Business News

Contextualising COVID-19 – the pandemic’s impact on Malta in figures

20th June 2020

Government financing figures, missed-out tourist numbers and the average working hours of local workers during the height of the pandemic are just a few figures used by authorities to shape policy in this post-COVID landscape.

As Malta’s gears itself for a summer once thought lost, and businesses across industries focus on moving forward, the Malta Chamber’s official publication, the Commercial Courier, takes a look at how the pandemic has impacted the local economy, in figures.

Malta COVID-19 headline figures:

€2 billion – The maximum level of borrowing necessary to meet the immediate financing needs resulting from Government’s response to COVID-19.

€607.1 million – The deficit in the Government’s Consolidated Fund at the end of April.

€109 million – The drop in income tax revenue in the first four months of the year.

22.1% - The decline in turnover in the accommodation and food service activities in the first quarter this year compared to the previous quarter.

85% - Local businesses whose local and export sales were impacted by COVID-19.

5.4% The decrease in economic growth expected this year.

€1.4 billion – The estimated loss in tourism income this year also taking into account a certain level of incoming visitors until December. (Malta Hotel and Restaurants Association President Tony Zahra quoted this figure in the April edition of The Malta Business Observer)

20,000 – The number of people in the tourism industry who benefitted from the COVID-19 supplement launched by Government.

18.2% - The decrease in the number of guests staying in hotels and other collective accommodation establishments between January and March compared to the first quarter 2019.

21.3% - The drop in the number of Maltese residents travelling abroad in the first quarter compared to a year earlier.

23 - The mean number of hours per week during which workers were actually on the job in the second half of March when compared to the average of 37 hours a week registered in 2019

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