Malta's Macroeconomic Analysis:
Nominal GDP of USD 22.3 billion in 2023.
Nominal GDP of USD 18.3 billion in 2022.
GDP per capita of USD 35,206 compared to the global average of USD 10,589.
GDP per capita of USD 41,193 compared to the global average of USD 10,589.
Average real GDP growth of 6.7% over the last decade.
Average real GDP growth of 6.2% over the last decade.
Sector Analysis
In 2021, services accounted for 87% of overall GDP, manufacturing 7%, other industrial activity 6%, and agriculture 0%. Looking at GDP by expenditure, private consumption accounted for 43% of GDP in 2021, government consumption 21%, fixed investment 23%, and net exports 13%.International trade
In 2020, manufactured products made up 86% of total merchandise exports, mineral fuels 3%, food 10%, ores and metals 0% and agricultural raw materials 0%, with other categories accounting for 1% of the total. In the same period, manufactured products made up 68% of total merchandise imports, mineral fuels 17%, food 13%, ores and metals 1% and agricultural raw materials 0%, with other goods accounting for 1% of the total. Total exports were worth USD 4 billion in 2022, while total imports were USD 7 billion.Main Economic Indicators
Economic growthThe economy recorded average annual growth of 6.1% in the decade to 2022. To read more about GDP growth in Malta, go to our dedicated page.
Fiscal policy
Malta's fiscal deficit averaged 2.2% of GDP in the decade to 2022. Find out more on our dedicated page.
Unemployment
The unemployment rate averaged 4.6% in the decade to 2022. For more information on Malta's unemployment click here.
Inflation
Inflation averaged 1.7% in the decade to 2022. Go to our Malta inflation page for extra insight.
Monetary Policy
Euro Area monetary policy rate ended 2022 at 2.50%, up from 0.75% a decade earlier. See our Malta monetary policy page for additional details.
Exchange Rate
From end-2012 to end-2022 the euro weakened by 18.2% vs the U.S. dollar. For more info on the euro, click here.
Economic situation in Malta
According to the statistical office, annual GDP growth declined to 4.9% in Q3 from an upwardly revised 8.0% in Q2, marking the second consecutive slowdown. That said, the result was still the best in the Euro area. The deceleration was chiefly due to cooling private consumption growth, which reached a three-and-a-half-year low. Moreover, goods and services exports rose at a softer pace, while imports accelerated, detracting from the reading. That said, public spending growth roughly doubled in Q3, and fixed investment gained traction. Turning to Q4, industrial output growth rose from Q3 in October, while goods exports continued to expand at a double-digit rate in the same month. However, retail sales grew at a milder pace in October than in Q3, hinting at downbeat private spending.Malta Economic Forecasts
Projections out to 2034.42 indicators covered including both annual and quarterly frequencies.
Consensus Forecasts based on a panel of 12 expert analysts.
Want to get insight on the economic outlook for Malta in the coming years? FocusEconomics collects projections out to 2034 on 42 economic indicators for Malta from a panel of 12 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts, and averaged to provide one Consensus Forecast you can rely on for each indicator. This means you avoid the risk of relying on out of date, biased or outlier forecasts. Our Consensus Forecasts can be visualized in whichever way best suits your needs, including via interactive online dashboards , direct data delivery and executive-style reports which combine analysts' projections with timely written analysis from our in-house team of economists on the latest developments in the Malta economy. To download a sample report on the Malta's economy, click here. To get in touch with our team for more information, fill in the form at the bottom of this page.