Government debt 72% of GDP in 2011

Government guarantees on borrowing by public sector corporations like Enemalta amounted to €1,074.9 million in 2011, an increase of €76.8 million over the 2010.

Malta's total level of national debt stood at €4,600.3 million or 72% of GDP, mainly comprising the financial corporation sector with 65.3%.

This was followed by the Households and Non-Profit Institutions serving households (NPISH) with 27.3 per cent. The share of non-residents is 4.5 per cent, down from 7.7 per cent in 2008. The Non-Financial Corporations hold 1.1 per cent of the debt.

The preferred debt instrument for General Government is the 'securities other than shares', which includes the Malta Government Stocks and Treasury Bills, with €4,303.5 million or 93.5 per cent of the total debt.

Other debt instruments are the 'loans' and 'currency' with 5.5 per cent and 1.0 per cent respectively.

Almost all the debt owed by the General Government Sector is in national currency, however €1.3 million of total debt issued is in foreign currencies. The apparent cost of debt, which is the interest rate applicable to the whole nominal debt, is 4.5 per cent in 2011, compared to 5.3 per cent in 2008, resulting from lower market interest rates.

For 2011 the market value of Malta's debt is estimated at €4,924.1 million compared to the nominal value of €4,600.3 million.

The biggest share of debt by remaining maturity in 2011 is in the one-to-five year category with €1,853.9 million, followed by the categories seven to ten years (€786.3 million) and less than one year (€706.1 million).