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Economy of Malta vs Singapore compared: GDP & Debt

Updated on by Georank team

Malta has a GDP of $25B compared to $547B for Singapore, ranking 119/197 and 28/197 by economy size, respectively.

Malta has $11.5B in government debt (46.2% of GDP), compared to $950B (173.5% of GDP) in Singapore.

Malta vs Singapore GDP by year

Malta
Singapore
1x
Year GDP, current $
Malta Singapore
2024 $24,971,574,502 $547,386,645,892
2023 $22,610,561,526 $505,439,514,078
2022 $18,928,276,162 $509,017,841,147
2021 $19,739,875,611 $436,591,382,250
2020 $16,404,663,226 $349,165,858,545
2019 $16,337,793,531 $376,161,998,830
2018 $16,153,779,511 $377,123,710,561
2017 $14,161,366,724 $343,673,334,902
2016 $12,025,782,834 $319,646,468,521
2015 $11,340,795,042 $307,998,545,269
2014 $11,888,032,874 $314,863,580,758
2013 $10,796,782,636 $307,576,360,585
2012 $9,609,532,089 $295,092,888,077
2011 $9,789,361,703 $279,356,499,090
2010 $9,097,044,159 $239,807,980,591
2009 $8,734,745,698 $194,150,283,772
2008 $9,135,419,465 $193,617,323,539
2007 $7,908,412,306 $180,941,701,358
2006 $6,749,838,806 $148,627,286,361
2005 $6,393,234,993 $127,807,848,728
2004 $6,104,141,520 $115,033,593,101
2003 $5,418,315,224 $97,646,401,096
2002 $4,455,127,414 $92,538,372,870
2001 $4,070,867,133 $89,793,790,670
2000 $4,036,809,815 $96,076,539,926
1999 $4,111,857,809 $86,286,849,755
1998 $4,010,111,688 $85,728,207,782
1997 $3,787,023,707 $100,123,787,215
1996 $3,822,547,197 $96,293,086,513
1995 $3,709,396,045 $87,812,540,788
1994 $2,998,505,428 $73,688,724,431
1993 $2,709,193,538 $60,603,815,716
1992 $3,021,942,759 $52,131,320,033
1991 $2,750,216,747 $45,466,164,978
1990 $2,547,328,748 $36,144,336,769
1989 $2,118,655,677 $30,465,364,739
1988 $2,019,503,068 $25,371,462,488
1987 $1,751,293,461 $20,919,215,578
1986 $1,435,038,441 $18,586,746,057
1985 $1,117,797,439 $19,156,532,746
1984 $1,101,807,023 $19,749,361,098
1983 $1,165,729,707 $17,784,112,150
1982 $1,234,474,404 $16,084,252,378
1981 $1,243,509,394 $14,175,228,844
1980 $1,250,198,601 $11,896,256,783
1979 $1,001,288,847 $9,296,921,724
1978 $793,673,402 $7,517,176,355
1977 $625,563,171 $6,618,585,074
1976 $527,936,989 $6,327,077,974
1975 $474,618,321 $5,633,673,930
1974 $376,081,124 $5,221,534,956
1973 $345,616,106 $3,696,213,333
1972 $295,106,628 $2,721,440,981
1971 $264,578,485 $2,263,785,444
1970 $250,728,796 $1,920,574,150
1969 - $1,659,893,768
1968 - $1,425,706,091
1967 - $1,238,035,816
1966 - $1,096,425,608
1965 - $974,644,096
1964 - $894,153,311
1963 - $917,608,012
1962 - $826,239,212
1961 - $764,629,788
1960 - $704,751,700

