“I am pleased to note that we have honoured our commitment of achieving a surplus net of the revenue from IIP”, stated Minister for Finance Edward Scicluna while addressing a press conference held at the Ministry for Finance.
PRESS RELEASE BY THE MINISTRY FOR FINANCE
The minister stated that the government has succeeded in recording a surplus of €436.6 million in 2017, which is equivalent to 3.9 per cent of GDP, and is the highest amongst the 28 European Union member states. This is also showing a considerable increase from the surplus of 1.0 per cent registered in 2016.
Minister Scicluna added that together with a higher level of GDP, Malta’s debt-to-GDP ratio fell from 56.2 per cent in 2016 to 50.8 per cent in 2017.
Minister Scicluna explained that when comparing 2017 with 2016, total revenue increased by €612.6 million rising from 38.1 per cent to 40.5 per cent of GDP. Total expenditure recorded a smaller increase of €276.9 million, such that it decreased from 37.1 per cent to 36.5 per cent of GDP.
The minister also highlighted that government succeeded in registering a surplus net of the revenue from the IIP. In fact, he clarified that in 2017 the IIP revenue was equal to €285 million, while the government surplus was equivalent to €437 million.
“Government achieved these results by mindfully containing the increase in expenditure and ensuring that this increase is lower than the increase in revenue”, concluded Minister Edward Scicluna.
Monday 23rd April 2018