National Debt (% of GDP): Malta

Analysis# Malta National Debt (% of GDP) Malta's national debt stood at 47.3% of GDP in 2026, representing a moderate fiscal position relative to its historical range. The metric has recovered significantly from its all-time low of 39.2% in 2019, yet remains well below the peak of 70.4% recorded in 2004. Since 1995, Malta's debt-to-GDP ratio has increased only 4.4 percentage points, reflecting overall long-term fiscal stability despite cyclical fluctuations. The period from 2017 to 2019 marked Malta's strongest fiscal performance, with debt declining from 45.6% to 39.2%. However, the COVID-19 pandemic reversed this trajectory, pushing debt to 48.6% in 2020. Since then, the ratio has stabilized in the 46-50% range, with 2026 data suggesting a plateau around 47.3% with minimal year-over-year movement expected in the near term.