The Minister for Finance Edward Scicluna welcomes the latest credit rating report by Standard & Poor’s which expects the Maltese economy to continue being one of the faster-growing economies in the Eurozone.
The credit rating agency re-affirmed Malta’s outlook as positive while reiterating its overall rating at BBB+/A-2.
Standard & Poor’s considers that the main drivers of growth are the energy, healthcare and education sectors, in combination with the expansion capacity in the tourism and recreation sectors.
Economic growth is also expected to be supported by private consumption which is in turn stimulated by an increase in disposable income coupled with significant structural growth in employment, particularly amongst females. The credit rating agency expects further improvements in the labour force participation rate. It also expects the current economic growth momentum to improve the sustainability of the social security system.
PRESS RELEASE ISSUED BY THE MINISTRY FOR FINANCE
On public finances, Standard & Poor’s acknowledge the reductions in the deficit and debt ratios and expect both ratios to continue declining in the coming years with the debt ratio expected to fall below 60 per cent by 2019.
The report makes particular reference to Brexit and overall states that, “We expect the impact on growth of the UK’s exit from the EU (Brexit) to be relatively contained…”
Further, on external trade, Standard & Poor’s are projecting the external current account to continue recording a surplus in the coming years, averaging around 5.3 per cent of GDP in the 2016 to 2019 forecast period.
Minister for Finance Prof. Edward Scicluna said that, “I am pleased to note Standard & Poor’s comment on Malta’s overall political and institutional framework, which it describes as being broadly supportive of creditworthiness, demonstrated by structural reforms that generated employment growth and elevated the potential growth of the economy.”
– Friday, 08 July 2016
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