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Economy of Luxembourg vs Malta compared: GDP & Debt

Updated on by Georank team

Luxembourg has a GDP of $93.3B compared to $25B for Malta, ranking 74/197 and 119/197 by economy size, respectively.

Luxembourg has $24.5B in government debt (26.3% of GDP), compared to $11.5B (46.2% of GDP) in Malta.

Luxembourg vs Malta GDP by year

Luxembourg
Malta
1x
Year GDP, current $
Luxembourg Malta
2024 $93,279,851,863 $24,971,574,502
2023 $88,788,881,539 $22,610,561,526
2022 $80,801,680,397 $18,928,276,162
2021 $86,386,759,695 $19,739,875,611
2020 $73,670,782,100 $16,404,663,226
2019 $69,872,035,114 $16,337,793,531
2018 $71,085,623,495 $16,153,779,511
2017 $65,712,180,343 $14,161,366,724
2016 $62,216,885,436 $12,025,782,834
2015 $60,071,584,216 $11,340,795,042
2014 $68,804,811,898 $11,888,032,874
2013 $65,203,276,467 $10,796,782,636
2012 $59,776,383,527 $9,609,532,089
2011 $61,696,281,326 $9,789,361,703
2010 $56,213,985,987 $9,097,044,159
2009 $54,467,289,898 $8,734,745,698
2008 $58,844,277,702 $9,135,419,465
2007 $51,587,401,416 $7,908,412,306
2006 $42,910,146,296 $6,749,838,806
2005 $37,672,280,120 $6,393,234,993
2004 $35,064,843,793 $6,104,141,520
2003 $29,667,268,248 $5,418,315,224
2002 $23,649,833,332 $4,455,127,414
2001 $21,387,533,703 $4,070,867,133
2000 $21,230,182,989 $4,036,809,815
1999 $21,899,317,599 $4,111,857,809
1998 $20,150,053,345 $4,010,111,688
1997 $19,563,836,265 $3,787,023,707
1996 $20,895,314,658 $3,822,547,197
1995 $20,853,093,870 $3,709,396,045
1994 $17,701,798,891 $2,998,505,428
1993 $15,925,521,222 $2,709,193,538
1992 $15,518,702,635 $3,021,942,759
1991 $13,834,219,728 $2,750,216,747
1990 $12,778,792,854 $2,547,328,748
1989 $10,037,674,038 $2,118,655,677
1988 $9,418,167,855 $2,019,503,068
1987 $8,320,902,215 $1,751,293,461
1986 $6,685,595,088 $1,435,038,441
1985 $4,577,211,767 $1,117,797,439
1984 $4,438,435,493 $1,101,807,023
1983 $4,524,217,751 $1,165,729,707
1982 $4,602,316,793 $1,234,474,404
1981 $5,053,665,797 $1,243,509,394
1980 $6,019,805,490 $1,250,198,601
1979 $5,516,982,664 $1,001,288,847
1978 $4,718,539,772 $793,673,402
1977 $3,789,321,328 $625,563,171
1976 $3,423,586,207 $527,936,989
1975 $3,123,333,333 $474,618,321
1974 $3,183,637,117 $376,081,124
1973 $2,609,875,802 $345,616,106
1972 $1,901,697,370 $295,106,628
1971 $1,518,773,421 $264,578,485
1970 $1,457,768,455 $250,728,796
1969 $1,245,432,991 -
1968 $1,075,561,623 -
1967 $983,052,315 -
1966 $976,717,015 -
1965 $929,477,285 -
1964 $910,877,686 -
1963 $797,902,154 -
1962 $747,846,862 -
1961 $710,163,719 -
1960 $709,941,874 -

Data sources: World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06).

