Reference metadata describe statistical concepts and methodologies used for the collection and generation of data. They provide information on data quality and, since they are strongly content-oriented, assist users in interpreting the data. Reference metadata, unlike structural metadata, can be decoupled from the data.
National accounts are a coherent and consistent set of macroeconomic indicators, which provide an overall picture of the economic situation and are widely used for economic analysis and forecasting, policy design and policy making.
GDP is one of the key aggregates in national accounts. GDP is a measure of the total economic activity taking place on an economic territory.
There are three approaches to measuring GDP:
the production approach, as the sum of the value added by all activities which produce goods and services, plus taxes less subsidies on products;
the expenditure approach, as the sum of all final expenditures made in either consuming the final output of the economy, or in adding to wealth, plus exports less imports of goods and services;
the income approach, as the sum of all incomes earned in the process of producing goods and services plus taxes on production and imports less subsidies
The current metadata is associated with the following data collections:
Gross Domestic Product (GDP) and main components (output, expenditure, and income).
Main GDP aggregates per capita.
Gross value added and income by A*10 and A*64 industry breakdowns.
3.2. Classification system
The standard followed is the European System of National and Regional Accounts (ESA 2010).
Annual National Accounts (ANA) comprise GDP, value added and income per economic activity, final consumption aggregates, capital formation, exports and imports.
Breakdowns exist for variables by economic activity, final consumption purpose, and type of non-financial asset.
Malta does not apply any national exceptions to the standard classifications and definitions set out in ESA 2010. The country provides the requested level of information in full compliance with the ESA 2010 transmission programme.
Economic activity
ESA 2010 uses aggregation levels of the NACE Rev.2 classification to define industry breakdowns (NACE stands for Nomenclature générale des Activités économiques dans les Communautés Européennes). NACE Rev.2 is a classification of economic activities widely used in statistics and in other domains. Requirements for the transmission of NACE Rev.2 series have been specified in the Commission Regulation (EC) No 715/2010 of 10 August 2010
Asset types
The new transmission programme of national accounts data (annex B of Regulation (EC) No 1392/2007) foresees the following asset types (AN_F6) for quarterly data on gross fixed capital formation:
AN.111 dwellings
AN.112 other buildings and structures
AN.113 + AN.114 machinery and equipment + weapon systems
- AN.1131 transport equipment
- AN.1132 ICT equipment
- AN.1139 + AN.114 other machinery and equipment + weapon systems
- AN.115 cultivated biological resources
- AN.117 intellectual property products
3.3. Coverage - sector
Annual national accounts refer to the whole economy, but breakdowns by sectors are provided by the annual sector accounts.
3.4. Statistical concepts and definitions
The following are brief definitions of concepts and variables from the European System of Accounts 2010 (ESA 2010). In general, the ESA 2010 which was published in the Official Journal as Annex A of Regulation (EU) No 549/2013 and amended by EU regulation 2023/734, may be referred to for more detailed explanations on methodology.
GDP - Gross domestic product
GDP at market prices is the final result of the production activity of resident producer units. It is defined in three ways:
a. GDP Output approach
From the production point of view GDP can be measured as the sum of the following components:
GDP = Total gross value added (B.1G) + Taxes less subsidies on products (D.21 less D.31)
where:
Gross Value Added (GVA)= Output (P.1) - Intermediate consumption (P.2)
b. GDP Expenditure approach
From the expenditure side, GDP can be measured as follows:
GDP =
Household and non-profit institutions serving households final expenditure (P.3 in S.14+S.15)
+ government final consumption expenditure (P.3 in S.13)
+ gross fixed capital formation (P.51)
+ changes in inventories (P.52)
+ acquisition less disposal of valuables (P.53)
+ exports (P.6)
- imports (P.7)
c. GDP Income approach
GDP =
Compensation of employees (D.1)
+ gross operating surplus and mixed income (B.2g and B.3g)
+ taxes less subsidies on production and imports (D.2 and D.3)
Note: GDP income components and other income measures are only available at current prices, because purely monetary flows cannot be decomposed into a price and a volume component. They may, however, be converted to "real terms" by applying an appropriate deflator.
3.5. Statistical unit
National accounts aim to capture economic activity within the domestic territory. They combine data from a host of base statistics, and thus they have no common sampling reference frame. The elementary building blocks of ESA 2010 statistics are statistical units and their groupings. ESA 2010 defines two types of units, institutional units and local kind-of-activity units (ESA 2010, 1.54).
In Malta, the statistical unit is based on the legal organisation. The LKAU concept is applied only in NACE divisions 35 and 36, to distinguish between electricity and water services activities.
