Government’s Consolidated Fund reported a deficit of €253.1 million at end September
Between January and September 2025, Recurrent Revenue amounted to €5,664.1 million, €169.6 million higher than the figure reported a year earlier
by Paul Cocks
By the end of September 2025, the Government’s Consolidated Fund reported a deficit of €253.1 million.
Between January and September 2025, Recurrent Revenue amounted to €5,664.1 million, €169.6 million higher than the figure reported a year earlier. The largest increases were recorded under Social Security (€119.0 million), Licences, Taxes and Fines (€31.4 million) and Fees of Office (€13.8 million). On the other hand, lower revenue was recorded under Grants (€28.4 million), Value Added Tax (€18.6 million) and Interest on loans made by Government (€0.2 million).
Total expenditure from January to September 2025 stood at €5,917.3 million, €565.0 million higher than the previous year.
During the reference period, Recurrent Expenditure totalled €5,112.4 million, an increase of €464.8 million compared to the €4,647.6 million reported the year prior. The main contributor to this increase was a rise of €189.0 million reported under Programmes and Initiatives. Further increases were also recorded under Personal Emoluments (€133.3 million), Contributions to Government Entities (€99.3 million) and Operational and Maintenance Expenses (€43.3 million).
The main developments in the Programmes and Initiatives category involved higher outlays towards Social security benefits (€106.0 million), Church schools (€23.8 million) and EU own resources (€13.2 million).
The interest component of the public debt servicing costs totalled €221.5 million, an increase of €27.2 million when compared to the previous year.
By the end of September 2025, Government’s capital spending amounted to €583.5 million, €73.0 million higher than the comparative period in 2024. Higher outlay was, among others, unreported towards the Development of a second electricity interconnector (€75.1 million), the RePowerEU initiative (€18.7 million) and Investment incentives (€16.4 million).
The rise in spending was partially offset by drops recorded under Road construction and improvements (€21.9 million) and Enhancing uptake of electric vehicles (€21.4 million).
The difference between total revenue and expenditure resulted in a deficit of €253.1 million being reported in the Government’s Consolidated Fund at the end of September 2025, in comparison to a €142.3 million surplus registered by the close of September 2024. This difference mirrors an increase in total Recurrent Revenue (€169.6 million), coupled with a higher rise in total expenditure, which consists of Recurrent Expenditure (€464.8 million), Interest (€27.2 million) and Capital Expenditure (€73.0 million).
At the end of September 2025, Central Government debt stood at €11,110.2 million, an increase of €1,097.5 million when compared to 2024. The increase reported under Malta Government Stocks (€902.1 million) was the main contributor to the rise in debt. Higher debt was also reported under Treasury Bills (€200.6 million), Foreign Loans (€77.7 million) and Euro coins issued in the name of the Treasury (€4.6 million).
This increase in debt was partially offset by a drop in the 62+ Malta Government Savings Bond (€38.4 million). Moreover, higher holdings by government funds in Malta Government Stocks resulted in a decrease in debt of €49.1 million.
