Malta’s Business Leaders Skeptical of Budget Impact, According to PwC Survey

A recent survey by PwC revealed that most leaders of large companies in Malta believe the measures announced in the 2025 Budget will have little to no effect on their businesses. Conducted in October as part of PwC’s quarterly CEO Confidence Tracker, the survey found that a similar proportion of respondents anticipated no significant change in their companies’ performance over the next six months.

According to the report, 64% of CEOs indicated that the budget measures would not influence their businesses, aligning with broader trends showing limited expectations for increased business activity in the near term. Around 58% of respondents stated they did not foresee any shifts in business activity over the next six months.

Feedback from 50 CEOs of Malta’s largest businesses suggested that the budget was perceived as prioritizing demand-side measures aimed at specific societal groups rather than addressing supply-side concerns. PwC noted that this interpretation echoed reactions from Malta’s primary business representative bodies.

The Malta Chamber of Commerce, responding earlier in the year to the budget announcement, remarked that while the measures encouraged consumption, they failed to address critical areas such as productivity, competitiveness, and investor appeal. Similarly, the Chamber of SMEs criticized the budget for neglecting significant employment-related challenges, and the Malta Employers’ Association observed that it emphasized social initiatives over economic growth drivers.

Not all CEOs shared this sentiment, however. Approximately 21% believed the budget measures would positively affect their businesses, contrasting with 15% who felt the measures would have a negative impact.

The survey also highlighted differences in business outlook among respondents. While 30% anticipated business improvements in the following six months, 12% expected a decline. Reflecting on recent performance, 36% reported improved business activity over the past quarter, whereas 15% experienced a downturn.

Overall, PwC described the results, released last month, as indicative of a “generally consistent and resilient business outlook” with “marginal improvement” in activity across various sectors.

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