Record growth in Malta's accounts attributed to increase in for

Daniela Bartolo | Published on 23 Mar 2012

Chetcuti Cauchi

 

Reflecting the increasing number of businesses setting up shop in Malta, in 2011, Malta recorded a net surplus of €25 million, improving by €181.7 million on the previous year. In statistics published by the National Statistics Office, this increase in Malta’s accounts has been attributed to the increasing number of foreign investors having direct ownership in locally active enterprises, as well as by an increase in interest income earned from abroad by financial institutions operating in Malta.
 
In addition, Malta is showing trends that run counter to those of most other members of the European Union facing increasing debts and weakened economies, has also registered a considerable increase in its exports reaffirming also the increasing presence of the manufacturing industry, particularly the pharmaceutical industry in Malta. 
 
During the period under review, Malta's current account deficit with the EU improved by €33.1 million. This was however outplayed by an improvement in Malta’s registered net positive balance of €148.6 million with the rest of the world.
 
This news comes as Malta continues to confirm its strong position in a number of key industries, notably the pharmaceutical, shipping, gaming and financial services industry. Foreseeing different company structures that provide foreign investors with favourable business and tax planning solutions, Malta’s position continues to be reaffirmed by key international organizations, including the World Economic Forum that ranked Malta as a stable economy with the 12th soundest banking system as well as being the fourth most tax friendly country and amongst the most attractive in the EU.
 

 



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