Local business leaders remain resilient amid global uncertainty, while Malta’s economy continues to outperform the eurozone.
PwC Malta has published two new editions of its flagship barometers this month: the first CEO Confidence Tracker for 2025 and the second instalment of the Economic Outlook for the year. These publications offer decision-makers timely analysis of current sentiment and forward-looking trends; backed by data, insight and direct input from Malta’s business leaders.
Two-thirds of local CEOs anticipate no or minimal impact from US tariffs
According to PwC Malta’s latest CEO Confidence Tracker, two-thirds of CEOs expect little to no impact from the newly imposed US tariffs. This measured response reflects Malta’s limited direct trade exposure to the US, which accounts for just 3–5% of international activity. The survey, conducted in June and covering over 50 CEOs across major industries, also reveals that business performance has improved significantly over the previous quarter, reaching one of its highest levels since PwC Malta began tracking sentiment in 2021. This aligns with national economic indicators, such as the Central Bank of Malta’s Business Conditions Index, which shows a modest rise above the historical average. Looking ahead, most CEOs share a cautiously optimistic six-month outlook, underpinned by solid fundamentals: projected GDP growth above the euro area average, stable unemployment at 2.8%, and increasing building permits, an important signal of future investment.
Malta’s economic growth slows, but still outpaces the eurozone
According to PwC’s Economic Outlook, Malta’s economy is expected to grow by 4.1% in 2025, outpacing the euro area’s forecast of 0.9%. While this marks a slowdown from the post-pandemic rebound, Malta remains among the most resilient economies in the EU. The report points to a mixed economic picture. Externally oriented sectors like financial services and ICT are driving growth, while construction, real estate and manufacturing are showing signs of contraction. Consumption growth is becoming more selective, with categories like hospitality, education, and communication remaining strong, but broader household spending is showing signs of softening. While Malta’s resilience stands out, the data also flags a slowdown in private consumption per capita and a dip in economic sentiment entering mid-2025.
These indicators suggest that while the country remains ahead of the curve, the pace of growth is beginning to ease. Commenting on the release of both reports, David Valenzia, Territory Senior Partner at PwC Malta, stated: “Understanding where business confidence stands and how economic dynamics are shifting is vital, not just for policymakers but for businesses charting their next move. At PwC, we’re committed to providing data-driven insights that help our clients cut through uncertainty and make decisions with clarity and purpose. Reports like these are part of our responsibility to keep the market informed, so we can all move forward, together.”
Access the full CEO Confidence Tracker from here.
Access the full Economic Outlook from here.
