A total investment of €678 million was generated in the Maltese economy as a result of Valletta serving as the European Capital of Culture in 2018. 

The year-long event also left a total economic impact of €325 million. An increase of 2.23% of 2018 GDP was also registered. 

The figures were revealed on Friday during a press conference to mark the publication of a report by KPMG providing insights on the impact of Valletta 2018. 

Throughout 2018, as the European Capital of Culture, Valletta hosted a series of cultural events and activities that attracted 350,000 tourists, bringing up the total of tourists that visited the capital to 2,600,000.

Addressing the press conference, Arts Minister José Herrera said the result “bodes well and is an example of how the cultural sector can truly have a positive impact and a legacy for our country”. 

Dr Herrera said that, moving forward, it must also be ensured that Valletta “remains a cultural city, the city of the arts, the city of creativity, but most of all the city which belongs to the people of Valletta”. 

On his part, Valletta Cultural Agency chairman, Jason Micallef, said the “successful” results serve as proof that what was started in 2018 continued even throughout the following year. 

Mr Micallef said there had also been “an unprecedented public awareness of the cultural sector”.