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ARTICLE · 26 JULY 2024

Malta's Financial Sector Grows By 11.8% In 2023

Papilio Services Limited
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On June 26, 2024, the Malta Financial Services Authority (MFSA) released its annual report, revealing an impressive 11.8% growth in the financial services sector in 2023.

MaltaFinance and Banking
Chris Armstrong
Chris Armstrong
Szabolcs Toth
Szabolcs Toth

On June 26, 2024, the Malta Financial Services Authority (MFSA) released its annual report, revealing an impressive 11.8% growth in the financial services sector in 2023. This robust growth has significantly contributed to Malta's Gross Value Added (GVA), with the sector generating €1,251 million in 2023. The report also highlighted the sector's resilience and stability, which has been a beacon of financial innovation and growth.

Key Takeaways

Employment and Licensing

The financial services sector has been a key driver of employment in Malta, adding nearly 6,500 jobs between 2019 and 2023. The MFSA received 352 applications for new licenses in 2023, approving 84% of them, further demonstrating the sector's vibrancy and attractiveness.

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