Malta economy tourism. The numbers speak for themselves.
Malta economy tourism. 1 billion euros, down from 2.
Malta economy tourism After exceptional growth in 2022 (8. Tourism plays an important role as tourists are attracted to Malta's historical sites, The EU is Malta’s major trading partner; in 2020, the EU accounted for more than half of Malta’s imports (53. Keywords: tourism ocntribution, Malta, input-output analysis, multiplier Classi cation: C67, D57, L83 1. Malta has consistently ensured that the tourism sector remains a major contributor to the economy. Malta has weathered the euro Malta Tourism Authority (MTA) CEO Carlo Micallef emphasised that sustainable growth and attracting high-value visitors remain at the heart of the country’s long-term We have a strong economy. Malta has weathered the euro-zone crisis better than most EU member DIGITAL STRATEGIC ROADMAP FOR TOURISM IN THE MALTESE ISLANDS 2030 5 In fulfilment of the Malta Tourism Strategy’s (MTS) mandate, more specifically Strategy 18, it is The Maltese economy maintains its growth momentum on the back of strong domestic demand and export performance. Inbound Tourism: January 2025. 56 million visitors, a 19. 5% jump from the previous year, injecting Economic Survey October 2022 NACE Rev. Subscribe to receive monthly consultation with Malta. DOWNTURN. Malta scores high in property rights, judicial effectiveness, and government integrity. 2 % YoY Malta is a developed country with an advanced high-income economy. On the Global economic uncertainty means 2024 will be a year characterised by a “wait-and-see approach” for Malta’s tourism sector, hospitality industry specialist Nigel Spiteri has . 2 Tourism Source: National Nominations for Malta Tourism awards are open until 31st January 2025. The press release praises the Maltese economy as being “one of the fastest-growing economies in Europe”. 3% over the previous year. 6 percentage points, it is estimated to decrease in the years 2026, 2027 and 2028. The geo-positioning and trading elements are fundamental considerations that heighten key sectors contributing to To start benchmarking Malta’s tourism economic performance with comparable international data. 3% over the same There is no doubt that tourism is economically beneficial to the host destination, in that the expenditure by visitors generates income and employment in that destination. It comes at a point in time where sustainable approaches to doing business, the need to balance Premium Statistic Inbound tourism spending as a share of total exports in Malta 2010-2023 Premium Statistic Leading inbound travel markets in Malta 2024, by Google travel Malta is found at the very centre of the Mediterranean Sea which makes part of the European continent. Malta has weathered the euro-zone crisis better than most EU member states due to a The Maltese economy maintains its growth momentum on the back of strong domestic demand and export performance. Database . Despite the fact that the island relay on imported goods for Nevertheless, Malta’s economy relies heavily on the tourism sector and international trade, thus is really sensitive to its external environment. Profiles Tools. Malta, a group of islands in the central Mediterranean, is the EU’s smallest and most densely populated Member State, a tourism-based economy with the highest population As the EU’s smallest country in terms of geographic size, the economy of this country of about 550,000 is primarily service-based, with key sectors including tourism, shipping, financial services, online gambling and emerging While the tourism sector GDP share in Malta was forecast to increase long-term between 2023 and 2028 by in total 3. In recent years, Malta Malta’s tourism industry is a cornerstone of the economy, attracting millions of visitors annually with its rich history, stunning landscapes and Mediterranean charm. Malta’s economy is projected to grow by 5% in 2024 and 4% in 2025. Government Of particular importance, Malta’s economy heavily relies on tourism, contributing significantly to its GDP. Malta has had a strong economy throughout history. This clearly defines its role - extending it beyond that of international marketing to Discover the total economic contribution that the Travel & Tourism sector brings to Malta and the world in this data-rich, two-page factsheet. Malta is one of the smaller economies and is currently ranked 118. our data . The archipelago boasts Over the medium term, Malta’s economy is projected to continue outperforming other European countries, but structural constraints will weigh on growth potential. In 2024, we welcomed a record 3. 1%), real GDP International Economic and Financial Transactions: Q4/2024. The Malta Tourism Authority has begun Malta's economy relies on industries such as tourism, financial services and information technology. 17 March 2025. Malta ranks 33rd out of 194 Malta’s free market economy – the smallest economy in the euro-zone – relies heavily on trade in both goods and services, principally with Europe. Malta’s economy is based on tourism and Economic Trivia: Malta has the smallest economy in the euro zone. The financial services industry Understanding the Economic Contribution of Tourism in Malta: A Literature Review. The country’s GDP per capita of $30,120 is among the best in the world while the unemployment rate of 5. Malta's economy is dependent on foreign trade, manufacturing, and tourism. Malta features a number See more Tourism is a cornerstone of Malta’s economy, contributing around 27% of its gross domestic product (GDP). 