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

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

GDP per capita in Malta vs Singapore by year

Malta
GDP per capita

GDP per capita, PPP
Singapore
GDP per capita

GDP per capita, PPP
1x
Year Current $
Malta Singapore
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $43,899 $69,864 $90,674 $150,689
2023 $40,906 $67,057 $85,412 $143,786
2022 $35,639 $60,589 $90,299 $143,095
2021 $38,097 $56,852 $80,056 $132,617
2020 $31,823 $49,972 $61,410 $101,518
2019 $32,422 $51,393 $65,952 $105,335
2018 $33,382 $48,178 $66,882 $103,963
2017 $30,317 $45,764 $61,236 $95,744
2016 $26,459 $41,000 $57,006 $89,902
2015 $25,530 $38,369 $55,646 $87,156
2014 $27,425 $35,206 $57,565 $84,555
2013 $25,416 $33,138 $56,967 $83,088
2012 $22,878 $30,716 $55,548 $82,108
2011 $23,517 $29,426 $53,891 $80,052
2010 $21,947 $28,909 $47,237 $75,401
2009 $21,176 $26,782 $38,927 $66,213
2008 $22,315 $26,654 $40,009 $67,735
2007 $19,444 $25,012 $39,433 $68,805
2006 $16,654 $23,219 $33,768 $64,061
2005 $15,831 $22,227 $29,961 $58,822
2004 $15,212 $21,566 $27,608 $54,384
2003 $13,594 $20,813 $23,730 $48,778
2002 $11,251 $19,532 $22,160 $45,083
2001 $10,358 $18,435 $21,700 $43,109
2000 $10,348 $18,214 $23,853 $43,781
1999 $10,609 $16,898 $21,797 $39,949
1998 $10,408 $16,219 $21,829 $37,560
1997 $9,893 $15,465 $26,376 $39,286
1996 $10,062 $14,661 $26,233 $36,873
1995 $9,828 $13,950 $24,915 $35,090
1994 $8,000 $12,938 $21,552 $33,058
1993 $7,296 $12,103 $18,290 $30,062
1992 $8,220 $11,429 $16,136 $27,022
1991 $7,559 $10,784 $14,502 $25,530
1990 $7,192 $10,086 $11,862 $23,815
1989 $6,041 - $10,395 -
1988 $5,814 - $8,914 -
1987 $5,084 - $7,539 -
1986 $4,195 - $6,800 -
1985 $3,322 - $7,002 -
1984 $3,333 - $7,228 -
1983 $3,527 - $6,633 -
1982 $3,788 - $6,078 -
1981 $3,898 - $5,597 -
1980 $3,948 - $4,928 -
1979 $3,196 - $3,901 -
1978 $2,559 - $3,194 -
1977 $2,038 - $2,846 -
1976 $1,727 - $2,759 -
1975 $1,560 - $2,490 -
1974 $1,245 - $2,342 -
1973 $1,144 - $1,685 -
1972 $976 - $1,264 -
1971 $874 - $1,071 -
1970 $828 - $926 -
1969 - - $813 -
1968 - - $709 -
1967 - - $626 -
1966 - - $567 -
1965 - - $517 -
1964 - - $486 -
1963 - - $511 -
1962 - - $472 -
1961 - - $449 -
1960 - - $428 -

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

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

Malta's GDP per capita is $43,899, ranking 28/197, compared to $90,674 in Singapore, ranking 7/197. Adjusted for purchasing power (GDP per capita PPP), Malta ranks 25th at $69,864, while Singapore ranks 2nd at $150,689.

Economic indicators

Malta Singapore
Gross domestic product
$25B
2024
$547B
2024
GDP rank
119/197
2024
28/197
2024
GDP growth
6.8%
2023-2024
4.39%
2023-2024
GDP per capita
$43,899
2024
$90,674
2024
GDP per capita rank
28/197
2024
7/197
2024
GDP per capita, PPP
$69,864
2024
$150,689
2024
GDP per capita PPP rank
25/197
2024
2/197
2024
Government debt
$11.5B
2024
$950B
2024
Debt-to-GDP ratio
46.2%
2024
173.5%
2024
Government debt per person
$20,269
2024
$157,326
2024
Government debt per person rank
31/185
2024
1/185
2024
Average annual personal income after taxes
$23,692
2026
$52,793
2026
Market capitalization of domestic companies
$4.29B
2024
$638B
2024
Number of millionaires n/a
331,000
2025
Number of billionaires n/a
49
2025
Income share by richest 10%
27.7%
2022
n/a
Income share by poorest 10%
2.7%
2022
n/a
Government expenditure, % of GDP
37.3%
2024
14.6%
2024
Consumer prices inflation
1.65%
2023-2024
2.39%
2023-2024
Unemployment rate
3.12%
2024
2.74%
2024
Population
581729
6125852

