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Home > Country Profiles > Malta

Country Profiles

Financial Outlook

Malta’s 2014 budget, announced in November 2013, aims to reduce the island’s deficit to GDP ratio to less than 3% without damaging economic growth. Minister of finance Edward Scicluna reiterated Malta’s commitment to a balanced budget in which expenditure matches revenues, while at the same time emphasizing the government’s commitment to improve the welfare, education, and health systems. Social services, however, would be based on the concept of sustainability, he said. The Maltese economy was expected to grow by 1.2% in 2013, rising to 1.7% in 2014. In June 2013 the island’s unemployment rate was 6.7%, up slightly from the 2012 figure of 6.4%. Inflation for 2013 was expected to average out at 1.7%, down from 2.3% in 2012. By the end of 2014 Malta is targeting a debt to GDP ratio of 2.1%. In a bid to increase home ownership, first-time buyers through 2014 will have stamp duty waived on the first €150,000 of any house purchase.

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