The latest edition of the PwC CEO confidence tracker, carried out during the second quarter of 2024, continued to track the business sentiment reported by Malta’s top CEOs in a context of an increasingly volatile and challenging economic environment. Around 40 CEOs leading the larger business organisations across a variety of industries in Malta participated in this barometer.
This edition marks the highest level of CEOs (38%) who reported a drop in the level of business when compared to the previous quarter, since the first edition of the confidence tracker was issued by PwC Malta. The feedback to the CEO confidence tracker was solicited during May, in a landscape dominated by the prevailing inflationary pressures affecting both consumers and industry and in the midst of the European Parliament election campaign.
The business level trends can be interpreted further in light of the most recent economic forecast issued by the Central Bank of Malta, where the country’s gross domestic product is expected to grow by 4.3% in 2024. Growth is then projected to ease to 3.5% in 2025, a downward revision in 2024 and 2025, when compared to the Bank's previous projections. Meanwhile the Economic Sentiment Indicator for Malta, as tracked by European Commission, also reports a decline in business sentiment over the first six months of 2024.
Despite the observed dip in current business sentiment, the PwC Confidence Tracker indicates that the outlook for the next six months is largely in line with pervious trackers, with 54% of CEOs indicating a stable outlook, implying an element of resilience within the Maltese economy.
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