3.6. Statistical population
National accounts combine data from many source statistics. The concept of statistical population is not applicable in a national accounts’ context.
3.7. Reference area
In Malta, the reference area for compiling Annual National Accounts corresponds to the total economy, defined at the NUTS 0 level.
3.8. Coverage - Time
The ESA 2010 Transmission Programme requests data starting from 1995 at current prices and in chain-linked volumes, and from 1996 at previous year’s prices.
In Malta, data is available from 1995 at current prices, from 2001 at previous year’s prices, and 2000 in chain-linked volumes.
3.9. Base period
Not applicable. The Commission Decision 98/715/EC requires previous year's prices and volume estimates to be presented in chain-linked series.
The GDP main aggregates data are presented using a range of unit measures including current price, previous year’s prices and chain-linked volumes.
Current prices figures are typically expressed in millions of euros. They can be directly observed but include inflation effects.
Volume figures show the development of aggregates excluding inflation. They are typically derived as previous year prices but presented as chain linked volumes.
National accounts volumes for transactions concerning goods and services are estimated in previous year’s prices to eliminate the influence of inflation. They are used to derive chain-linked volumes and included in the dissemination for advanced users to allow construction of custom aggregations and derived measures. Since the price base changes every year, the figures do not constitute a homogeneous time series.
Chain-linked volume indices are derived by successively applying previous year's price's growth rates to an index value 100 in the reference year. The volume growth rates are equal with the growth rates in the level series mentioned below.
Chain-linked level series obtained by successively applying previous year’s prices growth rates to the current price figures of a specific reference year e.g. 2020.
Chain-linking involves the loss of additivity for all years except the reference year and the directly following year, because these are the only periods expressed in prices of the reference year. For other years, chain-linked components of GDP will not sum to chain-linked GDP.
In addition, chain-linking cannot be performed directly on variables that can take both negative and positive values. Therefore, no chain-linked series are provided for changes in inventories (P.52), acquisition less disposal of valuables (P.53) and the external balance (B.11, B.111 for goods only, B.112 for services only). These components are available only at current prices and at previous year's prices.
Growth rates represent the percentage change over previous period.
Contributions to growth reflect the fact that a change in GDP can be attributed to changes in its components, hence showing which component contributed strongly to economic growth and which did not. A component's contribution depends on both its size and its growth.
Implicit deflator series are derived as a ratio of current price to chain-linked volumes series and give indication of underlying price changes.
The accounting period corresponds to the calendar year, with temporal coverage varying across geographical units. As of the date of preparation of this document, the reference period used for deriving chain-linked volume estimates for Malta is the year 2020.
6.1. Institutional Mandate - legal acts and other agreements
The National Statistics Office (NSO) is Malta’s official statistical agency, established under Article 10 of the Malta Statistics Authority Act (Act XXIV of 2000). Article 10 defines the Office’s functions and responsibilities, which include the collection, compilation, extraction, and dissemination of official statistics in Malta.
6.2. Institutional Mandate - data sharing
Data on Annual National Accounts (ANA) are shared with the Central Bank of Malta, the Ministry for Finance and Employment, the Malta Fiscal Advisory Council.
7.1. Confidentiality - policy
Regulation (EC) No 223/2009 on European statistics (recital 24 and Article 20(4)) of 11 March 2009 (OJ L 87, p. 164), stipulates the need to establish common principles and guidelines ensuring the confidentiality of data used for the production of European statistics and the access to those confidential data with due account for technical developments and the requirements of users in a democratic society. The European Statistics Code of Practice provides further conditions that have to be respected by statistical offices in regard to statistical confidentiality (Principle 5).
The National Statistics Office (NSO) Malta, is governed by the Malta Statistics Authority Act (Cap. 422 of the Laws of Malta). Under this legislation, all information obtained in any way under the Act, which can be related to an identifiable person, or individual units shall be treated as confidential. All data supplied to the NSO is to be used solely for statistical compilation.
7.2. Confidentiality - data treatment
Malta makes use of confidentiality flags to ensure that sensitive information is protected throughout the production and dissemination of official statistics. These flags are applied during data validation and transmission processes to indicate which data points cannot be publicly released due to the risk of identifying individual statistical units. By systematically applying the Statistical Data and Metadata Exchange (SDMX) technical standards on confidentiality statuses — such as “C” for confidential statistical information and “D” for secondary confidentiality set by the sender, not for publication — Malta safeguards respondent privacy while maintaining compliance with European statistical standards.
