In the last 5 years, Malta’s economy has gone from strength to strength. Last year saw a GDP growth rate of 6.2% and this year, credit agency Standard and Poor’s upgraded it’s rating from BBB+ to A-, the first change in over 20 years. New figures released by the EU Commission this week show an encouraging and positive forecast for the next two years with GDP growth predicted at 4.1% for 2016 and 3.7% in 2017 and 2018. The annual growth rate of 2015 was 6.2% and although the % is slightly decreasing, the country’s economy will remain as one of the fastest growing in the Eurozone.
“Growth is to continue to be based on strong labour market fundamentals- robust job creation and low unemployment. Fiscal consolidation is set to continue, bringing down the government debt below 60% of GDP,” the commission said.
The key drivers in Malta’s flourishing economy include transport exports, the IIP, its extensive chemical and pharmaceutical industry, financial services, and iGaming. Other figures released by the commission project a drop in unemployment to 5% on the back of sustained job creation, which continues the trend of Malta’s historically low unemployment rate.
All in all, the future is looking positive and Malta continues to be a prime location for international business, financial and corporate services and investment.