Malta’s aquaculture industry strengthened its economic contribution in 2024, registering €31.6 million in gross value added, a sharp improvement over the €67.4 million loss recorded in 2023, even as total output declined marginally to €191.8 million.

The figures released by the NSO show that the sector managed to restore profitability primarily due to a significant decrease in intermediate consumption, which fell from €267.1 million to €160.2 million, reversing the cost pressures that had weighed heavily on 2023 performance.

Output from Atlantic bluefin tuna farming remained the sector’s largest contributor at €179 million, while closed-cycle species saw growth, rising to €13.7 million. Other output categories decreased, reflecting ongoing volatility in market conditions.

Net operating surplus followed a similar trajectory, improving from a steep negative €84.6 million in 2023 to a positive €13.6 million in 2024. Employment costs increased slightly, reaching €13.2 million, while depreciation levels remained unchanged.

Although sales of farmed fish by weight decreased by 4.1 per cent, and sales value was down 3.2 per cent, the industry benefitted from substantially cheaper purchases of live tuna and other fish, which dropped by 60.8 per cent year-on-year.

The results signal a stabilisation of the sector following last year’s downturn, with cost efficiencies playing a critical role in rebuilding value added.