Updates on Malta’s latest Economic Statistics
The following are the very latest main economic indicators pertaining to the Maltese economy:
Provisional estimates issued on the 8th March 2018, indicate that the Gross Domestic Product (GDP) in 2017 amounted to €11,108.6 million, an increase of €916.9 million or 9.0 per cent when compared to 2016. In real terms, Malta’s GDP for 2017 went up by 6.6 per cent. In 2017, GDP growth in Malta was mainly attributable to external demand. Exports of goods and services increased by 5.2 per cent in nominal terms and 1.6 per cent in real terms. Imports of goods and services decreased by 0.1 per cent in nominal terms and by 3.0 per cent in real terms.
Employment & Unemployment
22nd February, 2018 - in January 2018, the number of persons registering for work stood at 2,000 decreasing by 30.8 per cent when compared to the corresponding month in 2017.
7th March, 2018 - in September 2017, registered full-time employment in Malta increased by 5.7 per cent while part-time employment as a primary job increased by 0.7 per cent when compared to the corresponding month in 2016. This means that the total gainfully occupied totalled 193,842 in September 2017, with the number standing 186,646 in September 2016.
16th March 2018 - In February 2018, the annual rate of inflation as measured by the Harmonised Index of Consumer Prices (HICP) was registered at a rate of 1.3 per cent, up from 1.2 per cent in January 2018. The largest upward impact on annual inflation was recorded in the Restaurants and Hotels Index (0.38 percentage points), mainly reflecting higher prices of restaurant services (including cafés and similar outlets). The largest downward impact was recorded in the Clothing and Footwear Index (0.02 percentage points), attributed to lower prices of garments.
Malta Government Finance
18th January 2018 - In the third quarter of 2017, Malta Government recorded a surplus of €154.4 million. During the period, total revenue stood at €1,159.2 million, an increase of €189.2 million when compared to the third quarter of 2016. Total expenditure in the third quarter of 2017 amounted to €1,004.8 million, an increase of €57.8 million from the third quarter of 2016.
1st February, 2018 - Inbound tourist from January to December 2017 reached 2,273,837, an increase of 15.7 per cent over the same period in 2016 Total nights spent by inbound tourists went up by 10.3 per cent, surpassing 16.5 million nights. Total tourism expenditure surpassed €1.9 billion, 13.9 per cent higher than that recorded for 2016. Total expenditure per capita stood at €856, a decrease of 1.5 per cent when compared to 2016.
13th March 2018 - Inbound tourists for January 2018 was estimated at 124,769, an increase of 19.9 per cent when compared to the corresponding month in 2017. Total tourist expenditure was estimated at €82.3 million, an increase of 16.1 per cent over the corresponding month in 2017.
Malta’s Latest Economic News
February 2018 - The international agency Fitch has confirmed Malta’s credit rating at A+ stable. In its report, the agency is forecasting a 5.9% GDP growth in 2018 when, in their previous report, the growth had been estimated at 3.7%.
February 2018 - Moody's raised Malta rating to A3 positive for the first time ever. The credit rating agency DBRS also raised its rating to A High.
5th March 2018 - Standard and Poors confirmed Enemalta's BB- credit rating and B- stand-alone credit profile, with a stable outlook for the next few years.
On 30th January, Government announced it is in an advanced stage on finalising a Whitepaper on the regulation of the property rental market in Malta.
On the 8th March, Ryanair launched its Malta winter 2019 schedule with 8 new routes, and 48 routes in total will help deliver 2.5 million customers p.a. through Malta Airport next year.
On the 5th March 2018, Malta became the second European Union member state to lower the national voting age to 16-year-olds in all elections.