By the end of October 2025, the Government’s Consolidated Fund reported a deficit of €373.9 million.
Data published by the National Statistics Office revealed that between January and October 2025, Recurrent Revenue amounted to €6,381.3 million, €257.9 million higher than the figure reported a year earlier.
The largest increases were recorded under Social Security (€134.6 million), Income Tax (€56.3 million) and Licences, Taxes and Fines (€47.8 million). On the other hand, lower revenue was recorded under Grants (€56.1 million), Miscellaneous Receipts (€11.6 million) and Interest on loans made by Government (€0.2 million).
Total expenditure from January to October 2025 stood at €6,755.2 million, €728.5 million higher than the previous year.
During the reference period, Recurrent Expenditure totalled €5,858.1 million, an increase of €667.5 million compared to the €5,190.7 million reported the year prior.
The main contributor to this increase was a €290.9 million rise reported under Programmes and Initiatives.
Further increases were also recorded under Contributions to Government Entities (€171.6 million), Personal Emoluments (€149.2 million), and Operational and Maintenance Expenses (€55.7 million).
The main developments in the Programmes and Initiatives category involved higher outlays towards Social security benefits (€117.7 million), EU own resources (€44.1 million) and Church schools (€32.4 million).
The interest component of the public debt servicing costs totalled €242.7 million, an increase of €27.7 million when compared to the previous year.
By the end of October 2025, Government’s capital spending amounted to €654.4 million, €33.4 million higher than the comparative period in 2024.
Higher outlay was, among others, reported towards the Development of a second electricity interconnector (€69.8 million), the RePowerEU initiative (€18.7 million) and Maritime Facilities (€7.8 million).
The rise in spending was partially offset by drops recorded under Road construction and improvements (€28.1 million), Enhancing uptake of electric vehicles (€25.8 million) and Investment incentives (€11.1 million).
The difference between total revenue and expenditure resulted in a deficit of €373.9 million being reported in the Government’s Consolidated Fund at the end of October 2025, in comparison to a €96.7 million surplus registered by the close of October 2024.
This difference mirrors an increase in total Recurrent Revenue (€257.9 million), coupled with a higher rise in total expenditure, which consists of Recurrent Expenditure (€667.5 million), Interest (€27.7 million) and Capital Expenditure (€33.4 million).
At the end of October 2025, Central Government debt stood at €11,185.1 million, an increase of €924.3 million when compared to 2024.
The increase reported under Malta Government Stocks (€672.8 million) was the main contributor to the rise in debt. Higher debt was also reported under Treasury Bills (€255.6 million), Foreign Loans (€77.7 million) and Euro coins issued in the name of the Treasury (€5.0 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 €48.5 million.
