The direct economic contribution of the Maltese financial services sector has increased from 4.5% of the gross domestic product (GDP) in 2008 to 8.5% in 2012.
Amid the economic turmoil in many jurisdictions in the European Union, the direct economic contribution of the Maltese financial services sector has increased from 4.5% of the gross domestic product (GDP) in 2008 to 8.5% in 2012.
Ancillary professional and business services such as law and accounting have also flourished as a result, increasing the total share of GDP attributable to financial services to approximately 15% according to MFSA chairman Joe Bannister.
The figure for direct employment in direct financial intermediation services has increased to around 9,000, and some 1,000 professional jobs and 500 administrative jobs have also been generated over the same five-year period.
