Aquaculture industry rebounds as value added swings from a €67.4 million loss to a €31.6 million surplus

Malta’s aquaculture industry recorded a notable recovery in 2024, with gross value added (GVA) shifting from a negative balance of €67.4 million in 2023 to a positive €31.6 million in 2024, according to newly published NSO figures.

The sector’s turnaround was driven primarily by a substantial drop in intermediate consumption, which fell by 40 per cent to €160.2 million, after reaching a peak of €267.1 million in 2023. While total output did decline marginally – from €199.7 million in 2023 to €191.8 million in 2024 – the sharp reduction in operating costs outweighed the dip in production value.

Atlantic bluefin tuna farming, the industry’s dominant activity, remained the main contributor to output, generating €179 million, although this too marked a decrease from the previous year. Closed-cycle species such as seabream and seabass registered an increase in output value, rising to €13.7 million in 2024.

Net operating surplus also improved significantly, recovering from a loss of €84.6 million in 2023 to a positive €13.6 million in 2024. Employment-related costs continued their steady upward trend, with compensation of employees rising to €13.2 million.

Despite lower sales volumes and values for tuna, the sector benefitted from markedly reduced purchases of live fish, which declined by 61 per cent, helping stabilise operational performance after a challenging 2023.