Malta's last fiscal surplus was in 2019, before the pandemic.
Confirmed against Eurostat general government deficit/surplus series (gov_10dd_edpt1) and NSO Maastricht Treaty reporting. Maltese general government balance ran a surplus in 2017 (+3.2% of GDP), 2018 (+1.9%) and 2019 (+0.5%), then moved into deficit from 2020 (-9.4%) as the COVID-19 pandemic fiscal response kicked in. 2019 is the last surplus year on the record before the pandemic-era deficits.
Confirmed against Eurostat general government deficit/surplus series (gov_10dd_edpt1) and NSO Maastricht Treaty reporting. Maltese general government balance ran a surplus in 2017 (+3.2% of GDP), 2018 (+1.9%) and 2019 (+0.5%), then moved into deficit from 2020 (-9.4%) as the COVID-19 pandemic fiscal response kicked in. 2019 is the last surplus year on the record before the pandemic-era deficits.
We tested Caruana's claim against Eurostat general government deficit and debt (gov_10dd_edpt1) and NSO Maastricht Treaty first-reporting series. The methodological question is whether 2019 is the last fiscal surplus year on the Maltese record before the COVID-19 pandemic.
Verdict lands at True because the documentary record shows surpluses in 2017 (+3.2%), 2018 (+1.9%) and 2019 (+0.5%), followed by a deficit from 2020 onwards (-9.4% in 2020, -7.5% in 2021, -5.6% in 2022, -4.6% in 2023, -3.7% in 2024, -2.2% in 2025). The deep-dive lays out the year-by-year trajectory and the EDP context; this editorial note is methodology only.
Was Malta's last fiscal surplus really in 2019, before the pandemic
Tested against Eurostat general government deficit and debt series (gov_10dd_edpt1), NSO Maastricht Treaty reporting, and Maltese Ministry for Finance Budget Implementation Reports 2017-2025. The Maltese general government balance shows surpluses in 2017, 2018 and 2019, then deficits from 2020 onwards as the pandemic fiscal response kicked in. 2019 is the last surplus year on the record.
The year-by-year balance, 2017-2025
The Maltese balance ran a surplus in 2017 (+3.2% of GDP), 2018 (+1.9%) and 2019 (+0.5%) — the second longest run of consecutive Maltese surpluses on the EU-EDP record. The pandemic broke the surplus run in 2020 with a -9.4% deficit as the government deployed pandemic-era fiscal support. The deficit narrowed each year from 2021 (-7.5%) through 2025 (-2.2%), with the 2025 outturn taking Malta out of the Excessive Deficit Procedure earlier than the EC's 2027 deadline (companion fact-check #143).
Why the surplus run ended in 2020
The pandemic-era fiscal response involved sustained public-sector spending — wage-supplement schemes, business-survival grants, the public-health response, and the early phase of the energy-subsidy programme that has continued since the 2022 Russia-Ukraine energy shock. These are the documented drivers of the 2020-2024 deficit trajectory, and they are the substantive reason 2019 is the last Maltese surplus year on the record. The 2025 outturn at -2.2% is back inside the 3% Maastricht ceiling but has not yet returned to surplus.
So is the claim accurate?
Yes. Eurostat gov_10dd_edpt1 and NSO Maastricht reporting both confirm 2019 (+0.5% of GDP) as the last Maltese fiscal surplus year. Surpluses 2017-2019 were broken by the pandemic-driven 2020 deficit and the post-pandemic consolidation has not yet returned the budget to surplus, though the 2025 outturn at -2.2% is materially closer.
Verdict: True.