EU Commission Forecast 2015 for Malta

MEDIA ROOM

A recent forecast report shows that the European Commission (EC) is very optimistic about Malta’s economic performance in 2015. The forecast report it published is looking favourably at the prospect of the Maltese economy continuing to outperform the general EU trends in the coming year.

Reacting to the report, Minister for the Economy, Industry and Small Business, Dr Chris Cardona, said that “this a very welcome confirmation that this government’s economic strategy is yielding positive results. The EC is confirming that this strategy is stimulating business and creating wealth.”

The report comments about the ‘improving business sentiment’ in Malta and is expecting Malta’s ‘strong investment profile’ to further strengthen itself in 2015. It also noted the ‘favourable labour market developments and growing disposable income’ which will continue to spur private consumption in the coming year. The lowering of the electricity tariffs during 2014 has had a significant impact on Malta’s competitiveness and performance. “Lowering the energy tariffs was strategically important to give a new lease of life to the country’s economic competitiveness; an electoral pledge that this government has kept,” said Minister Cardona, “During 2015, the energy tariffs will also be lowered for businesses and industry. We are optimistic that will give a further boost to the economy.”

“The Commission is also positive about foreign direct investment in the energy sector and foresees that this would protract the boost to the economy well into 2016. While, as a government we are optimistic and welcome the fact that the European Commission shares in this optimism, we are adamant to keep on working hard to improve on what has already been achieved.