The Government welcomes the economic results achieved during the first three months of this year, whereby the Maltese economy registered an increase of 1.6% in real terms compared to the corresponding quarter last year.
The Finance Ministry is confident that the Maltese economy can keep on growing once its present momentum, which stems from the joint positive contribution of the various economic sectors, is retained despite restricted room for fiscal manoeuvre.
“This result came about despite the political instability that swept the country for many months prior to the general election, and the uncertainty it brought about”, said Finance Minister Prof. Edward Scicluna.
In this context, it is evident that the decision taken by the Opposition prior to the election with respect to the 2013 Budget, as well as the open and ongoing consultation with the country’s economic operators, helped not only to contain this uncertainty, but also to increase confidence in the country’s economic future. The smooth transition of power similarly helped to reinforce the country’s stability.
The potential for further growth is waiting to be tapped. From its very first day in office, this Government has taken stock of the country’s finances and decided to look ahead with optimism. This Government’s early decisions concerning the energy sector and towards increasing the investment opportunities through various measures have been crucial in this respect.
Preliminary indicators for the second quarter are also showing an improvement over the first quarter in the area of consumption, exports and employment. The Government is confident that Malta’s economic prospects are positive and encouraging. Today, both investors and economic operators are working in a stable environment which inspires confidence.
The Government is also determined that, through cooperation with the private sector as well as those measures which have been already implemented and some which have yet to be announced, the economy will keep growing and living up to its potential. In this way, the Government will keep generating both jobs and economic growth.
– Friday, 7th June 2013