Spending and national debt comparison by year

Malta
Spending

Debt
Singapore
Spending

Debt
1x
Year % of GDP
Malta Singapore
Government spending Government debt Government spending Government debt
2024 37.3% 46.2% 14.6% 173.5%
2023 36.1% 46.8% 14.8% 172.8%
2022 38.3% 50.1% 15% 154.3%
2021 39.4% 49.6% 15.6% 141.7%
2020 42.1% 48.6% 24.1% 148.2%
2019 34.9% 39.2% 14% 127.9%
2018 34.5% 41.4% 13.9% 109.4%
2017 32.7% 45.6% 13.6% 107.6%
2016 35.5% 53.1% 15.3% 106.3%
2015 37.8% 55% 14.4% 102.2%
2014 39.6% 60.7% 12.6% 97.7%
2013 40.1% 64.9% 10.9% 98.2%
2012 41.7% 65.6% 9.83% 106.7%
2011 41.5% 68.9% 9.66% 103.1%
2010 40.1% 65% 10.2% 98.7%
2009 41.1% 66% 15.9% 101.7%
2008 42.1% 61.5% 14% 97.9%
2007 41.2% 62% 9.01% 87.8%
2006 42.5% 64.5% 12.3% 86.5%
2005 42.5% 70.2% 12.4% 92.7%
2004 42% 70.4% 14.1% 95.7%
2003 45.6% 68.6% 15.6% 99.1%
2002 43.6% 65.1% 15.9% 96.3%
2001 44.4% 70% 18.2% 94.5%
2000 42.9% 64.4% 16.1% 82.3%
1999 - 69.8% 15.9% 85.3%
1998 - 66.4% 18.1% 84.6%
1997 - 60.8% 14.5% 70.8%
1996 - 51.5% 18.1% 71.3%
1995 - 45.3% 13.8% 69.8%
1994 - - 11.7% 70.7%
1993 - - 14.5% 71.2%
1992 - - 14.5% 79%
1991 - - 15.9% 76.4%
1990 - - 15.1% 73.5%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20).

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

In 2024, Malta's government spending was $9.32B, accounting for 37.3% of its GDP, while Singapore spent $79.7B, or 14.6% of GDP.

Debt-to-GDP ratio is 46.2% in Malta and 173.5% in Singapore, ranking 118/185 and 4/185, respectively.

Government deficit by year

Deficit/surplus
Malta

Singapore
1x
Year Deficit/surplus, % of GDP
Malta Singapore
2024 -3.58% 4.44%
2023 -4.65% 3.47%
2022 -5.31% 1.21%
2021 -6.95% 1.13%
2020 -8.72% -6.73%
2019 0.72% 3.77%
2018 1.86% 3.68%
2017 3.4% 5.24%
2016 1.1% 3.25%
2015 -0.84% 2.86%
2014 -1.49% 4.6%
2013 -2.19% 5.96%
2012 -3.31% 7.34%
2011 -2.99% 7.96%
2010 -2.22% 5.68%
2009 -3.11% -0.09%
2008 -4.06% 3.59%
2007 -2.05% 7.12%
2006 -2.46% 2.16%
2005 -2.83% 2.56%
2004 -4.28% 2.06%
2003 -9.04% 0.68%
2002 -5.62% 2.23%
2001 -6.5% 1.2%
2000 -5.83% 4.59%
1999 - 5.2%
1998 - 2.41%
1997 - 5.66%
1996 - 1.98%
1995 - 4.8%
1994 - 7.9%
1993 - 4.36%
1992 - 2.7%
1991 - 0.68%
1990 - 1.97%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20).

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

In 2024, Malta's government deficit, the difference between spending and revenue, was $893M, equivalent to 3.58% of GDP. This compares to Singapore's surplus of $24.3B, or 4.44% of GDP.

Over the past 25 years, Malta recorded a fiscal deficit in 21 of those years, while Singapore ran a deficit in 2 years. On average, Malta posted an annual deficit equal to 3.24% of GDP, compared to surplus of 3.2% of GDP for Singapore.

Inflation comparison by year

Inflation
Malta

Singapore
1x
Year Consumer prices inflation
Malta Singapore
2024 1.65% 2.39%
2023 5.09% 4.83%
2022 6.15% 6.13%
2021 1.5% 2.32%
2020 0.64% -0.17%
2019 1.64% 0.57%
2018 1.16% 0.44%
2017 1.36% 0.58%
2016 0.64% -0.53%
2015 1.1% -0.52%
2014 0.31% 1.03%
2013 1.18% 2.36%
2012 2.38% 4.58%
2011 2.96% 5.25%
2010 1.52% 2.83%
2009 2.08% 0.59%
2008 4.26% 6.64%
2007 1.25% 2.11%
2006 2.77% 0.97%
2005 3.01% 0.43%
2004 2.79% 1.66%
2003 1.3% 0.51%
2002 2.19% -0.39%
2001 2.93% 1%
2000 2.37% 1.36%
1999 2.13% 0.02%
1998 2.39% -0.27%
1997 3.11% 2%

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

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

Over the past 28 years, Malta has recorded an average annual inflation rate of 2.21%, compared with 1.74% in Singapore. In 2024, inflation was 1.65% in Malta and 2.39% in Singapore.

