The overall result of the General Government for 2025 is a surplus of €4.29 billion, representing 1.7% of GDP, compared to a surplus of 1.3% in 2024.
A primary surplus of 4.9% of GDP was announced by ELSTAT for 2025, which translates to 12.13 billion euros, confirming a significant improvement in the country’s fiscal performance compared to previous years. The figures are included in the first notification of the Excessive Deficit Procedure for 2026 and reflect a picture of fiscal consolidation, with revenue strengthening and expenditure restraint as a share of GDP.
According to the official data, the overall result of the general government for 2025 was a surplus of €4.29 billion, equivalent to 1.7% of GDP, compared to a 1.3% surplus in 2024 and deficits in previous years. This development demonstrates the clear fiscal adjustment achieved since 2022 to date, with a gradual transition from negative balances to positive outcomes.
Gross Domestic Product continued its upward trend, reaching €248.35 billion in 2025, up from €236.7 billion in 2024 and €224.6 billion in 2023, which contributed decisively to the improvement of the relevant indicators. At the same time, general government revenues amounted to 124.16 billion euros, equivalent to 50% of GDP, while expenditure amounted to 119.87 billion euros, or 48.27% of GDP, maintaining a balance that allowed the achievement of a surplus.
Of particular importance is the evolution of public debt, which showed a further deceleration as a percentage of GDP. Specifically, general government debt stood at €362.9 billion at the end of 2025, corresponding to 146.1% of GDP, compared to 154.2% in 2024 and 164.3% in 2023. This reduction is attributed to both the increase in nominal GDP and the containment of the absolute level of debt, which has been gradually declining since 2022.
At the level of individual sectors of the general government, the central government recorded a surplus of €2.3 billion in 2025, while the contribution of social security institutions was also positive, with a surplus of €1.75 billion. Local government agencies also posted a small surplus, which contributed to the overall improvement in the fiscal outcome.
However, the impact of government support to financial institutions continues to weigh on fiscal outcomes. For 2025, the relative impact is estimated at around -€667 million, suggesting that related expenditure remains higher than the corresponding revenue, albeit lower than in previous years.
Finally, ELSTAT data confirm that the improvement in fiscal performance is accompanied by increased investment, with gross fixed capital formation amounting to EUR 11.85 billion in 2025, compared to EUR 10.06 billion in 2024. At the same time, interest expenditure stood at €7.84 billion, highlighting the continued need to manage debt servicing costs.
