Public debt has registered its highest increase since 2009, according to figures published by the National Statistics Office.

By the end of June compared with June 2013, government debt grew by €464 million.

The increase is higher than usual as on average the debt was rising by about €300 million a year.

Asked for an explanation, the Finance Ministry said the higher-than-usual increase was a result of a technical exercise known as stock-flow adjustment adopted by the Treasury.

Stock-flow adjustment is related to the maturity and issuance of government stocks and bonds.

“The increase in debt during the first months of 2014 is a result of a front-loaded programme adopted by the Treasury across the first half of the year,” a spokesman for the Finance Ministry said.

"The issuance strategy mirrors the strategy adopted in recent years, where fundraising is typically biased towards the start of the year.”

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