GeoRank.org/economy/luxembourg/malta | CC BY

GDP per capita in Luxembourg vs Malta by year

Luxembourg
GDP per capita

GDP per capita, PPP
Malta
GDP per capita

GDP per capita, PPP
1x
Year Current $
Luxembourg Malta
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $137,782 $155,941 $43,899 $69,864
2023 $133,231 $150,508 $40,906 $67,057
2022 $123,720 $146,919 $35,639 $60,589
2021 $134,966 $136,772 $38,097 $56,852
2020 $116,860 $122,067 $31,823 $49,972
2019 $112,697 $121,372 $32,422 $51,393
2018 $116,927 $116,638 $33,382 $48,178
2017 $110,193 $114,986 $30,317 $45,764
2016 $106,899 $113,365 $26,459 $41,000
2015 $105,462 $107,860 $25,530 $38,369
2014 $123,679 $105,296 $27,425 $35,206
2013 $120,000 $100,925 $25,416 $33,138
2012 $112,585 $96,636 $22,878 $30,716
2011 $119,025 $94,475 $23,517 $29,426
2010 $110,886 $90,336 $21,947 $28,909
2009 $109,420 $86,919 $21,176 $26,782
2008 $120,422 $90,971 $22,315 $26,654
2007 $107,475 $85,126 $19,444 $25,012
2006 $90,789 $78,861 $16,654 $23,219
2005 $80,988 $68,788 $15,831 $22,227
2004 $76,545 $64,686 $15,212 $21,566
2003 $65,689 $60,192 $13,594 $20,813
2002 $53,006 $58,576 $11,251 $19,532
2001 $48,440 $56,136 $10,358 $18,435
2000 $48,660 $55,136 $10,348 $18,214
1999 $50,872 $49,845 $10,609 $16,898
1998 $47,445 $44,270 $10,408 $16,219
1997 $46,642 $42,488 $9,893 $15,465
1996 $50,444 $39,722 $10,062 $14,661
1995 $51,032 $38,345 $9,828 $13,950
1994 $43,933 $37,551 $8,000 $12,938
1993 $40,067 $35,899 $7,296 $12,103
1992 $39,571 $34,108 $8,220 $11,429
1991 $35,747 $33,191 $7,559 $10,784
1990 $33,465 $29,949 $7,192 $10,086
1989 $26,618 - $6,041 -
1988 $25,219 - $5,814 -
1987 $22,443 - $5,084 -
1986 $18,150 - $4,195 -
1985 $12,482 - $3,322 -
1984 $12,127 - $3,333 -
1983 $12,374 - $3,527 -
1982 $12,591 - $3,788 -
1981 $13,837 - $3,898 -
1980 $16,531 - $3,948 -
1979 $15,204 - $3,196 -
1978 $13,034 - $2,559 -
1977 $10,486 - $2,038 -
1976 $9,491 - $1,727 -
1975 $8,701 - $1,560 -
1974 $8,967 - $1,245 -
1973 $7,447 - $1,144 -
1972 $5,487 - $976 -
1971 $4,435 - $874 -
1970 $4,298 - $828 -
1969 $3,690 - - -
1968 $3,203 - - -
1967 $2,935 - - -
1966 $2,925 - - -
1965 $2,804 - - -
1964 $2,779 - - -
1963 $2,462 - - -
1962 $2,332 - - -
1961 $2,241 - - -
1960 $2,261 - - -

Data sources: World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06).

GeoRank.org/economy/luxembourg/malta | CC BY

Luxembourg's GDP per capita is $137,782, ranking 3/197, compared to $43,899 in Malta, ranking 28/197. Adjusted for purchasing power (GDP per capita PPP), Luxembourg ranks 1st at $155,941, while Malta ranks 25th at $69,864.

Economic indicators

Luxembourg Malta
Gross domestic product
$93.3B
2024
$25B
2024
GDP rank
74/197
2024
119/197
2024
GDP growth
0.36%
2023-2024
6.8%
2023-2024
GDP per capita
$137,782
2024
$43,899
2024
GDP per capita rank
3/197
2024
28/197
2024
GDP per capita, PPP
$155,941
2024
$69,864
2024
GDP per capita PPP rank
1/197
2024
25/197
2024
Government debt
$24.5B
2024
$11.5B
2024
Debt-to-GDP ratio
26.3%
2024
46.2%
2024
Government debt per person
$36,221
2024
$20,269
2024
Government debt per person rank
19/185
2024
31/185
2024
Average annual personal income after taxes
$69,593
2026
$23,692
2026
Market capitalization of domestic companies
$41.9B
2024
$4.29B
2024
Number of billionaires
1
2025
n/a
Income share by richest 10%
25%
2023
27.7%
2022
Income share by poorest 10%
2.8%
2023
2.7%
2022
Government expenditure, % of GDP
46.9%
2024
37.3%
2024
Consumer prices inflation
2.05%
2023-2024
1.65%
2023-2024
Unemployment rate
6.42%
2024
3.12%
2024
Population
693885
581729

