Malta Economic Forecast

Malta Economic Outlook

November 21, 2017

Recent data signals that the solid economic momentum recorded in H1 carried over into Q3. In September, both tourist inflows and expenditures grew more than 15% in annual terms, concluding a stellar Q3 and leading to a record-breaking summer season for the tourism sector. Furthermore, the strong tourism sector translated into tight labor market conditions in the quarter. Adding to the positive news, data on government finances in the January–September period shows that, compared to the same period last year, the fiscal balance moved from a deficit to a surplus. This was mainly due to revenues outpacing expenditures, which further strengthens the country’s relatively robust fiscal parameters.

Malta Economic Growth

The economy is expected to grow at a robust, albeit slightly slower, pace next year. It will likely continue to be driven by the all-important tourism industry. Moreover, a strong labor market and solid financial institutions should sustain household spending. The main downside risks stem from a hard Brexit, which could have an adverse effect on tourism. FocusEconomics panelists expect growth to reach 3.6% in 2018, up 0.2 percentage points from last month, and project it easing to 3.4% 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 Yield1.203.09 %Dec 06
Exchange Rate1.180.65 %Dec 06
Stock Market4,4240.36 %Dec 06

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