Minister for Finance Edward Scicluna welcomes the European Commission’s 2018 Summer Economic Forecast which commended Malta’s economic growth, noting that Malta’s GDP growth rate is one of the highest in the EU.

PRESS RELEASE BY THE MINISTRY FOR FINANCE

The European Commission expects economic growth in Malta to remain robust over the forecast horizon fuelled by growth in domestic demand. This economic momentum is expected to further support employment creation, on the back of record-low unemployment and increasing labour supply. The latter, it adds, reflects the inflows of foreign workers and the rising participation of women in the labour market.

Investment is also expected to grow strongly in 2019, supported by projects in the health, technology and telecoms sectors.

The 2018 Summer Forecast positively notes that moderate wage dynamics and regulated prices in the electricity market have helped keep inflation slightly below the euro area average. Inflation is expected to gradually pick up but remain under the 2 per cent, next year.

The European Commission further acknowledges that Malta’s sizeable current account surplus was sustained reflecting the solid performance of the internationally-oriented services sector.

“I am pleased to note that Malta has continued to be one of the EU’s top performers in terms of growth and is expected to remain so in the coming year,” stated Finance Minister Edward Scicluna.

Thursday 12th July 2018