Malta’s GDP surges at 12 times the EU rate

Half of the growth was generated by professional and administrative services, financial services, remote gaming, and the information and communication sector.

In the first quarter of 2024, economic activity in Malta was 4.6% greater than that recorded a year earlier. By contrast, growth across Europe was only 0.4%, meaning that the Maltese economy grew at a rate 12 times that observed elsewhere.

Half of the growth was generated by professional and administrative services, financial services, remote gaming, and the information and communication sector. This confirms how much the digital sectors of the country’s economy are expanding.

Moreover, 10% of growth was generated by manufacturing. There was also a very strong contribution from the hotel and restaurant sector, the result of the expansion in tourism. Furthermore, the retail sector also grew due to buoyant domestic demand.   

The driver of economic growth continued to be private consumption. In fact, more than a third of economic growth was due to higher consumption by households. This reflected the fact that the highest amount ever of compensation for employees was recorded. In fact, workers’ incomes reached a record figure of €2.1 billion. This was almost two hundred million euros greater than the amount observed last year, an increase of 10%.

In addition to the improvement in consumption there was also a better balance of payments. Exports grew by more than €240 million, which was twice the increase in imports. Despite the dire international situation, Maltese firms are selling more due to better competitiveness because they are protected from higher energy prices.

0 0 votes
Article Rating
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments

Menu