On the day that the Finance Minister is expected to deliver his budget speech for 2019, the National Statistics Office (NSO) and the Eurostat released promising figures showing Malta having the highest surplus within the EU.
The report was released by Malta Today, stated that in 2017 Malta registered its highest surplus of €392.7 million. This is equivalent to 3.5% of the Gross Domestic Product (GDP). Moreover, the Gross consolidated debt has amounted to €5.7 billion equivalent to 50.9% of Malta’s GDP, which is less than the previous year by €64.3 million.
Statistics show that the total revenue generated by the Maltese government in 2017 stood at €4.4 million, which is a substantial increase of €554.3 million from that in 2016. Moreover, the total amount of expenditure compared to the previous year have amounted to €4 million resulting to an increase of €257.9 million.
The figures show that the gross consolidated debt have decreased by €64.3 million compared to last year, now standing at €5.7 billion, amounting to 50.9% of the GDP. This figure abides by the Maastricht Treaty set by the EU stating that all member states need to follow “sound fiscal policies, with debt limited to 60% of GDP and annual deficits no greater than 3% of GDP.”
This report has shown that Malta has reached a good surplus of 1.7%, which is higher than Cyprus, which holds the second place of surplus reaching 1.8%. This is followed by Sweden, Czechia, Luxembourg, the Netherlands, Bulgaria and Denmark, Germany, Croatia, Greece, Lithuania and Slovenia.
In a tweet Prime Minister Joseph Muscat wrote “#Malta had the highest fiscal surplus in the #EU in 2017, as confirmed by @EU_Eurostat. Data for first half of 2018 indicates similar trend. In #maltabudget19 we will continue rolling out our economic and social strategy -JM”
Tonight, Malta is anticipating the Budget measures that will be proposed by the government. If you interested to know what will be said during the budget follow this link to know more. If you would like to open up a company in Malta and need a professional guidance, drop us a line by sending us an email on email@example.com and we will ‘make things happen’.