article banner

Maltese economy fastest growing one in Europe

Malta’s GDP went up by 7.5 per cent or €281 million in the third quarter of 2018, according to the National Statistics Office (NSO). Furthermore, according to the European Commission Winter 2019 Economic Forecast, it is estimated that Malta’s economy will grow by 5.2% growth in 2019 and 6.4% in 2020, making Malta the fastest growing economy in the EU zone, followed by Ireland.

In 2018 private consumption remained steady due to the increase of disposable income, the accumulation of savings and strong employment growth, with the unemployment rate expected to steady at 4.0% by 2021. While exports have slowed down, imports are on the increase due to stronger domestic demand.

Large-scale infrastructure projects in the health, tourism and real estate sector are expected to contribute to attracting investments. Positive sentiments were also echoed in the Central Bank of Malta first quarterly review for 2019, which highlighted how the GDP rose by 7.5% in annual terms during the third quarter after a 6.2% increase in the precedent one.

The Central Bank also forecasted that the debt to GDP would drop below 40%, therefore, allowing the country to remain in surplus.