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EU forecasts Malta's real GDP at 3.7 pct

Xinhua, February 14, 2017 Adjust font size:

Malta's real GDP (gross domestic product) is forecast to be 3.7 percent in 2017 and 2018, which remains well above the EU average, the European Commission said in its winter forecasts published on Monday.

In December 2016, Malta's annual real GDP growth for 2014 and 2015 was revised upwards to reach average annual rate of 7.9 percent -- the highest since EU accession. The European Commission estimated Malta's real GDP growth at 4.0 percent in 2016.

According to the report, Malta's economic expansion is forecast to continue at an unchanged pace in 2017 and 2018 and unemployment is set to remain at record lows. However, skills shortages are expected to put pressure on wage growth, the Commission warned.

The successful launching of the Malta Development Bank could lead to more dynamic investment in the medium term. The current-account is forecast to stabilize at a surplus of over 5 percent of GDP, it added.

Consumer price inflation is projected to pick up moderately over the forecast horizon but to remain below the long term average.

Furthermore, Malta's deficit is expected to decline marginally to 0.6 percent of GDP in 2017, according to the report. Endit