Malta Economic Forecast

Malta Economic Outlook

January 30, 2018

The economy continued to fire on all cylinders in the final quarter of 2017, following a buoyant Q3. Figures for the all-important tourist sector remained stellar in November: The number of inbound tourists jumped over the previous year, bringing the year-on-year increase for the period from January to November to over 16%. Labor market conditions continued to tighten, as unemployment dropped throughout the quarter. Furthermore, in the January–November period government revenue increased at a double-digit pace, mainly on the back of higher income and value-added tax collection. As revenue growth outstripped expenditure, the budget swung from a deficit to a slight surplus.

Malta Economic Growth

Although growth is expected to slow this year, it will nonetheless remain solid. Rising EU investment funds will support a rebound in fixed investment, while a strong tourist sector, low inflation and a tight labor market should buttress private consumption. This will translate into a healthy fiscal position and a declining debt-to-GDP ratio. FocusEconomics panelists expect growth of 4.1% in 2018, up 0.5 percentage points from last month, and of 3.6% in 2019.

Malta Economy Data

Population (million)
GDP per capita (USD)21,78323,98626,39724,12625,276
GDP per capita (EUR)17,12918,12619,84221,61522,802
GDP (USD bn)
GDP (EUR bn)
Economic Growth (GDP, annual variation in %)
Consumption (annual variation in %)-
Investment (annual variation in %)1.4-1.78.849.2-0.6
Exports (G&S, annual variation in %)
Imports (G&S, annual variation in %)
Industrial Production (annual variation in %)5.4-4.7-5.76.0-3.3
Unemployment Rate6.
Fiscal Balance (% of GDP)-3.7-2.6-2.0-1.31.0
Public Debt (% of GDP)68.168.764.360.658.3
Inflation Rate (HICP, annual variation in %, eop)
Inflation Rate (HICP, annual variation in %)
Inflation (PPI, annual variation in %)0.1-3.21.2-3.4-1.9
Policy Interest Rate (%)0.750.250.05-  -  
Exchange Rate (vs USD)1.321.381.21-  -  
Exchange Rate (vs USD, aop)1.291.331.33-  -  
Current Account (% of GDP)
Current Account Balance (EUR bn)
Trade Balance (EUR billion)-1.1-1.1-1.1-1.8-1.9

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Malta Facts

Bond Yield1.493.09 %Feb 20
Exchange Rate1.230.65 %Feb 20
Stock Market4,4920.36 %Feb 20

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