8.1. Release calendar
NSO News Releases follow a pre-announced news release calendar. Deferrals of scheduled releases are only made in the event of unforeseen circumstances as per dissemination policy. National data are typically published on Eurostat’s online database one to two days after receipt, following processing and quality monitoring.
Malta is also a subscriber to the Special Data Dissemination Standard Plus (SDDS+), a monitored metadata standard established by the International Monetary Fund (IMF) that focuses on economic and financial indicators. Malta became SDDS+ compliant on 31 July 2023. SDDS+ metadata for Malta can be accessed through the relevant IMF platform, which also provides information for various countries and data categories on a quarter-ahead basis. These metadata alongside the data submitted are also accessible through the National Summary Data Page (NSDP).
There is no dedicated news release for Annual National Accounts.
In line with the Community legal framework and the European Statistics Code of Practice Eurostat disseminates European statistics on Eurostat's website (see item 15 - 'Accessibility and clarity') respecting professional independence and in an objective, professional and transparent manner in which all users are treated equitably.
The news release calendar is made available to users at least six months in advance. For SDDS+, the calendar is published four months ahead of the release date.
The National Statistics Office (NSO) of Malta provides more detailed transmissions of annual national accounts data, beyond the publicly available information, to the Economic Policy Department (EPD), the Central Bank of Malta (CBM), and the Malta Fiscal Advisory Council (MFAC).
Data is disseminated every quarter at t+2 months. Regular estimates: both quarterly and annual main national accounts (including employment) are estimated with a revision of the whole time series. The transmission requirements for each dataset are defined in the European System of Accounts (ESA 2010) transmission programme.
10.1. Dissemination format - News release
News releases are typically published at 11:00, except for certain releases issued on international observance days, which are published at 13:00. All releases are available in both English and Maltese.
10.2. Dissemination format - Publications
Dissemination formats include both an HTML webpage and PDF document, usually accompanied by an infographic. The main figure is displayed on the NSO's website banner and three to four salient points are also highlighted to draw attention to key aspects of the release.
10.3. Dissemination format - online database
In line with Regulation (EU) 2023/138 of 21 December 2022, which outlines specific high-value datasets and the arrangements for their publication and re-use. These databases include:
Gross domestic product and main components (annual)
The importance of national accounts necessitates the availability of documentation outlining the procedures used for quality management and quality assessment. Examples of such documentation include national accounts quality reports, quality studies, and revision analysis reports.
A dedicated website on the Quality Management Framework is made available to users on the NSO’s website, last updated in 2025.
Since 2017, National Reference Metadata in ESS Standard for Quality Reports Structure (ESQRS) have also been made available. These reports describe various dimensions of the quality of national accounts data transmissions submitted by countries, including relevance, accuracy and reliability, timeliness and punctuality, as well as accessibility and clarity.
The quality of national accounts data is ensured through the strict application of the ESA 2010 conceptual framework and by adhering to the guidelines set out in the ESS Handbook for Quality Reports. Please consult the note to users and news releases.
Throughout the compilation process, national accounts data are subject to multiple layers of quality checks, including:
Ex-ante checks on source statistics,
Ongoing checks during compilation,
Ex-post checks on methods used,
And external checks by institutions such as Eurostat, the International Monetary Funds (IMF), the European Court of Auditors, and the national Court of Auditors.
To ensure the consistency and accuracy of annual national accounts over time, Malta systematically conducts source data confrontations, time-series consistency checks, benchmarking to annual aggregates, deflation and volume controls, as well as reconciliation with Supply and Use Tables to guarantee coherent and reliable estimates.
In addition, discussions with key data users, such as the Central Bank of Malta, the Ministry for Finance and the Malta Fiscal Advisory Council, are held to gather feedback and ensure transparency.
11.2. Quality management - assessment
Malta ensures the accuracy and reliability of its Annual National Accounts (ANA) data through a thorough and systematic validation process. Each compiler responsible for specific calculations undertakes a detailed examination of the data to ensure consistency with National Accounts definitions and coverage. When significant discrepancies from expected values are identified, they are carefully investigated. If the data is found to be inconsistent or implausible, the necessary corrections are made based on comprehensive analysis rather than simple adjustments.
Furthermore, there is ongoing collaboration with the producers of source statistics, fostering verification and, where necessary, prompting data confirmations or revisions. This continuous dialogue strengthens the coherence and quality of the ANA estimates.
To further enhance data reliability, Malta performs detailed cross-checks between related variables, such as output and value added per full-time equivalent, compensation of employees per employee, and the ratio of intermediate consumption to output.
12.1. Relevance - User Needs
Users of annual national accounts data are typically interested in analysing structural changes in the economy from the medium-term perspective.
