5.6% forecast more than double the European bloc average
The Maltese economy outperformed predictions in 2017, registering 7.2% over the first three quarters of the year. European Commission experts expressed some surprise at the rate of growth, and chalked it up to the export services sector going from strength to strength.
Now, the Commission forecasts a 5.6% growth rate for 2018, a figure that leads the EU at more than twice its average predicted growth rate, according to the Winter 2018 Interim Economic Forecast.
Private consumption is expected to become more of a driver of growth in 2018, as strong employment growth, improved consumer confidence and growing disposable income start to tell.
The European Commission forecast follows a similar pronouncement by the Central Bank, touting the expected growth leading up to 2020.