Spending and national debt comparison by year

Luxembourg
Spending

Debt
Malta
Spending

Debt
1x
Year % of GDP
Luxembourg Malta
Government spending Government debt Government spending Government debt
2024 46.9% 26.3% 37.3% 46.2%
2023 46.4% 24.7% 36.1% 46.8%
2022 44.3% 24.9% 38.3% 50.1%
2021 42.4% 24.2% 39.4% 49.6%
2020 47% 24.5% 42.1% 48.6%
2019 43.1% 22.3% 34.9% 39.2%
2018 42.3% 20.9% 34.5% 41.4%
2017 41.3% 21.8% 32.7% 45.6%
2016 40% 19.6% 35.5% 53.1%
2015 40.4% 21.1% 37.8% 55%
2014 40.6% 21.9% 39.6% 60.7%
2013 41.2% 22.4% 40.1% 64.9%
2012 41.8% 20.8% 41.7% 65.6%
2011 41.5% 18.5% 41.5% 68.9%
2010 42% 19.1% 40.1% 65%
2009 42.7% 15.3% 41.1% 66%
2008 37.9% 14.6% 42.1% 61.5%
2007 37.4% 8.09% 41.2% 62%
2006 39.4% 8.21% 42.5% 64.5%
2005 43.4% 7.95% 42.5% 70.2%
2004 43.7% 7.83% 42% 70.4%
2003 43.3% 7.43% 45.6% 68.6%
2002 41.8% 7.45% 43.6% 65.1%
2001 38.1% 7.62% 44.4% 70%
2000 38% 7.49% 42.9% 64.4%
1999 41.7% 8.39% - 69.8%
1998 43.9% 9.51% - 66.4%
1997 44.2% 10.1% - 60.8%
1996 42.5% 10.2% - 51.5%
1995 42% 10.3% - 45.3%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1995–2024, retrieved 2026-02-20).

GeoRank.org/economy/luxembourg/malta | CC BY

In 2024, Luxembourg's government spending was $43.7B, accounting for 46.9% of its GDP, while Malta spent $9.32B, or 37.3% of GDP.

Debt-to-GDP ratio is 26.3% in Luxembourg and 46.2% in Malta, ranking 162/185 and 118/185, respectively.

Government deficit by year

Deficit/surplus
Luxembourg

Malta
1x
Year Deficit/surplus, % of GDP
Luxembourg Malta
2024 1.03% -3.58%
2023 -0.78% -4.65%
2022 0.18% -5.31%
2021 1% -6.95%
2020 -3.09% -8.72%
2019 2.68% 0.72%
2018 3.17% 1.86%
2017 1.37% 3.4%
2016 1.89% 1.1%
2015 1.3% -0.84%
2014 1.33% -1.49%
2013 0.84% -2.19%
2012 0.5% -3.31%
2011 0.65% -2.99%
2010 -0.26% -2.22%
2009 -0.21% -3.11%
2008 3.37% -4.06%
2007 4.35% -2.05%
2006 1.9% -2.46%
2005 -0.21% -2.83%
2004 -1.39% -4.28%
2003 0.28% -9.04%
2002 2.03% -5.62%
2001 5.62% -6.5%
2000 5.55% -5.83%
1999 3.24% -
1998 2.98% -
1997 2.65% -
1996 2.37% -
1995 2.71% -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1995–2024, retrieved 2026-02-20).

GeoRank.org/economy/luxembourg/malta | CC BY

In 2024, Luxembourg's government surplus, the difference between spending and revenue, was $961M, equivalent to 1.03% of GDP. This compares to Malta's deficit of $893M, or 3.58% of GDP.