Key institutional users include the Central Bank of Malta, the Ministry for Finance and Employment, and the Malta Fiscal Advisory Council. Formal arrangements are in place to provide these users with national accounts data following each quarterly release of Gross Domestic Product (GDP). It also includes quarterly employment and population data.
12.2. Relevance - User Satisfaction
Annual national accounts data are a key instrument for economic analysis, enabling analysis by industry, as well as cross-country comparisons. These data provide essential insights into labour market dynamics, productivity, and structural changes within the economy, supporting informed policy-making and strategic planning.
The National Statistics Office (NSO) conducts periodic User Satisfaction Surveys to assess how effectively it fulfils its obligations in meeting users’ needs and expectations. The most recent survey was carried out in 2025.
12.3. Completeness
In most countries, national accounts cover the domains national accounts main aggregates, government accounts, sector accounts, regional accounts, and supply and use tables. However, the content of the data on these domains, such as breakdowns by region, sector, industry, or product, can vary across countries, depending on national priorities and the availability of source data.
The ESA 2010 Transmission Programme (ESA 2010 TP) , which comprises 22 tables across all national accounts domains (see Section 10.3), defines the minimum required dataset that must be available in all EU Member States.
T01GDP_A (Gross domestic product and main components) and T301 (Gross value added and income by detailed industry) refer to annual national accounts.
In Malta, data is available from the year of 1995 at current prices, from the year of 2001 at previous year’s prices (PYP), and from the year of 2000 in chain-linked volumes (CLV).
Completeness rates of ESA data transmissions are assessed in annual quality reports. The completeness rate for T01GDP_A was 85.8% and for T301 was 97.0% in 2024, due to missing data from PYP and CLV for years prior to 2000.
13.1. Accuracy - overall
The accuracy of national accounts estimates is evaluated through the analysis of revisions. National Reference Metadata in ESS Standard for Quality Reports Structure (ESQRS) assesses the accuracy and reliability of national accounts data as required by the ESA 2010 TP.
Until the Structural Business Statistics (SBS) data is implemented, annual data is typically derived by summing the four quarters of the year. This approach provides a provisional estimate of annual economic activity. Once SBS data is integrated, the resulting figures are considered semi-final and are less susceptible to further revisions, as the SBS data offers a more comprehensive and accurate picture of the business sector. Data is deemed final when the Supply and Use Tables (SUT) are incorporated into the National Accounts, marking the point at which the annual figures are fully aligned with the most detailed economic information available, until the next benchmark revision is due.
13.2. Sampling error
Not applicable.
13.3. Non-sampling error
Not applicable.
14.1. Timeliness
Malta is compliant with the deadlines defined in Annex B EU Regulation 2023/734 of 15 March 2023.
14.2. Punctuality
National accounts data transmissions within the framework of the ESA 2010 TP must be delivered to Eurostat punctually, in accordance with the deadlines set out in the programme, or earlier where possible.
The overall punctuality of Malta’s national accounts data has been consistently high. In recent years, Malta transmits annual national accounts at t+2 months.
In 2024, Malta submitted 16 main aggregate tables on time and 3 tables with a slight delay. The delayed tables included the quarterly GDP/EMP tables (2 days late) and the annual EMP tables (1 day late) for T+9M.
15.1. Comparability - geographical
Comparability of data across countries is ensured through the application of common definitions set out in ESA 2010. Worldwide geographical comparisons are also possible, as most non-European countries apply the System of National Accounts 2008 (SNA 2008), which is fully consistent with ESA 2010.
15.2. Comparability - over time
By using a common framework, the European System of Accounts (ESA 2010), national accounts data are made comparable over time. In cases where fundamental changes to methods or classifications occur, revisions to long time series are implemented, often extending far back into the past. If a time series contains a break, indicating a structural change at a specific point, a “B” flag is inserted in the first period (year) where the break occurs.
As of the date of preparation of this document Malta has no “B” flags.
15.3. Coherence - cross domain
Quarterly national accounts may be checked against the corresponding annual series, which are also available from Eurostat's website. In addition, the annual series offer more details, as for instance increased industry breakdowns, and some series may only be available at annual level. Note however, that for flow series, the sum of quarters usually compares to the annual value, whereas for stock series usually the average compares to the annual value.
15.4. Coherence - internal
Malta always ensures full consistency between quarterly and annual national accounts, as well as with Government Finance Statistics (GFS) for years which are not yet finalised. While discrepancies may arise between the National Accounts and GFS data, any updates or corrections to GFS data, any necessary updates or corrections to GFS data are incorporated during the next benchmark revision. This approach guarantees that the National Accounts are always aligned with the most accurate and up-to-date government finance information.