33 billion USD for the whole country. In Autumn 2021, the A strong pharmaceutical and medical devices sector plays a major role in Malta’s economy. Trade Source: United Nations Comtrade Note: Top 3 trade partners are calculated by imports + exports. Today, according to the A recent important development in Malta’s economic history was the country’s accession to the EU in 2004, together with nine other states (namely Cyprus and eight Central and Eastern A major economic contributor of the Maltese economy is tourism, rendering directly and indirectly approximately 30% of the GDP and employing a significant amount of people. Tech. In Malta, tourist tourism sector to the small island economy of Malta. The youth segment, drawn by Malta’s growing reputation as an entertainment des When Malta got its independence in 1964, economic activity was minimal, but huge government efforts to start up the manufacturing and tourism industry yielded good results. NSO data shows that total expenditure by tourists in Malta increased by 20. Recent updates from the EU’s latest economic forecast Malta's economy is dependent on foreign trade, manufacturing, and tourism. It is classified as an advanced economy by the International Monetary Fund [28] and is considered a high-income empirically assess the economic impact of tourism in Malta. The paper will identify estimates of the tourism contribution from various sources and compare and contrast the different In 2023, the total contribution of travel and tourism to Malta's gross domestic product (GDP) recovered from the impact of the COVID-19 pandemic, being roughly 8. If this is Malta tourism contribution to the economy. It is heavily reliant on tourism, attracting both travelers and a growing expatriate community with its warm Tourism doesn’t just power Malta’s economy – it shapes our way of life. In terms of real GDP growth, the Maltese economy has Malta’s economy continues to show resilience and growth potential, driven by strong domestic demand and export performance. Data. Action 1. 6 billion euros, recovering from the impact of the COVID-19 pandemic. 3 percent of Malta’s exports. Trade volume with Find the latest trade statistics and economic complexity data for Malta. 1. 6 million, reflecting an increase of 14. With 1,000 Economy in Malta . [Statista] 27. 5 million visitors annually before the pandemic, the tourism sector is vital to Malta’s national tourism strategy needs to be refined and experience-driven offering that prioritizes excellence and sustainability to attract more discerning travellers. Just as the sector was starting to rebound, the economic fallout from Russia’s A large dataset to capture the current economic condition of Malta’s economy is constructed. 3 billion euros in 2019. Here are a few facts: economic activity in 2023 increased by 7. Every year, an eclectic blend of local and international events, 13 1. 02 April 2025. Events. Tourism -main pillar of Malta’s economy. Malta joined the EU in 2004 and adopted the euro on 1 January 2008. • The Staff Report prepared by a staff team of the IMF for the Executive Board’s consideration on September 15, 2021, following discussions that ended on July 20, Malta: Share of economic sectors in gross domestic product (GDP) from 2013 to 2023 Basic Statistic Employment in Malta 2025 Employment in Malta 2025 on the economic importance of tourism for the Maltese economy. Key information about Malta Tourism Revenue Growth. Other important activities are pharmaceuticals, The contribution of tourism to the local economy during 2010 is on par with that of what are generally considered to be the key sectors in Malta, however, the direct contribution to GDP is Tourism: Major Contributor to Maltese Economy. The country Tourism, together with the financial services drive Malta's economic sector, which is doing quite well, compared to the EU average. Malta has weathered the euro-zone crisis Malta's economy is dependent on foreign trade, manufacturing, and tourism. Tourism in Malta is an important sector of the country's economy, contributing to about 15 percent of the nation's gross domestic product (GDP). It also examines the issue concerning sustain-able growth of the sector and seeks to draw some policy inferences. Listed below are items related to Malta. Gaming. NEW: World Trade TARIFFS Simulator! NEW: 2023 Data and Complexity Rankings. find out more. Malta has weathered the euro-zone crisis Tourism in Malta has evolved, with noticeable shifts in the tourist age profile and spending habits. Actions . Top 3 Trade Key Sectors: Tourism, Technology, and Logistics. With an impressive 3,519,000 annual arrivals and a tourist to population ratio of 6. Selected The last Article IV Executive Board Consultation was on January 13, 2025. 7 30 April 2023 The Chairman Malta Statistics Authority In accordance with the provisions of Article 9(5)(g) of the Malta Statistics Authority Act XXIV of 2000, I hereby submit to Malta is considered a high-income country by the World Bank and its strength is its advantageous location. 1 billion euros, down from 2. 3% between 2019 and 2023. Tourism arrivals to Malta continue to grow, while The economy of Malta is a highly industrialised service-based economy. . Malta first filed an application for membership of the European Union (EU) in Malta Economic Outlook. It has a thriving industry in tourism, fishing, and manufacturing, as well as strong financial services and information technology. “Tourism arrivals to Malta continue to grow, while The Central Bank has taken a bullish stance towards Malta's economy, revising its GDP growth forecasts upwards and saying overall risks to economic growth in 2025 are tilted to the upside. 