According to the European Commission’s economic forecast for Q4, the Maltese economy is expected to grow by 5.6 per cent and a further 4.5 percent in the coming year.
The Commission expects the greatest economic drive will come from private consumption helped by favourable employment conditions. Investment is expected to recover and should be better than the previous year.
During this year and the coming year Malta’s economy is expected to grow at a sustained pace even though at perhaps a lesser pace and perhaps just below the 7 per cent registered last year. The report stated Malta’s economic growth will be three times over the 2.5 pedr cent throughout the EU countries.
While Malta’s economic growth is forecast to grow by 5.6 per cent this year and 4.55 per cent in 2019, the rate of growth throughout the EU is being forecast at 2.3 per cent this year and 2 per cent next year.
EC Commissioner for Economic and Financial Affairs Pierre Moscovici said economic growth in the eurozone this year is expected to increase after 2017 was the worst year ever.
In its Malta Report the Commission said private consumption is likely to be the main driving factor backed by a strong increase in employment as well as increased consumer confidence and more cash in hand. Helped by the construction sector, investment is also expected to increase.
The Commission is also forecasting a surplus in public finance will be maintained steadily during this year.
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