At the end of March 2025, Central Government debt stood at €10,794.1 million, an increase of €844.4 million when compared to 2024, the NSO said Friday.
The increase reported under Malta Government Stocks (€842.5 million) was the main contributor to the rise in debt. Higher debt was also reported under Treasury Bills (€38.7 million) and Euro coins issued in the name of the Treasury (€4.0 million).
This increase in debt was partially offset by drops in the 62+ Malta Government Savings Bond (€5.4 million) and Foreign Loans (€0.1 million). Moreover, higher holdings by government funds in Malta Government Stocks resulted in a decrease in debt of €35.3 million.
Deficit
By the end of March 2025, the Government’s Consolidated Fund reported a deficit of €240.4 million.
Between January and March 2025, Recurrent Revenue amounted to €1,562.8 million, €93.8 million lower than the figure reported a year earlier. The largest drops were recorded under Income Tax (€101.2 million), Value Added Tax (€43.1 million) and Grants (€27.8 million). On the other hand, higher revenue was documented under Social Security (€40.7 million), Fees of Office (€12.9 million) and Licences, Taxes and Fines (€10.6 million).
Total expenditure from January to March 2025 stood at €1,803.3 million, €188.2 million higher than the previous year.
During the reference period, Recurrent Expenditure totalled €1,642.3 million, an increase of €185.8 million compared to the €1,456.6 million reported the year prior. The main contributor to this increase was a €75.7 million rise reported under Contributions to Government Entities. Higher contributions were, among others, made towards Malta Tourism Authority (€33.8 million), Project Green (€6.0 million) and the Melita Transgas Pipeline (€5.1 million). Further increases were also recorded under Programmes and Initiatives (€52.2 million), Personal Emoluments (€50.8 million) and Operational and Maintenance Expenses (€7.0 million).
The main developments in the Programmes and Initiatives category involved higher outlays towards Social security benefits (€43.7 million), Church schools (€9.6 million) and Child care for all (€5.9 million).
The interest component of the public debt servicing costs totalled €73.8 million, an increase of €11.4 million when compared to the previous year.
By the end of March 2025, Government’s capital spending amounted to €87.2 million, €9.0 million lower than the comparative period in 2024. Lower spending was registered under Road construction and improvements (€14.0 million), Property, plant and equipment (€6.3 million) and Band club premises (€5.0 million). In contrast, higher expenditure went towards ICT Core Services Agreement (€6.2 million), Film industry incentives (€4.1 million) and the Security posture programme (€2.9 million).
The difference between total revenue and expenditure resulted in a deficit of €240.4 million being reported in the Government’s Consolidated Fund at the end of March 2025, in comparison to a €41.5 million surplus registered by the close of March 2024. This difference mirrors a decline in total Recurrent Revenue (€93.8 million), combined with a rise in total expenditure, which consists of Recurrent Expenditure (€185.8 million), Interest (€11.4 million) and Capital Expenditure (-€9.0 million).