EU forecasts Malta to have 2nd highest growth in EU area
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The Minister of Finance, the Economy and Investment Tonio Fenech, in a speech yesteday referred to the European Commission’s Winter Forecast for the EU. The Minister described this report as another confirmation of Malta’s standing-out performance in terms of economic growth and jobs.
“The EU forecasts that Malta will have the second highest growth rate in the euro area at 1.5%. Unfortunately, the euro area will again marginally experience a decline at -0.3%. In particular, Cyprus, a similar island-state, will see a decline of 3.5%.”
The Commission expresses its confidence that this growth will continue to translate itself in jobs, as Unemployment, forecasted for 2013 is 6.4%, marginally lower than 6.5%. Once again – the euro area will experience another unemployment increase – from 11.4 to 12.1%. “This is the reality we are facing on our doorsteps. This is why we have to continue ensuring the stability of our finances, invest in the right incentives to attract more FDI and support further local business growth.” concluded Minister Fenech.