Regional GDP aligns with National GDP data as of December each year, with updates occurring only once annually in December.
According to HERP, a distinction is drawn between “routine revisions,” “major revisions,” and “benchmark revisions.” Malta, however, employs alternative terminology, referring to these as “minor revisions,” “major revisions,” and “unplanned revisions”. The national data revision policy provides a detailed explanation of these distinctions.
Minor revisions involve routine updates to preliminary estimates by incorporating more recent, complete, or higher-quality source data, as well as revisions arising from seasonal adjustments. These revisions aim to improve data accuracy without significant changes to methodologies or definitions.
In the context of National Accounts, routine revisions are considered as “minor revisions” and are of two types:
The update of sources data, and
The incorporation of new results from regular surveys.
Major revisions encompass changes to definitions, classifications, concepts, and/or methodologies; re-referencing through updates to the index reference period, re-weighting, and chain-linking; incorporation of results from changes in basic data sources such as surveys and censuses; the adoption of new estimation methods; discontinuation of current data sources; or the availability of new data sources. European benchmark revisions are included within major revisions and are communicated to users in advance.
Unplanned revisions generally occur when statistics initially considered final require revision due to upon receipt of updated data that significantly impacts the figures, necessary corrections, or availability of improved estimates from alternative sources. The Office commits to providing clear explanations for any unplanned revisions that substantially affect the final results.
In statistical work, errors in source data and computations can occasionally occur. While every effort is made to minimise such errors, the Office upholds a long-standing policy of promptly correcting any identified mistakes and informing users through an errata corrige notice.
Users should be informed that Malta does not currently comply with the Harmonised European Revision Policy (HERP) standard; therefore, revisions to the data may occur more frequently.
17.2. Data revision - practice
Revisions should be regarded as a continuous process aimed at progressively enhancing the quality of national accounts data, for instance, through the incorporation of improved sources and methodologies.
Accordingly, it is necessary to provide explanation on the reasons for revisions and their nature (such as the introduction of new source data or methods), along with quantitative and qualitative assessments of the average magnitude and direction of revisions based on past data.
In practice, for Malta, revisions to annual data may occur until the annual accounts for the respective year are considered finalised with the implementation of the annual supply and use tables (SUT).
Years for which annual accounts have been integrated, primarily based on data from the Structural Business Survey (SBS), but for which a SUT is not yet available, are generally regarded as semi-final.
Data preceding the most recent SUT are only revised in the event of benchmark revisions. Since the implementation of ESA 95 in 2004, five benchmark revisions have been undertaken in Malta:
2011 and 2012: related to the implementation of NACE Rev. 2,
2020 and 2024: aimed at addressing outstanding reservations and action points, as well as incorporating major new data sources.
The Office issues a press information notice prior to the publication of the news release to inform users about routine revisions that integrate new results from regular surveys.
18.1. Source data
Annual National Accounts (ANA) are based on statistics that are primarily collected for other purposes (primary statistics). These rely on a combination of statistical surveys, administrative data, quarterly returns and financial reports. Key sources include business surveys such as short-term indicators like production and turnover statistics, household surveys that capture consumption patterns, and external sector data such as trade in goods and balance of payments statistics. Government sources, including budgetary reports and public sector statements also play a vital role. Additionally, administrative data, such as employment records and VAT data reports from regulatory bodies, provide timely and detailed inputs. In Malta, quarterly returns from major economic players are regularly collected and form an essential part of the data framework, helping to ensure the accuracy and timeliness of national accounts estimates.
Specific sources to the annual national accounts include:
The Economic Accounts of Agriculture (EAA) which provide detailed information on output and intermediate consumption of the agriculture industry
The Aquaculture and Tuna Farming which provide detailed statistics on the structure, output and intermediate consumption registered by the aquaculture and tuna farming industry.
The Structural Business Statistics (SBS) are the main data source for the compilation of Annual National Accounts, which provide a comprehensive set of variables describing business demography and employment characteristics, as well as monetary variables including income and expenditure related indicators, such as value added and investment.
The Tax Index of Financial Data (TIFD) provided by the Commissioner for Revenue (CFR) is another source of data which consists of a list of items commonly reported on balance sheets and income statements.
Household Budgetary Surveys (HBS) which collect detailed information on household income, expenditure, and consumption patterns, providing insights into living standards and economic behaviour.
In Malta, the frequency of data collection for Annual National Accounts (ANA) varies across primary sources depending on their nature.