Over the past 25 years, Luxembourg recorded a fiscal deficit in 6 of those years, while Malta ran a deficit in 21 years. On average, Luxembourg posted an annual surplus equal to 1.32% of GDP, compared to deficit of 3.24% of GDP for Malta.

Inflation comparison by year

Inflation
Luxembourg

Malta
1x
Year Consumer prices inflation
Luxembourg Malta
2024 2.05% 1.65%
2023 3.74% 5.09%
2022 6.34% 6.15%
2021 2.53% 1.5%
2020 0.82% 0.64%
2019 1.74% 1.64%
2018 1.53% 1.16%
2017 1.73% 1.36%
2016 0.29% 0.64%
2015 0.47% 1.1%
2014 0.63% 0.31%
2013 1.73% 1.18%
2012 2.66% 2.38%
2011 3.41% 2.96%
2010 2.27% 1.52%
2009 0.37% 2.08%
2008 3.4% 4.26%
2007 2.31% 1.25%
2006 2.67% 2.77%
2005 2.49% 3.01%
2004 2.23% 2.79%
2003 2.05% 1.3%
2002 2.07% 2.19%
2001 2.66% 2.93%
2000 3.15% 2.37%
1999 1.03% 2.13%
1998 0.96% 2.39%
1997 1.37% 3.11%

Data sources: World Bank | Economy & Growth (1997–2024, retrieved 2026-04-06).

GeoRank.org/economy/luxembourg/malta | CC BY

Over the past 28 years, Luxembourg has recorded an average annual inflation rate of 2.1%, compared with 2.21% in Malta. In 2024, inflation was 2.05% in Luxembourg and 1.65% in Malta.

Top exports between countries

Luxembourg
Export category Export value
Business & finance services $115M
Transport & tourism services $2.37M
Metals $1.88M
Machinery & equipment $861K
Processed food, beverages & tobacco $332K
Chemicals & pharma $302K
Textiles & consumer goods $263K
Wood & paper products $181K
Raw materials & minerals $11K
Raw agricultural goods $7K
Malta
Export category Export value
Transport & tourism services $128M
Business & finance services $75.5M
IT & IP services $19.3M
Manufacturing & construction services $3.78M
Government & miscellaneous services $1.3M
Chemicals & pharma $312K
Wood & paper products $160K
Machinery & equipment $7K
Metals $6K
Precious metals & jewellery $5K

Balance of trade

Luxembourg Malta
Current account balance
$4.1B
2024
$1.78B
2024
Current account balance ranking
35/190
2024
47/190
2024
Current account balance, % of GDP
+4.4%
2024
+7.12%
2024
Goods imports
$29.4B
2024
$7.56B
2024
Goods exports
$31.3B
2024
$4.58B
2024
Service imports
$117B
2024
$17.4B
2024
Service exports
$150B
2024
$25B
2024
Imports of goods and services, % of GDP
159.7%
2024
99.7%
2024
Exports of goods and services, % of GDP
191.5%
2024
118.5%
2024

Economic freedom indices

The indices of economic freedom below are issued by the Heritage Foundation. Higher scores indicate stronger economic health.

Luxembourg Malta
Economic freedom 79.7 68.2
Economic freedom ranking 7/197 49/197
Property rights 96.6 85.5
Government integrity 88.7 54.3
Judicial effectiveness 99.1 80.2
Tax burden 62.3 68.5
Government spending 36.9 58.4
Fiscal health 98.6 63.2
Business freedom 89.5 83.2
Labor freedom 56.7 62.6
Monetary freedom 74.1 73.1
Trade freedom 79.4 79.4
Investment freedom 95 60
Financial freedom 80 50

Economic freedom comparison by year

Luxembourg
Malta
1x
Year Economic freedom index
Luxembourg Malta
2026 79.7 68.2
2025 79.5 66.8
2024 79.2 64.5
2023 78.4 67.5
2022 80.6 71.5
2021 76 70.2
2020 75.8 69.5
2019 75.9 68.6
2018 76.4 68.5
2017 75.9 67.7
2016 73.9 66.7
2015 73.2 66.5
2014 74.2 66.4
2013 74.2 67.5
2012 74.5 67
2011 76.2 65.7
2010 75.4 67.2
2009 75.2 66.1
2008 74.7 66
2007 74.6 66.1
2006 75.3 67.3
2005 76.3 68.9
2004 78.9 63.3
2003 79.9 61.1
2002 79.4 62.2
2001 80.1 62.9
2000 76.4 58.3
1999 72.4 59.3
1998 72.7 61.2
1997 72.8 57.9
1996 72.5 55.8
1995 - 56.3

Data sources: The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09).

