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Malta's economic growth to decelerate in next 3 years: central bank

Xinhua, December 12, 2016 Adjust font size:

Malta's real GDP growth could be 4.3 percent in 2016, but would likely to decelerate in the next three years to 3.3 percent in 2019, the central bank said in a report on Monday.

Demand and supply factors indicate economic activity in Malta is expected to remain strong, according to the report.

The favorable forecasts are supported by energy reforms that took place in recent years as well as new investment projects, increased labor market participation and robust services exports.

The report further states that unemployment is projected to fall further to 4.9 percent in 2016, before picking up slightly to 5.3 percent by 2019.

Annual inflation is also expected to decrease from 1.2 percent in 2015 to 0.9 percent in 2016. However, it is expected to rise to 1.9 percent by 2019.

Government deficit is expected to continue to decline, from 1.4 percent in 2015 to 0.1 percent in 2019. This is mainly due to restraint in public spending.

Malta's central bank mentioned that the risks to the GDP growth projections could entail the fragility of the global economy, particularly uncertainties regarding Brexit. Endit