Government debt tops €11.2 billion as Q3 ends with €82.6m surplus

The government recorded a surplus of €82.6 million in the third quarter of 2025, the National Statistics Office said on Wednesday.

Compared to the corresponding quarter in 2024, revenue increased by €151.5 million to €2,172.2 million, while expenditure increased by €80.7 million to €2,089.5 million.

Government debt stood at €11,214.9 million, up by €1,049.7 million over the same quarter in 2024.

The government guaranteed debt amounted to €951.3 million at the end of September 2025, a decrease of €96.4 million when compared to the third quarter of 2024.

The increase in revenue 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).

The largest increases in expenditure were 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 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, the NSO said.  

Quarterly debt  

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).

An NSO graphic on the state of the national debt.

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, the NSO said.

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 GDP. There was a decrease of €96.4 million when compared to the third quarter of 2024.