European Commission: Malta Economic Forecast 2024

On May 15, 2024, the European Commission released its most recent macroeconomic forecasting for Malta, which indicated that the country's economy will continue to expand strongly due to both strong exports and strong domestic demand. Returning to well above pre-pandemic levels, tourism flows are driving up domestic demand thanks to a robust worker influx. The Maltese economy is predicted to increase at a rate of 4.6% in 2024 and 4.3% in 2025, following a 5.6% GDP growth in 2023. With the government deficit at 4.9% of GDP in 2023, a gradual decrease is anticipated in 2024 and 2025. The public debt-to-GDP ratio is expected to rise very marginally despite the primary deficit, due to the robust nominal GDP growth.