Italian government debt rises to €3,095.5 billion in December 2025
Italy's general government debt increased to €3,095.5 billion at the end of December 2025, up from €2,966.9 billion in 2024. The rise was driven by a borrowing requirement of €109.2 billion and an increase in the Treasury's liquid balance.
Government debt surpasses €3 trillion mark
Italy's general government debt reached €3,095.5 billion by the end of December 2025, an increase from €2,966.9 billion recorded at the close of 2024. This rise was primarily driven by the general government borrowing requirement, which amounted to €109.2 billion for the year.
Additionally, the Treasury's liquid balance increased by €14.7 billion, reaching a total of €52.4 billion.
Other factors contributing to the debt increase included an overall effect of €4.6 billion, which encompasses discounts and premiums at issuance and redemption, the revaluation of inflation-indexed securities, and exchange rate changes.
These figures provide a comprehensive overview of the main drivers behind the evolution of Italy's public debt over the 2025 fiscal year, reflecting the country's ongoing financial obligations and management strategies.
Shifts in sub-sectoral debt and ownership
Examining the debt by sub-sector, consolidated central government debt increased by €132.0 billion, reaching €3,016.3 billion.
Conversely, local government debt decreased by €3.4 billion, settling at €79.1 billion.
The debt of social security institutions remained broadly stable.
The average residual maturity of the debt remained consistent with the end of 2024, at 7.9 years.
A notable change in ownership was the decline in the share of Italian debt held by the Bank of Italy, which fell to 18.5 percent by the end of 2025, from 21.6 percent in 2024.