Employment rises 7.4% in Maltese-controlled firms as foreign-controlled workforce falls

The number of persons employed increased by 5.8 per cent in 2024, but the increase was driven by locally controlled enterprises, where the number of persons employed rose by 7.4 per cent. Foreign-controlled enterprises, meanwhile, recorded a 1.1 per cent decline.

According to the latest statistics published by the NSO, employee benefits expense increased by €659.2 million to €6.33 billion. Among foreign-controlled enterprises, employee benefits expense rose by 8.0 per cent despite the decline in the number of persons employed.

Technological solutions, professional and business support activities accounted for the largest share of persons employed under both foreign control and locally controlled enterprises. The activity domain also recorded the largest nominal increase in value added, rising by €329.5 million.

Gambling and betting activities recorded a 12.9 per cent decline in value added and an 18.7 per cent decline in gross operating surplus among foreign-controlled enterprises.

Other activity domains recorded increases. Net turnover in mobility, logistics and hospitality service activities rose by 14.2 per cent, while gross investment in tangible non-current assets increased from €463.1 million to €1.23 billion.

Wholesale and retail trade recorded a 24.3 per cent increase in value added and a 57.4 per cent increase in net turnover.

Meanwhile, foreign companies controlled by Maltese residents across 58 countries generated €2.07 billion in net turnover in 2024, an increase of 8.9 per cent over 2023.

EU Member States accounted for €1.41 billion, or 67.9 per cent of total net turnover, representing an increase of 8.5 per cent over the previous year.

The number of persons employed by Maltese-controlled foreign affiliates stood at 15,611 in 2024, down by 5.9 per cent from 16,582 in 2023. EU Member States accounted for 12,173 persons, or 78.0 per cent of total employment.

Romania had the largest share of employment among Maltese-owned foreign affiliates, with 5,141 persons employed in 2024, despite a 16.8 per cent decline compared with 2023.