12 November 2013

European Commission notes that wind in Malta’s sails gaining strength

GozoNews 8/11/2013: The Finance Ministry said tat it welcomes the remarks by the European Commission, as presented in its European Economic Forecast for Autumn 2013, published on Tuesday.

“The Commission’s remarks are further validation that the Maltese economy is gradually picking up speed, thanks to the prudent fiscal administration and forward-looking policy approach of the new Government,” the Ministry said.

The Minister for Finance Prof. Edward Scicluna said that “it is quite telling that the Commission carried over the metaphor of the strength of the wind in Malta’s sails, which I had described to them in our meetings last April as being quite feeble. I had in fact asked the Council not to impose any corrective actions which would stall our boat.”

The Commission notes that Real GDP surprised positively by growing by 2.8 per cent in the first half of 2013, up from 0.8 per cent in 2012.The Commission also notes that Real GDP is forecast to grow by 1.8 per cent in 2013 as a whole, and 2 per cent in the following years. These rates exceed the Government’s own prudent forecasted rates, The Ministry said.

The Ministry welcomes the Commission’s remarks regarding Job Creation and Employment, wherein it noted that “Job creation surprised positively in the first half of the year thanks to the tourist sector and the newly-emerging, labour-intensive...read on.