Tables
Tables
Methodological Notes
1. This release presents Government debt in line with the methodology defined in the Maastricht Treaty (Article 104). The basic conceptual reference framework for this exercise is the ESA 2010 Manual on Government Deficit and Debt (2019 edition) which is in turn based on the European System of National and Regional Accounts (ESA 2010). This compliance with the reference framework allows for the international comparability of the data.
2. General Government Sector (S.13 sector according to the ESA 2010 definitions) is made up of the Central Government Sector (S.1311) and the Local Government Sector (S.1313). The Central Government Sector includes the Budgetary Central Government, made up of Government Ministries and Departments and the Extra Budgetary Units (EBUs).
3. Figures in the tables presented may not add up due to rounding.
4. Data may be subject to revision.
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Structure of General Government Debt: 2025
- The General Government debt for 2025 amounted to €11,397.1 million or 46.4 per cent of GDP.
- The biggest share of debt is held by the Financial Corporations (53.9 per cent), followed by Households and Non-Profit Institutions Serving Households (NPISHs) (22.4 per cent) and the Rest of the World (21.6 per cent).
- The preferred debt instrument is ‘debt securities’ with 87.9 per cent.
- The market value of the General Government debt is estimated at €11,164.4 million.
- In 2025, the apparent cost of debt was 2.7 per cent and the average remaining maturity of the debt was seven years one month.
Structure of General Government Debt: 2025
Structure of General Government Debt: 2025
In 2025, the Financial Corporations sector held the biggest share of the Government’s debt, with 53.9 per cent, followed by Households and Non-Profit Institutions Serving Households (NPISHs), with 22.4 per cent. The share of the Rest of the World was 21.6 per cent, a decrease of 0.4 percentage points over the debt held in 2022. The Non-Financial Corporations sector held 2.1 per cent of the debt. Between 2022 and 2025, the Households and NPISHs sector experienced the highest growth in the holding of Government’s debt, an increase of 6.8 percentage points. Conversely, the Financial Corporations’ holdings decreased by 6.5 percentage points (Table 1).
Debt securities, which include Malta Government Stocks and Treasury Bills, are by far the preferred debt instrument for General Government, with €10,020.4 million, or 87.9 per cent, of the total debt in 2025. Other debt instruments are Loans and Currency, with 8.6 per cent and 3.5 per cent, respectively. The largest increase, compared with 2024, was recorded under Debt Securities, with an increase in Malta Government Stocks of €725.6 million, whereas the largest drop (€38.3 million) was observed in Currency for the Malta Government Retail Savings Bonds (Table 2).
In 2025, all the debt owed by the General Government is in national currency. The stock of debt denominated in foreign currencies was fully extinguished by 2024 (Table 3).
The apparent cost of debt, which is the interest rate applicable to the whole nominal debt, was 2.7 per cent in 2025, compared to 2.6 per cent in 2024. This measure of debt cost reflects the interest rates in effect at the time of issuance (Table 4).
The market value of the total General Government debt in 2025 is estimated at €11,164.4 million, compared to the nominal value of €11,397.1 million, reflecting a decrease in the market value attributable to fluctuations in inflation and interest rates (Table 5).
For the year under review, the time structure of the debt by initial maturity shows that €2,897.5 million, or 25.4 per cent, was issued with a maturity of seven to ten years. This was followed by debt issued for 15 to 30 years (24.6 per cent), one to five years (19.1 per cent), 10 to 15 years (12.2 per cent), less than one year (8.0 per cent), five to seven years (7.1 per cent) and more than 30 years (3.5 per cent) (Table 6).
The average remaining maturity of total debt for 2025 was seven years one month, three months shorter than in 2024. In 2025, the biggest share of debt by remaining maturity was in the one to five year category with €3,685.7 million, followed by the seven to ten year category and the less than one year category, recording €2,265.0 million and €1,817.1 million, respectively (Table 7).
Government guarantees on borrowing amounted to €905.6 million in 2025, or 3.7 per cent of GDP, a decrease of €79.8 million over 2024. The majority of Government guarantees are issued towards the Non-Financial Corporations sector, which accounts for 69.6 per cent of the total guarantees. The Financial Corporations, Rest of the World and Households and NPISHs sectors benefitted from 25.2, 4.3 and 0.9 per cent of Government guarantees, respectively. The Government guarantees are contingent liabilities, contingent on the actual call of the guarantee, and therefore these do not form part of General Government debt (Table 8).
The General Government debt data reported in this release are consistent with the April 2026 EDP notification as published in news release 067/2026 dated 22 April.
