Commissione Europea, Malta deficit a 1,1% e debito sotto il 60%
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Strong wage growth and record-low unemployment boosted economic growth • Public investment is expected to decrease on the back of the phasing out of the capital injection to the national airline
The European Commission expects deficit in 2016 to further decrease to 1.1% of GDP whilst the debt ration is projected to fall further in 2015 to 64% of GDP, also thanks to the expected repayment of some tax arrears from the public energy utility corporation.
It is expected to follow a downward path and to reach 58.7% of GDP by 2017.
In its winter 2016 economic forecast, the European Commission described Malta’s economic performance as having a “robust growth outlook”
“Real GDP growth peaked in 2015 on the back of strong investment and supported by private consumption. Growth is expected to moderate in 2016 and 2017 with the phasing out of the major investment projects. The general government deficit and debt are forecast to decline further also thanks to the favourable macroeconomic conditions,” the European Commission said.
In an initial reaction, Prime Minister Joseph Muscat said that the European Commission estimates show that Malta will wipe out the increase in national debt accumulated by the three previous administrations.
The Commission found that the “main engine of growth continued to be investment” with large ongoing energy investment projects, while private consumption expanded by 5.1% on the back of strong wage growth and record-low unemployment.