Newsletter / FinanceMalta

Brussels forecasts 3.1% economic growth for Malta, second-highest in EU

The European Commission is forecasting 3.1% economic growth for 2023 in Malta, making it the second-highest in the European Union.

According to the European Commissionโ€™s winter forecast, the EU and euro area should narrowly avoid a technical recession, which had been predicted in an earlier forecast.Ireland tops the forecast at a projected 4.9 growth for the coming year, while Sweden sits at the bottom of the forecast with 0.8% decline in economic activity.In addition, wholesale gas prices have fallen below pre-Ukraine war levels, while the EU unemployment rate remains at an all-time low of 6.1% by the end of 2022.But there are challenges ahead. The European Commission noted in its forecast that consumers and businesses continue to face high energy costs while core inflation continued to rise in January.As inflationary pressures persist, the European Commission expects that monetary tightening will continue, weighing on business activity and exerting a drag on investment.Source: Malta Today

Growth forecast for 2023 (%):

๐Ÿ‡ฎ๐Ÿ‡ช 4.9๐Ÿ‡ฒ๐Ÿ‡น 3.1๐Ÿ‡ท๐Ÿ‡ด 2.5๐Ÿ‡ฑ๐Ÿ‡บ 1.7๐Ÿ‡จ๐Ÿ‡พ 1.6๐Ÿ‡ธ๐Ÿ‡ฐ 1.5๐Ÿ‡ช๐Ÿ‡ธ 1.4๐Ÿ‡ง๐Ÿ‡ฌ 1.4๐Ÿ‡ฌ๐Ÿ‡ท 1.2๐Ÿ‡ญ๐Ÿ‡ท 1.2๐Ÿ‡ธ๐Ÿ‡ฎ 1.0๐Ÿ‡ต๐Ÿ‡น 1.0๐Ÿ‡ณ๐Ÿ‡ฑ 0.9๐Ÿ‡ง๐Ÿ‡ช 0.8๐Ÿ‡ฎ๐Ÿ‡น 0.8๐Ÿ‡ช๐Ÿ‡บ 0.8๐Ÿ‡ซ๐Ÿ‡ท 0.6๐Ÿ‡ญ๐Ÿ‡บ 0.6๐Ÿ‡ฆ๐Ÿ‡น 0.5๐Ÿ‡ต๐Ÿ‡ฑ 0.4๐Ÿ‡ฑ๐Ÿ‡น 0.3๐Ÿ‡ฉ๐Ÿ‡ช 0.2๐Ÿ‡ซ๐Ÿ‡ฎ 0.2๐Ÿ‡จ๐Ÿ‡ฟ 0.1๐Ÿ‡ช๐Ÿ‡ช 0.1๐Ÿ‡ฑ๐Ÿ‡ป 0.1๐Ÿ‡ฉ๐Ÿ‡ฐ 0.1๐Ÿ‡ธ๐Ÿ‡ช -0.8Winter #ECForecast โ†“โ€” European Commission ๐Ÿ‡ช๐Ÿ‡บ (@EU_Commission) February 13, 2023