Structural Business Statistics (SBS) for the production and income approaches are collected annually and available at T+18, with revisions typically occurring at T+30. The EAA and Aquaculture and Tuna Farming Census are both available within T+9 months. Data from TIFD is provided twice a year by the Commissioner for Revenue. Household expenditure data, such as the Household Budget Survey (HBS), is usually available every 7 to 10 years.
Data in ESA 2010 are transmitted via SDMX which introduced standardised codes.
National Accounts combine data from many source statistics. Techniques of data collection vary widely, depending on the compilation approach, the source statistics available, the timeliness of data release and other factors.
The data used in compiling the Maltese national accounts are sourced from various units within the NSO, including Structural Business Statistics, and Public Finance, as well as from external institutions such as the Central Bank of Malta and the Malta Tax and Customs Administration.
Data validation for ANA in Malta involves a multi-step process to ensure the accuracy, consistency, and reliability of the compiled statistics. Initially, the raw data from various sources, including surveys, administrative records, and financial reports, are cross-checked against historical data trends. Consistency checks are performed to detect discrepancies between different datasets, such as comparing quarterly business survey results with monthly trade data or government fiscal reports. Any anomalies or outliers are thoroughly investigated, often through consultations with data providers to clarify and correct discrepancies.
Additionally, monitoring specific indicators is a crucial part of ensuring the quality and coherence of annual national accounts in Malta. Key indicators such as output per full-time equivalent (FTE) employee, compensation of employees per employee, as well as key rations like the intermediate consumption to output ratio, the consumption of fixed capital output and social security contributions to compensation of employees, are regularly analysed to detect unusual fluctuations or inconsistencies that may signal data quality issues. For example, output per FTE helps assess productivity trends and identify potential anomalies in production data, while compensation of employees per employee is monitored to ensure alignment between wage data and employment figures. The intermediate consumption to output ratio is closely tracked to verify the consistency of input-output relationships within industries, helping to validate cost and production estimates. Continuous monitoring of these indicators allows for early detection of discrepancies and supports the overall reliability of Malta’s annual national accounts.
18.5. Data compilation
The primary approach used to compile Malta’s GDP in the framework of annual national accounts is the production approach.
The production and income approaches are derived by aggregating the Production and Generation of Income accounts by sector, including non-financial corporations and households (S.11 + S.14), financial corporations (S.12), general government (S.13), and non-profit institutions serving households (S.15).
Consistency between the different approaches (production, expenditure, and income) is achieved through a comprehensive reconciliation and balancing process. Key components such as gross operating surplus and mixed income are typically derived as residuals.
The compilation process is carried out at the most detailed level feasible, typically at the NACE 2-digit level with further breakdown when relevant for the production and income approaches, to ensure the reliability of estimates while providing adequate sectoral representation. This approach also facilitates the inclusion of non-observed economy components, improving overall data coverage.
In Malta, data at previous year's prices is primarily obtained through single deflation, where gross value added is directly deflated using a price index. In certain cases, double indicator techniques are employed, which involve deflating both output and intermediate consumption, or a combination of deflation and extrapolation. The annual overlap technique is used for chain-linking, offering the advantage of maintaining temporal consistency between quarterly and annual estimates. Consistency is assessed through cross-checks that verify the relation between current prices, previous year’s price, and chain-linked volume measures.
Malta applies a simultaneous balancing approach in the compilation of Supply and Use Tables, allowing value, price, and volume indices to be analysed together to ensure that all three present a coherent and plausible picture of the economy. This approach enhances the quality of the balancing process, as the results of the analysis can influence both current and constant price data. Moreover, the simultaneous approach is beneficial not only during the balancing phase but also when preparing basic data for national accounts, since it enables early validation of price and volume indices before integration into the SUT framework. Simultaneous balancing at current and constant prices may also lead to a different allocation of adjustments compared to balancing conducted solely at current prices.
National accounts are a coherent and consistent set of macroeconomic indicators, which provide an overall picture of the economic situation and are widely used for economic analysis and forecasting, policy design and policy making.
GDP is one of the key aggregates in national accounts. GDP is a measure of the total economic activity taking place on an economic territory.
There are three approaches to measuring GDP:
the production approach, as the sum of the value added by all activities which produce goods and services, plus taxes less subsidies on products;
the expenditure approach, as the sum of all final expenditures made in either consuming the final output of the economy, or in adding to wealth, plus exports less imports of goods and services;
the income approach, as the sum of all incomes earned in the process of producing goods and services plus taxes on production and imports less subsidies
The current metadata is associated with the following data collections:
Gross Domestic Product (GDP) and main components (output, expenditure, and income).
Main GDP aggregates per capita.
Gross value added and income by A*10 and A*64 industry breakdowns.
4 February 2026
The following are brief definitions of concepts and variables from the European System of Accounts 2010 (ESA 2010). In general, the ESA 2010 which was published in the Official Journal as Annex A of Regulation (EU) No 549/2013 and amended by EU regulation 2023/734, may be referred to for more detailed explanations on methodology.
GDP - Gross domestic product
GDP at market prices is the final result of the production activity of resident producer units. It is defined in three ways:
a. GDP Output approach
From the production point of view GDP can be measured as the sum of the following components:
GDP = Total gross value added (B.1G) + Taxes less subsidies on products (D.21 less D.31)
where:
Gross Value Added (GVA)= Output (P.1) - Intermediate consumption (P.2)
b. GDP Expenditure approach
From the expenditure side, GDP can be measured as follows:
GDP =
Household and non-profit institutions serving households final expenditure (P.3 in S.14+S.15)
+ government final consumption expenditure (P.3 in S.13)
+ gross fixed capital formation (P.51)
+ changes in inventories (P.52)
+ acquisition less disposal of valuables (P.53)
+ exports (P.6)
- imports (P.7)
c. GDP Income approach
GDP =
Compensation of employees (D.1)
+ gross operating surplus and mixed income (B.2g and B.3g)
+ taxes less subsidies on production and imports (D.2 and D.3)
Note: GDP income components and other income measures are only available at current prices, because purely monetary flows cannot be decomposed into a price and a volume component. They may, however, be converted to "real terms" by applying an appropriate deflator.
National accounts aim to capture economic activity within the domestic territory. They combine data from a host of base statistics, and thus they have no common sampling reference frame. The elementary building blocks of ESA 2010 statistics are statistical units and their groupings. ESA 2010 defines two types of units, institutional units and local kind-of-activity units (ESA 2010, 1.54).
In Malta, the statistical unit is based on the legal organisation. The LKAU concept is applied only in NACE divisions 35 and 36, to distinguish between electricity and water services activities.
National accounts combine data from many source statistics. The concept of statistical population is not applicable in a national accounts’ context.
In Malta, the reference area for compiling Annual National Accounts corresponds to the total economy, defined at the NUTS 0 level.
The accounting period corresponds to the calendar year, with temporal coverage varying across geographical units. As of the date of preparation of this document, the reference period used for deriving chain-linked volume estimates for Malta is the year 2020.
The accuracy of national accounts estimates is evaluated through the analysis of revisions. National Reference Metadata in ESS Standard for Quality Reports Structure (ESQRS) assesses the accuracy and reliability of national accounts data as required by the ESA 2010 TP.
Until the Structural Business Statistics (SBS) data is implemented, annual data is typically derived by summing the four quarters of the year. This approach provides a provisional estimate of annual economic activity. Once SBS data is integrated, the resulting figures are considered semi-final and are less susceptible to further revisions, as the SBS data offers a more comprehensive and accurate picture of the business sector. Data is deemed final when the Supply and Use Tables (SUT) are incorporated into the National Accounts, marking the point at which the annual figures are fully aligned with the most detailed economic information available, until the next benchmark revision is due.
The GDP main aggregates data are presented using a range of unit measures including current price, previous year’s prices and chain-linked volumes.
Current prices figures are typically expressed in millions of euros. They can be directly observed but include inflation effects.
Volume figures show the development of aggregates excluding inflation. They are typically derived as previous year prices but presented as chain linked volumes.
National accounts volumes for transactions concerning goods and services are estimated in previous year’s prices to eliminate the influence of inflation. They are used to derive chain-linked volumes and included in the dissemination for advanced users to allow construction of custom aggregations and derived measures. Since the price base changes every year, the figures do not constitute a homogeneous time series.
Chain-linked volume indices are derived by successively applying previous year's price's growth rates to an index value 100 in the reference year. The volume growth rates are equal with the growth rates in the level series mentioned below.
Chain-linked level series obtained by successively applying previous year’s prices growth rates to the current price figures of a specific reference year e.g. 2020.
Chain-linking involves the loss of additivity for all years except the reference year and the directly following year, because these are the only periods expressed in prices of the reference year. For other years, chain-linked components of GDP will not sum to chain-linked GDP.
In addition, chain-linking cannot be performed directly on variables that can take both negative and positive values. Therefore, no chain-linked series are provided for changes in inventories (P.52), acquisition less disposal of valuables (P.53) and the external balance (B.11, B.111 for goods only, B.112 for services only). These components are available only at current prices and at previous year's prices.