GeoRank.org/economy/luxembourg/malta | CC BY

The Economic Freedom Index for Luxembourg is 79.7, ranking 7/197, compared to 68.2 for Malta, ranking 49/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Luxembourg Malta
Services, % of GDP
81.2%
2024
81.8%
2024
Industry, % of GDP
9.66%
2024
10.7%
2024
Agriculture, forestry, and fishing, % of GDP
0.21%
2024
0.23%
2024
GNI, Atlas method
$57.3B
2024
$20.9B
2024
GNI per capita, PPP
$110,650
2024
$61,340
2024
Total reserves including gold
$2.79B
2024
$1.42B
2024
Total reserves ranking
119/177
2024
137/177
2024
Net foreign direct investment
$21.4B
2024
-$6.13B
2024
Net inflows of foreign direct investment
$106B
2024
$42.6B
2024
Net outflows of foreign direct investment
$109B
2024
$36.5B
2024
Poverty at national poverty lines
17.3%
2021
16.7%
2021
Gross capital formation, % of GDP
15.8%
2024
19%
2024

GDP per capita map

1x

Data sources: World Bank | Economy & Growth (1985–2024, retrieved 2026-04-06); U.S. Census Bureau (1985–2024, retrieved 2026-02-08).

GeoRank.org/economy/luxembourg/malta | CC BY

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Data sources:

  1. World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06)
  2. International Monetary Fund (IMF) | Fiscal Monitor (1995–2024, retrieved 2026-02-20)
  3. The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09)
  4. U.S. Census Bureau (1985–2024, retrieved 2026-02-08)
  5. TradeMap (2021–2024, retrieved 2026-02-08)
  6. United Nations | World Population Prospects (2026, retrieved 2026-03-10)
  7. LivingCost (2026, retrieved 2025-10-14)

Creative Commons Attribution (CC BY) — you’re free to copy, share, remix, adapt, and use even commercially as long as you give appropriate credit and clearly indicate if you made changes. Other sources may be subject to different license terms.

The current account balance is the sum of net trade in goods and services, net earnings from cross-border investments, and net transfer payments. It reflects a country's economic transactions with the rest of the world and is a fundamental component of the balance of payments. A surplus indicates that a country exports more than it imports, while a deficit shows the opposite.

Gross National Income (GNI) measures a country's total income. It encompasses income earned by residents, businesses, and foreign sources, defined as employee compensation and investment profits. GNI adds product taxes not included elsewhere and subtracts subsidies. It accounts for income from residents working abroad but excludes earnings from foreigners within the country.

A negative value for Net Foreign Direct Investment indicates a country is a net receiver of investments, as foreign inflows exceed outflows after Balance of Payments adjustments. A positive value indicates a net provider, with outflows exceeding inflows. Inflows are credits (increasing foreign claims on domestic assets), while outflows are debits (increasing domestic assets abroad).

Foreign direct investment (FDI, net inflows) shows how much capital foreign investors bring into a country after accounting for any funds that flow back in the opposite direction. It represents the net value of overseas companies establishing, expanding, or financing businesses in the reporting country. A positive number means more capital entered the country than was withdrawn, while a negative number means foreign investors pulled out more than they invested.

Foreign direct investment (FDI, net outflows) shows how much capital residents of a country invest abroad after accounting for any funds that flow back in the opposite direction. It represents the net value of domestic companies establishing, expanding, or financing businesses in other countries. A positive number means more capital was invested abroad than withdrawn, while a negative number means residents pulled back more than they invested.

Formerly gross domestic investment, gross capital formation measures the share of a country’s economic output invested in fixed assets, including buildings, machinery, and infrastructure. It indicates how much of the economy is devoted to building productive capacity.