The harbor with boats in Malta

Malta Economy

Malta's economy in numbers:

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.

Average real GDP growth of 6.2% over the last decade.

Share of the region's population
Share of the region's GDP

Economic structure:

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%.

GDP by economic sector
GDP by type of expenditure

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.

Key exports
Key imports
Key export partners
Key import partners

Economic growth:

The 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.


The unemployment rate averaged 4.6% in the decade to 2022. For more information on Malta's unemployment click here.


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.
The pace of annual GDP growth sped up in Q3, benefiting from a more supportive external sector. Momentum likely moderated in Q4, weighed down by cooling domestic demand amid tight financing conditions and worsening economic sentiment. That said, the labor market remained relatively tight throughout the quarter, while inflation declined further, likely supporting private spending. Moreover, growth in tourism arrivals averaged higher than in Q3. Moving into 2024, the economy is likely continuing to outpace the EU average in Q1. Meanwhile, in late January, the IMF concluded its Article IV consultation with the country. The Fund praised Malta’s sound financial sector and resilience to external shocks. At the same time, it suggested an acceleration in fiscal consolidation in order to cool inflation and structural reforms to boost productivity.
Projections out to 2033.

42 indicators covered including both annual and quarterly frequencies.

Consensus Forecasts based on a panel of 13 expert analysts.

Want to get insight on the economic outlook for Malta in the coming years? FocusEconomics collects projections out to 2033 on 42 economic indicators for Malta from a panel of 13 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 .

Malta Economic Data

2018 2019 2020 2021 2022
Population (million) 0.5 0.5 0.5 0.5 0.5
GDP (EUR bn) 13.0 14.3 13.4 15.3 17.4
GDP per capita (EUR) 27,403 28,940 25,925 29,697 33,459
Economic Growth (Nominal GDP, ann. var. %) 9.3 9.6 -6.6 14.8 13.8
Economic Growth (GDP, ann. var. %) 7.4 7.1 -8.2 12.5 8.1
Private Consumption (ann. var. %) 9.8 4.1 -10.9 8.2 11.1
Government Consumption (ann. var. %) 11.3 13.4 14.8 6.8 1.9
Fixed Investment (ann. var. %) 3.9 10.3 -6.0 14.2 31.4
Exports (G&S, ann. var. %) 8.4 9.7 -1.8 7.6 8.6
Imports (G&S, ann. var. %) 9.1 10.5 1.5 5.1 11.7
Industrial Production (ann. var. %) 1.4 2.5 1.2 -1.5 1.6
Unemployment (% of active population, aop) 3.7 3.6 4.4 3.4 2.9
Fiscal Balance (% of GDP) 2.0 0.5 -9.6 -7.5 -5.7
Public Debt (% of GDP) 43.4 40.0 52.2 54.0 52.3
Inflation (HICP, ann. var. %, eop) 1.2 1.3 0.2 2.6 7.3
Inflation (HICP, ann. var. %, aop) 1.7 1.5 0.8 0.7 6.1
ECB Refinancing Rate (%, eop) 0.00 0.00 0.00 0.00 2.50
ECB Overnight Deposit Rate (%, eop) -0.40 -0.50 -0.50 -0.50 2.00
3-Month EURIBOR (%, eop) -0.31 -0.38 -0.55 -0.57 2.13
Exchange Rate (USD per EUR, eop) 1.14 1.12 1.22 1.14 1.07
Exchange Rate (USD per EUR, aop) 1.18 1.12 1.14 1.18 1.05
Current Account Balance (EUR bn) 0.8 1.3 0.3 0.2 -0.5
Current Account Balance (% of GDP) 6.4 9.0 2.2 1.2 -3.1
Merchandise Trade Balance (EUR bn) -1.6 -1.6 -1.3 -2.3 -3.1
Foreign Direct Investment (EUR bn) 3.5 3.4 3.2 3.6 4.0

Free Sample Report

Interested in Malta economic reports, analysis and data? FocusEconomics provides data, forecasts and analysis for hundreds of countries and commodities. Request your free sample report now.

Close Left Media Arrows Left Media Circles Right Media Arrows Right Media Circles Arrow Quote Wave Address Email Telephone Man in front of screen with line chart Document with bar chart and magnifying glass Application window with bar chart Target with arrow Line Chart Stopwatch Globe with arrows Document with bar chart in front of screen Bar chart with magnifying glass and dollar sign Lightbulb Document with bookmark Laptop with download icon Calendar Icon Nav Menu Arrow Arrow Right Long Icon Arrow Right Icon Chevron Right Icon Chevron Left Icon Briefcase Icon Linkedin In Icon Full Linkedin Icon Filter Facebook Linkedin Twitter Pinterest