Malta’s financial services sector continues to consolidate its position as a key pillar of the national economy, with the latest figures from Eurostat, the National Statistics Office (NSO) and the Malta Financial Services Authority (MFSA) confirming steady expansion across output, employment and licensed activity.

In 2024, financial and insurance activities accounted for around eight per cent of Malta’s total Gross Value Added (GVA), significantly above the European Union average of 4.6 per cent. Within the EU, only Luxembourg (27 per cent) and Cyprus (10 per cent) reported a higher proportion, underlining Malta’s positioning as one of Europe’s more financially oriented economies relative to its size.

In absolute terms, the sector generated €1.74 billion in GVA in 2024, up from €1.26 billion in 2020 - a 37.8 per cent increase over five years. Financial service activities (NACE K64) were the primary growth driver, expanding by 66 per cent during the same period to reach €1.3 billion.

Between 2020 and 2024, the sector contributed 3.6 per cent to Malta’s overall economic growth.

Employment growth and workforce depth

Employment figures show a similarly positive trajectory. The financial services sector employed approximately 16,450 people in 2024, up 17.4 per cent from 14,050 in 2020.

Financial service activities alone accounted for 11,340 jobs, adding nearly 1,700 positions over four years. At 3.5 per cent of total national employment, Malta’s financial workforce share stands almost three times higher than the EU average of 1.2 per cent.

Insurance and reinsurance employment increased by 19 per cent, while auxiliary financial activities - including fund administration, brokerage and support services - grew by 15 per cent. Importantly, the sector recorded no employment contraction during the post-pandemic period, maintaining year-on-year growth from 2020 through 2024.

Regulatory data further reflects sectoral depth. As of 2025, the MFSA oversees 2,413 licensed entities, representing a 16.4 per cent increase from 2,073 in 2020.

Growth has accelerated since 2022, with 291 net new entities entering the market over three years. This expansion suggests a broadening ecosystem and reduced concentration risk, while indicating continued international engagement with Malta’s regulatory framework.

Taken together, the data points to a sector that is expanding in scale and diversification. Output has increased, employment has grown steadily, and the number of regulated entities continues to rise.