Malta’s Economy: On a Steady Growth Path

Two weeks ago, I had to travel to Switzerland on business and managed to catch up with a few colleagues while I was there. After the initial shock of the weather – it is already over 20 degrees here in Malta and feels like spring – I acclimatised and got on with my meetings. Over lunch with a lawyer friend, the conversation turned to Malta’s current economic situation. Reto wanted to know how "my" island nation was actually doing. Back in the day, he couldn't quite understand why I chose Malta as my new home base.

Malta’s Consistent Growth

The truth is, Malta's economic situation is excellent. The Euro crisis barely left a mark on the island, and unemployment is currently at record lows. You can really feel the impact of more and more international companies moving here. Property prices are rising, and there is a tangible shift in urban development.

This change isn't happening by accident. It is the result of structural measures taken by the government and the business sector. On one hand, you have attractive tax incentives for foreign investors. On the other, there is the high quality of life thanks to the excellent weather and the Mediterranean lifestyle by the sea. This combination makes Malta a compelling option for many expats.

A Booming Tourism Sector

It is not just the corporate world that is taking notice; the island is becoming increasingly popular with tourists as well. Taking Switzerland as an example, visitor numbers have jumped by nearly 90% over the last 15 years to over 40,000 annually. This increased demand is partly due to stronger marketing campaigns in the DACH region, but it is also reflected in the flight schedules. Airlines have increased their frequency on routes like Zurich-Malta to handle the influx of visitors during the summer months.

If you haven't experienced the island yet, you really should come and see for yourself. Whether it is for a holiday or a "scouting trip" to see if you could imagine living here. Once you are on the ground, you realise very quickly whether the island lifestyle is for you.