Malta recorded a current account surplus of €269.4 million in the first quarter of 2025, up from €185.2 million during the same period in 2024, according to provisional data released by the National Statistics Office (NSO). The improvement was largely driven by robust performance in the services sector, which posted a surplus of €1.78 billion.
The services account, long a pillar of Malta’s external trade, remains the dominant contributor to the surplus, supported further by a modest €14.4 million surplus in secondary income. These gains were partially offset by significant deficits in the primary income account (€777.0 million) and the goods account (€752.9 million), reflecting persistent import pressures and income outflows.
The capital account also remained in positive territory, registering €68.1 million in Q1 2025. However, this represents a decline of €34.7 million compared to the first quarter of 2024, pointing to reduced inflows related to capital transfers and investment grants.
Meanwhile, Malta’s financial account showed total net asset growth of €392.4 million, a €10.4 million increase year-on-year. This was primarily driven by sharp rises in other investment (€987.7 million), direct investment (€486.8 million), and financial derivatives (€441.2 million). These gains were partly eroded by a substantial net decrease of €1.54 billion in portfolio investment. Reserve assets also posted a modest increase of €14.2 million.
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