Top exports between countries

Malta
Export category Export value
Machinery & equipment $160M
Transport & tourism services $20.7M
Business & finance services $12.2M
Chemicals & pharma $6.69M
IT & IP services $3.08M
Processed food, beverages & tobacco $1.18M
Manufacturing & construction services $591K
Government & miscellaneous services $237K
Raw agricultural goods $225K
Precious metals & jewellery $166K
Singapore
Export category Export value
Miscellaneous $1.79B
Machinery & equipment $49.2M
Chemicals & pharma $4.82M
Metals $2.78M
Precious metals & jewellery $1.22M
Textiles & consumer goods $538K
Raw materials & minerals $415K
Processed food, beverages & tobacco $231K
Wood & paper products $101K
Animal & marine products $51K

Balance of trade

Malta Singapore
Current account balance
$1.78B
2024
$96B
2024
Current account balance ranking
47/190
2024
8/190
2024
Current account balance, % of GDP
+7.12%
2024
+17.5%
2024
Goods imports
$7.56B
2024
$435B
2024
Goods exports
$4.58B
2024
$583B
2024
Service imports
$17.4B
2024
$351B
2024
Service exports
$25B
2024
$396B
2024
Imports of goods and services, % of GDP
99.7%
2024
143.6%
2024
Exports of goods and services, % of GDP
118.5%
2024
178.8%
2024

Economic freedom indices

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

Malta Singapore
Economic freedom 68.2 84.4
Economic freedom ranking 49/197 1/197
Property rights 85.5 89.2
Government integrity 54.3 86.1
Judicial effectiveness 80.2 58.3
Tax burden 68.5 89.5
Government spending 58.4 93.4
Fiscal health 63.2 80
Business freedom 83.2 90.6
Labor freedom 62.6 77
Monetary freedom 73.1 83.5
Trade freedom 79.4 95
Investment freedom 60 90
Financial freedom 50 80

Economic freedom comparison by year

Malta
Singapore
1x
Year Economic freedom index
Malta Singapore
2026 68.2 84.4
2025 66.8 84.1
2024 64.5 83.5
2023 67.5 83.9
2022 71.5 84.4
2021 70.2 89.7
2020 69.5 89.4
2019 68.6 89.4
2018 68.5 88.8
2017 67.7 88.6
2016 66.7 87.8
2015 66.5 89.4
2014 66.4 89.4
2013 67.5 88
2012 67 87.5
2011 65.7 87.2
2010 67.2 86.1
2009 66.1 87.1
2008 66 87.3
2007 66.1 87.1
2006 67.3 88
2005 68.9 88.6
2004 63.3 88.9
2003 61.1 88.2
2002 62.2 87.4
2001 62.9 87.8
2000 58.3 87.7
1999 59.3 86.9
1998 61.2 87
1997 57.9 87.3
1996 55.8 86.5
1995 56.3 86.3

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

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

The Economic Freedom Index for Malta is 68.2, ranking 49/197, compared to 84.4 for Singapore, ranking 1/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Malta Singapore
Services, % of GDP
81.8%
2024
73%
2024
Industry, % of GDP
10.7%
2024
21.4%
2024
Agriculture, forestry, and fishing, % of GDP
0.23%
2024
0.03%
2024
GNI, Atlas method
$20.9B
2024
$451B
2024
GNI per capita, PPP
$61,340
2024
$126,190
2024
Total reserves including gold
$1.42B
2024
$384B
2024
Total reserves ranking
137/177
2024
9/177
2024
Net foreign direct investment
-$6.13B
2024
-$96.7B
2024
Net inflows of foreign direct investment
$42.6B
2024
$152B
2024
Net outflows of foreign direct investment
$36.5B
2024
$55.3B
2024
Poverty at national poverty lines
16.7%
2021
n/a
Gross capital formation, % of GDP
19%
2024
22.2%
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/malta/singapore | 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 (1990–2024, 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.