The new data have been published regarding the Italian public debt. In June 2025 this reached 3,070.7 billion euros, an increase of 18 billion compared to May. This was reported by the Bank of Italy, in the monthly publication of “public finance: needs and debt”. The report also reports that in the same period the tax revenues showed a positive trend, up 4.2% on an annual basis in the month and 3.4% in the first half.
It is an increase in the debt in contrast to the May data, when the stock had temporarily fallen by 10 billion, but the June figure confirms that the drop has not reversed the trend on an annual basis.
Because the debt has risen
According to Bankitalia, the increase mainly reflects the needs of public administrations and the increase in liquid availability of the treasure (0.8 billion, equal to a total of 47 billion). Technical factors such as waste and prizes have also contributed to the issuance and reimbursement of securities, the revaluation of the securities indexed to inflation and changes in exchange rates.
In this context, the oscillations month on the month often are affected by the management of the treasury cash and the calendar of reimbursements and emissions: they are physiological ups and downs that, alone, do not indicate a change of structural course.
In detail:
- The debt of the central administrations increased by 19.7 billion;
- The debt of local administrations decreased by 1.7 billion;
- The average residual life of the debt remained stable at 7.9 years.
Who holds the debt
In June, the debt share held by the Bank of Italy stood at 19.6%, falling from 20% of the previous month. In May (last available) the share in the hands of non -resident investors had risen to 33.2% from previous 33%, while that detained by other residents – such as families and non -financial companies – had fallen to 14.1% from 14.3%.
The composition for prisoners is rather relevant: the lower presence of the central bank and the weight of non -residents influence the demand for securities, the average funding cost and sensitivity to foreign flows.
Tax revenues increasing
The tax revenues accounted in the state budget were 43.8 billion in June, growing 4.2% (+1.8 billion) compared to the same month of 2024. In the first half of 2025 they reached 257.3 billion, an increase of 3.4% (+8.5 billion) compared to the first semester last year.
The improvement of revenues supports public accounts, but it is not sufficient, alone, to reduce the stock: the dynamics of the debt also depends on the needs and the continuous refinancing of the expiring securities.
Are the data the Meloni government?
On July 15, Fratelli d’Italia had celebrated on social networks the reduction of 10 billion debt in May, claiming it as a merit of the executive and as a denial of “catastrophist” readings of leftist newspapers and politicians. The data was certain certain, but limited: it was a monthly drop equal to about 0.33% of the overall stock and did not indicate, in itself, a turnaround.
Already in June, in fact, the stock returned to grow, reaching 3,070.7 billion. The rebound therefore reduces the triumphalistic reading of the single -favorable single month. A correct comparison would require a wider look. On an annual basis, the debt remains higher than about 100 billion compared to May 2024 and, from the settlement of the current government, the overall increase touches 300 billion in nominal terms.
Then there is a theme of “metric”, as he explains Political report card: Use the absolute value of the debt for historical comparisons ignore inflation and size of the economy. To evaluate sustainability, the debt/GDP ratio and the average debt cost, variables that respond to growth, price trend and rates rather than the monthly oscillations of the Stock, are mainly looked at above all.
