Debt levels reach €10.36bn by end November – NSO By the end of November 2024, Malta’s central government debt reached €10.36 billion, marking an increase of €784.7 million compared to the same period in 2023. This rise comes amid a mixed financial landscape for the government, according to fresh NSO data. The Government’s Consolidated Fund recorded a deficit of €102.3 million, although there was a notable improvement compared to the previous year. Recurrent revenue surged by €1.04 billion, outpacing the €800.3 million increase in total expenditure. This resulted in a positive shift of €244.3 million in the Consolidated Fund balance year-on-year. Income tax was the primary driver of revenue growth, contributing an additional €588.1 million, while the largest increase in spending was seen under Programmes and Initiatives, which rose by €424.5 million. (NSO)
CBM revises growth projections upwards
According to the Central Bank’s latest forecasts, Malta’s gross domestic product (GDP) is expected to grow by 4.9% in 2024. Growth is then projected to ease to 3.9% in 2025, 3.6% in 2026 and 3.4% in 2027. This implies an upward revision for each year up to 2026 when compared to the Bank’s previous projection round, largely reflecting a carryover from the significant upward revision in past data, especially in 2023 following the benchmark revision in national accounts. Growth over the projection horizon is expected to be driven by domestic demand, reflecting continued rapid growth in private consumption, in part driven by a reduction in the income tax burden, and a gradual recovery in private investment following the sharp contraction recorded in 2023. The contribution of net exports is also expected to be positive but smaller than that of domestic demand. Employment growth is set to moderate, albeit from high rates, with the unemployment rate remaining close to, but marginally above 3%.
Gozo Channel to suspend ferries on Christmas and New Year’s Day
Gozo Channel will temporarily suspend ferry operations between 12:00 PM and 3:00 PM on Christmas Day and New Year’s Day. This pause is intended to allow Gozo Channel employees working on these holidays to enjoy lunch with their families. The affected trips include the 12:00 PM, 12:30 PM, 12:45 PM, 1:00 PM, 1:30 PM, 2:00 PM, 2:15 PM, and 2:30 PM departures from Mgarr to Cirkewwa, as well as the 12:15 PM, 12:45 PM, 1:15 PM, 1:30 PM, 1:45 PM, 2:15 PM, 2:45 PM, and 3:00 PM departures from Cirkewwa. The final ferry from Mgarr will depart at 11:30 AM, while the last ferry from Cirkewwa will leave at 12:00 PM.
