The economy of Malta shrank 16.2 percent year-on-year in the second quarter of 2020, the biggest contraction ever due to the coronavirus crisis. It follows an upwardly revised 1.4 percent gain in the first three months of the year. There were widespread contractions across all main sectors of the economy. The services sector fell by 15.7 percent, industry, mainly due to a 100.2 percent plunge in in accommodation and food services as tourism halted.
GDP Annual Growth Rate in Malta averaged 3.59 percent from 2001 until 2020, reaching an all time high of 11.40 percent in the first quarter of 2015 and a record low of -16.20 percent in the second quarter of 2020. This page provides - Malta GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Malta GDP Annual Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on October of 2020.
GDP Annual Growth Rate in Malta is expected to be -8.50 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Annual Growth Rate in Malta to stand at 15.00 in 12 months time. In the long-term, the Malta GDP Annual Growth Rate is projected to trend around 3.50 percent in 2021 and 3.10 percent in 2022, according to our econometric models.