Malta to enjoy continued growth European Commission

February 15 00:00 2020 by The Editor Print This Article

The 2020 Winter Economic Forecast published by the European Commission (EC)  expects the Maltese economy to record the highest GDP growth rates in the EU for years 2020 and 2021.

The news was welcomed by the  Ministry for Finance and Financial Services that noted the consistency of the current projections after similar reports in the 2019 Forecast.

The European Commission expects Malta’s economic performance to remain buoyant despite a weaker than expected recovery in the European and global economy. Indeed, GDP growth is expected to stand at 4.0 per cent in 2020 and 3.7 per cent in 2021. Such economic growth rates are around three times higher the Euro Area average for both years.

Economic growth is expected to be fuelled by investment and net exports. Private consumption is also expected to contribute to growth. In contrast, growth in public expenditure is expected to ease this year and the next.

The Commission noted that the inflation rate declined to 1.5% in 2019. It expects the inflation rate to remain at this level for both years, at par with the EU average in 2020 and falling below the EU average in 2021.

“I am pleased to note the European Commission, through its Winter Forecast, is confirming that economic growth is successfully being sustained for the foreseeable future”. 
Minister for Finance & Financial Services Edward Scicluna