International credit rating agency Fitch, has upgraded Malta’s rating from A+ Stable to A+ Positive. This was announced in the agency’s July report. In its report Fitch linked this positive outcome with the robust economy of the country while noting that the Maltese economy was the strongest economy among all European Union countries. Fitch also considered the surplus registered by this Government over the last 3 years.
Fitch’s economists commented that the surplus obtained by the Maltese government was almost double that predicted by them in more recent reports, while also noting that the debt continued to decline while investment increases. They also stressed that while in the next two years the eurozone’s growth is slowing, the Maltese government is expected to continue to reduce debt and register more surpluses.
Fitch also noted that the achievement of the projected surplus is expected as a result of direct income and the government’s competence and not through the citizenship investment program. It also remarked that the biggest contributor to growth is the demand from the domestic market. This combined with a strong labour market and wage rises will continue to strengthen families and their growth.
Meanwhile, in a statement, the Minister for Finance, Edward Scicluna, welcomed this positive testimonial for the country and stressed that this report fully complements the summer forecast issued by the European Commission a few days ago. Scicluna said that the two reports agreed and added that the Maltese economy has sound foundations and is expected to continue to grow, with public finances which are also very well placed.