The international agency Fitch Ratings has confirmed Malta’s credit rating at A+ stable, the government said in a statement.
In its report, the agency is forecasting a seven per cent growth at the end of last year; six months ago, it had been forecasting four per cent growth.
For 2018, Fitch is forecasting 5.9 per cent growth when, in its previous report, the growth had been estimated at 3.7 per cent.
In its report, Fitch says that “domestic demand will remain strong with declining unemployment and increase in wages pushing up private consumption”, while exportation is expected to increase.
Fitch is also predicting a surplus in public finances: “the fiscal surplus is likely to outperform the government’s initial target of 0.6 per cent of GDP in 2017 and is now estimated at 2 per cent of GDP”.
Fitch is forecasting a 1.5 per cent surplus this year, compared to a 1.8 per cent deficit for other countries.
“This positive rating, released just after the upward revision in Malta’s growth forecasts by the EU, further confirms yet again that Malta is in for more years of success that will be enjoyed by all,” said Finance Minister Edward Scicluna.