12.6 million.
At the end of March, General Government debt stood at €11,457.6 million, equivalent to 45.9 per cent of Gross Domestic Product (GDP). This represented an increase of €549.3 million over the corresponding quarter in 2025, largely reflected in Central Government Debt, which amounted to €11,455.4 million. Currency and deposits stood at €398.8 million, a decrease of €32.6 million over the figure recorded for March of 2025.
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 €286.5 million. Long-term debt securities increased by €383.6 million, while Short-term debt securities increased by €197.1 million. In addition, Short-term loans increased by €1.8 million, while Long-term loans decreased by €0.7 million. Local Government debt stood at €2.1 million.
General Government guaranteed debt amounted to €896.7 million at the end of March 2026, equivalent to 3.6 per cent of GDP. There was a decrease of €81.3 million when compared to the first quarter of 2025.