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Benjamin Griscti

Malta’s long-term foreign and local currency Issuer Default Rating (IDR) was affirmed at ‘A’ by Fitch Ratings. The outlooks are stable.

Malta’s unsecured foreign and local currency bonds were also affirmed at ‘A’. Furthermore, Fitch affirmed Malta’s short-term foreign-currency at ‘F1’ and the country ceiling at ‘AAA’.

An interesting note is that Malta’s GDP growth outperformed the Eurozone average.

‘In 2013 the economy grew by 2.9 per cent, better than 2012 (1.1 per cent) and higher than the Eurozone average (negative 0.4 per cent), but still below the ‘A’ median of 3.4 per cent over five years. In the first half of the year, real GDP grew by 3.5 per cent, mainly driven by domestic demand, underpinned by the reduction in electricity tariffs and favourable labour market conditions.’

Fitch expects the above potential growth to be averaging 2.5 per cent in 2015-2016, continuing above the Eurozone average.

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