The Maltese economy continues to show significant growth with predictions of a fifth consecutive surplus in 2020. During the first six months of the year, the Maltese economy grew by 4.7%. The financial services, igaming and tourism sectors are expected to remain the main drivers of growth and the employment situation remains robust with more than 90% of new jobs created in the private sector. Employment is predicted to grow by 4.1% with unemployment rates forecasted to stabilise from the current rate of 3.3% recorded in August 2019 to 3.5% next year. Public debt stands at around 45.8% of GDP and is expected to continue to drop to 40.4% in 2020. Inflation is projected at 1.6% and the cost of living adjustment (COLA) has been set at € 3.49 per week for the coming year. An additional bonus shall be granted and financed by the Government of € 15 for single persons and € 35 for families.
Hereunder are selected highlights of the budget speech: