Malta had the fastest-growing economy in Europe.
True for 2024 (Malta 5%, top of EU). True directionally for 2023 (4% vs EU 0.6%). Not true for 2022 (Ireland led at 8.6%, Malta 6.9%). For the back half of the legislature, the claim holds.
True for 2024 (Malta 5%, top of EU). True directionally for 2023 (4% vs EU 0.6%). Not true for 2022 (Ireland led at 8.6%, Malta 6.9%). For the back half of the legislature, the claim holds.
The 2022 PL manifesto set a target of average 5.5% real GDP growth per year over the legislature. Actual performance has been mixed: Malta grew 6.9% in 2022 but Ireland led that year at 8.6%; Malta grew 4% in 2023 against an EU-eurozone average near 0.6%, putting it at or near the top of the EU; and Malta grew 5% in 2024 — the fastest in the entire EU that year. So the 'fastest-growing in Europe' claim is literally true for 2024, directionally true for 2023, and not true for 2022. Across 2023-2025 cumulatively, Malta is among the top performers; whether it is THE top depends on the cumulative metric chosen. Mostly True given the strength of recent years' performance.
Did Malta really have the fastest-growing economy in Europe
Few economic claims survive cross-examination as cleanly as 'fastest-growing economy in Europe'. It is precise enough to check, prominent enough to matter, and Abela leaned on it as a flagship of the legislature's record.
The 2022 promise
The 2022 PL manifesto opened its economic chapter with two specific targets:
- Average 5.5% real GDP growth per year over the legislature
- Continued status as one of the fastest-growing economies in the EU
- Public debt below 60% of GDP by end-of-legislature
What the data actually shows
For the year Abela leans on hardest — 2024 — Malta did finish on top of the EU growth league table. The bar chart below shows Eurostat's verified real GDP growth across the EU's fastest-growing economies that year:
Malta's lead over the runner-up (Croatia) was 1.2 percentage points — a comfortable margin in EU growth terms. Compared to the EU average of 1.0%, Malta grew five times as fast.
The trend across the legislature
The 2024 win wasn't a one-off. Malta consistently outpaced the EU average from 2022 through 2025, even as the post-pandemic boom normalised. The line chart below shows real GDP growth, year by year, for Malta versus the EU average:
Year by year:
- 2022: Malta 6.9% — strong, but Ireland led the EU at 8.6%. Malta was near the top, not at it.
- 2023: Malta 4% vs EU/eurozone 0.6%. Malta clearly at or near the top of the EU.
- 2024: Malta 5%. Confirmed by EC and Eurostat as the fastest-growing EU economy that year.
- 2025-2026 (forecast): Malta 4% then 3.8% — continuing to outperform EU averages but normalising.
Where the claim is strongest, and where it's weakest
Strongest for 2024. The European Commission's economic outlook explicitly identified Malta as the fastest-growing EU economy in 2024. That is the year Abela can lean on most directly.
Strong for 2023. Malta's 4% growth against an EU/eurozone average barely above zero put it at or near the top of the league table.
Weakest for 2022. Ireland's 8.6% growth that year was higher than Malta's 6.9%. The 2022 manifesto's prediction was that Malta would lead that year, but the actual league table did not bear that out.
And against the manifesto's own benchmark?
The 2022 manifesto promised an average 5.5% real GDP growth per year across the legislature. The legislature average is roughly:
So the legislature is on track to come in just under the 5.5% manifesto target — close, but not quite. Outperforming the EU average comfortably, but not hitting the specific number Labour set for itself.
So is the claim accurate?
For the most-recent full year, yes — Malta led the EU in 2024. For the 2023-2024 window cumulatively, the claim holds. For 2022, it doesn't. The 5.5% per-year manifesto target was missed by roughly half a percentage point on the 4-year average. Across the legislature, Malta has been one of the fastest-growing economies in the EU; whether it has been THE fastest depends on the year and the metric.
Verdict: Mostly True. The headline claim survives in the years voters care about most, with one notable exception in 2022 and a near-miss against the manifesto's own self-imposed 5.5% benchmark.