At the end of 2025, public administration debt stood at €3,095.5 billion, up from the end of 2024, when it was €2,966.9 billion. The figure has dropped from €3,124.9 billion in November. "The increase in debt compared to the previous year", the Bank of Italy emphasizes, "reflected the general government's borrowing requirement (€109.2 billion), the increase in the Treasury's liquidity (€14.7 billion, to €52.4 billion), and the overall effect of issuance and redemption premiums and spreads, the revaluation of inflation-linked securities, and exchange rate fluctuations (€4.6 billion)". In 2025, the Bank of Italy's debt held decreased from 21.6% the previous year to 18.5%. Tax collections recorded in the state budget in 2025 totaled €614.226 billion, up 3.51% from €593.380 billion in 2024. This emerges from the tables released by the Bank of Italy in its publication “Public Finance: Borrowing Requirement and Debt". Total budget revenues totaled €708.021 billion. Budget payments were €845.058 billion, with €696.683 billion in current expenditure and €148.374 billion in capital expenditure.