Growth rates represent the percentage change over previous period.
Contributions to growth reflect the fact that a change in GDP can be attributed to changes in its components, hence showing which component contributed strongly to economic growth and which did not. A component's contribution depends on both its size and its growth.
Implicit deflator series are derived as a ratio of current price to chain-linked volumes series and give indication of underlying price changes.
The primary approach used to compile Malta’s GDP in the framework of annual national accounts is the production approach.
The production and income approaches are derived by aggregating the Production and Generation of Income accounts by sector, including non-financial corporations and households (S.11 + S.14), financial corporations (S.12), general government (S.13), and non-profit institutions serving households (S.15).
Consistency between the different approaches (production, expenditure, and income) is achieved through a comprehensive reconciliation and balancing process. Key components such as gross operating surplus and mixed income are typically derived as residuals.
The compilation process is carried out at the most detailed level feasible, typically at the NACE 2-digit level with further breakdown when relevant for the production and income approaches, to ensure the reliability of estimates while providing adequate sectoral representation. This approach also facilitates the inclusion of non-observed economy components, improving overall data coverage.
In Malta, data at previous year's prices is primarily obtained through single deflation, where gross value added is directly deflated using a price index. In certain cases, double indicator techniques are employed, which involve deflating both output and intermediate consumption, or a combination of deflation and extrapolation. The annual overlap technique is used for chain-linking, offering the advantage of maintaining temporal consistency between quarterly and annual estimates. Consistency is assessed through cross-checks that verify the relation between current prices, previous year’s price, and chain-linked volume measures.
Malta applies a simultaneous balancing approach in the compilation of Supply and Use Tables, allowing value, price, and volume indices to be analysed together to ensure that all three present a coherent and plausible picture of the economy. This approach enhances the quality of the balancing process, as the results of the analysis can influence both current and constant price data. Moreover, the simultaneous approach is beneficial not only during the balancing phase but also when preparing basic data for national accounts, since it enables early validation of price and volume indices before integration into the SUT framework. Simultaneous balancing at current and constant prices may also lead to a different allocation of adjustments compared to balancing conducted solely at current prices.
Annual National Accounts (ANA) are based on statistics that are primarily collected for other purposes (primary statistics). These rely on a combination of statistical surveys, administrative data, quarterly returns and financial reports. Key sources include business surveys such as short-term indicators like production and turnover statistics, household surveys that capture consumption patterns, and external sector data such as trade in goods and balance of payments statistics. Government sources, including budgetary reports and public sector statements also play a vital role. Additionally, administrative data, such as employment records and VAT data reports from regulatory bodies, provide timely and detailed inputs. In Malta, quarterly returns from major economic players are regularly collected and form an essential part of the data framework, helping to ensure the accuracy and timeliness of national accounts estimates.
Specific sources to the annual national accounts include:
The Economic Accounts of Agriculture (EAA) which provide detailed information on output and intermediate consumption of the agriculture industry
The Aquaculture and Tuna Farming which provide detailed statistics on the structure, output and intermediate consumption registered by the aquaculture and tuna farming industry.
The Structural Business Statistics (SBS) are the main data source for the compilation of Annual National Accounts, which provide a comprehensive set of variables describing business demography and employment characteristics, as well as monetary variables including income and expenditure related indicators, such as value added and investment.
The Tax Index of Financial Data (TIFD) provided by the Commissioner for Revenue (CFR) is another source of data which consists of a list of items commonly reported on balance sheets and income statements.
Household Budgetary Surveys (HBS) which collect detailed information on household income, expenditure, and consumption patterns, providing insights into living standards and economic behaviour.
Data is disseminated every quarter at t+2 months. Regular estimates: both quarterly and annual main national accounts (including employment) are estimated with a revision of the whole time series. The transmission requirements for each dataset are defined in the European System of Accounts (ESA 2010) transmission programme.
Malta is compliant with the deadlines defined in Annex B EU Regulation 2023/734 of 15 March 2023.
Comparability of data across countries is ensured through the application of common definitions set out in ESA 2010. Worldwide geographical comparisons are also possible, as most non-European countries apply the System of National Accounts 2008 (SNA 2008), which is fully consistent with ESA 2010.
By using a common framework, the European System of Accounts (ESA 2010), national accounts data are made comparable over time. In cases where fundamental changes to methods or classifications occur, revisions to long time series are implemented, often extending far back into the past. If a time series contains a break, indicating a structural change at a specific point, a “B” flag is inserted in the first period (year) where the break occurs.
As of the date of preparation of this document Malta has no “B” flags.