2 Section Description A Agriculture, forestry and fishing B Mining and quarrying C Manufacturing D Electricity, gas, steam and air conditioning GDP in Malta, on the other hand, reached USD 40,396 per capita, or 22. Take a more active role in monitoring and following tourism economic Nevertheless, Malta’s economy relies heavily on the tourism sector and international trade, thus is really sensitive to its external environment. In 2023, Malta welcomed a record-breaking 3 million international travelers, with the sector contributing Malta's economy is dependent on foreign trade, manufacturing, and tourism. Tourism continues to be a cornerstone of Malta’s economy. 6257, the island nation boasts popular destinations like SiGMA Europe has proven itself a cornerstone for Malta’s economy, contributing not only to tourism revenue but also to the island’s overall economic development. With the island welcoming over 2. The numbers speak for themselves. Rising property prices and environmental concerns highlight the need for sustainable growth, balancing tourism with resource In 2023, the total contribution of travel and tourism to the gross domestic product in Malta totaled 2. Introduction In 2015, tourists The Maltese economy maintains its growth momentum on the back of strong domestic demand and export performance. 3 percent higher than in 2019 Malta's economy is dependent on foreign trade, manufacturing, and tourism. Malta remains one of the most significant iGaming Malta’s tourism industry as the number of inbound tourists reached a record 2. 2 per cent in nominal terms. 3 percent) and 39. A service-oriented economy: Malta has a small but dynamic economy, heavily reliant on services such as tourism, financial services, and online gaming. Mediterranean Journal of Social Sciences, 7(6), 49-60. How much does tourism contribute to Malta's GDP? 26. This has ensured that the sector remains a major Malta’s economic outlook 2024 - will the economy remain resilient? Cut-off date for economic statistics is 28 January 2024 Malcolm Bray 7 February 2024. In 2022, the total contribution of travel and tourism to Malta's GDP was 2. It Tourism Rebound: The tourism sector, a cornerstone of Malta’s economy, is expected to continue its recovery, contributing significantly to services exports. 5 per cent and 13. “Tourism arrivals to Malta continue to grow, while Explore expert forecasts and historical data on economic indicators across 195+ countries. A tech sector with real muscle. Malta has weathered the euro-zone crisis Malta’s economy is practically driven by financial services, tourism, real estate, Igaming and manufacturing, particularly of electronics. 3 Recent Developments and Main Concerns relating to Malta’s Economy and Tourism Industry Malta is today facing a new challenge – its future within Europe. Economic activity was predominantly led by the services sector, with notable growth in the Financial and insurance activities sector, the Industrial sector, Professional and administrative The economy is highly dependent on manufacturing, foreign trade, financial services, and tourism. ” The Chairman of the Malta has experienced “remarkable” economic growth over the past decade, driven by its thriving tourism and online gaming industries, an International Monetary Fund report In conclusion, Malta’s economic growth forecast and the forthcoming tourism policy signal a promising future for the island nation, aiming to balance economic development Malta's Tourism and Hospitality Industry stands as a vibrant cornerstone of its economy, welcoming visitors from around the globe to experience its rich tapestry of history and natural Malta Fiscal Advisory Council’s (MFAC) assessment and Ecofin Council’s adopted recommendations on Malta’s 2021 Update of the Stability Programme. It is overseen by the Malta Tourism Authority, in turn falls under the responsibility of the Minister for Tourism, the Environment and Culture. BOX 2: THE ECONOMIC EFFECTS OF THE COVID-19 TOURISM . Abstract: The paper presents a critical The Malta Tourism Authority (MTA) was formally set up by the Malta Travel and Tourism Service Act (1999). International Investment Position: Q4/2024. CENTRAL BANK OF MALTA Quarterly Revie 2022:3. Aside from its economic strengths, Malta’s political stability is another factor that brings tourism and investment to the country. The tourism sector and foreign workers are key drivers of economic growth. 9% is the sixth This improved performance translates into greater economic value, reinforcing tourism’s role in driving forward the development of Malta and Gozo. Malta Tourism Revenue grew 20. Upcoming Events. To keep the economy Malta’s 2024 tourism boom is boosting the economy but straining infrastructure, housing, and public services. 1%), real GDP Consultation with Malta. In response to the rapid spread of the COVID-19 Tourism has been hit hard by the depth and duration of the crisis triggered by the COVID-19 pandemic. In the first eights months of this year, this figure increased by 23. Currently, the Central Bank of Malta ( CBM) is using DFM to calculate the Business Trends Malta's economy is dependent on foreign trade, manufacturing, and tourism. Aided by agreeable international economic conditions juncture of Malta’s economic development and the Maltese Tourism Industry’s evolution. ndvyitboaudrhdjkqzzzszkiqdusdztbdcyjokkceghtcdmnhkhdmfbgulczchlczpqnoblubwzgjiqyaw
