Maltese industry remained among the best in the European Union.

Malta Fitch Rating

The Maltese industry remained among the best in the European Union as the figures issued by the EU statistics office, Eurostat, showed. Despite the corona pandemic, there was a three per cent increase in industrial production between April and May 2020.When one compares the May 2020 industrial production with that of the same month in 2019, it is noted that the country’s result is the second best in the EU.

In the euro zone, on average, the results were over four times worse than those in Malta. In Germany, for example, there was a reduction of 23%, while Slovakia had the worst result with a loss of 33.5%. Up to some months ago this country had the same A+ rating as Malta, however it was downgraded due to the way its economy developed.

Fitch Ratings has affirmed Malta's Long-Term Foreign-Currency Issuer Default Rating at 'A+' with a Stable Outlook.

The Government said in a stated that it worked hard so that the country’s industry achieves good results, adding that the Economic Regeneration Plan has various measures intended specifically for the sector. It also contains the biggest investment plan in capital infrastructure that the country ever had.

The Government remarked that it will bring the industry back as the major engine of economic development in the country.

Addition to this, Fitch Ratings has affirmed Malta’s Long-Term Foreign-Currency Issuer Default Rating at ‘A+’ with a Stable Outlook. Fitch has noted that Malta’s medium-term potential growth has remained strong and well about the eurozone, at 3% – 3.5%, and forecasts that in 2021 growth will rebound to 4.1%. 

The agency said it had decided to shift its long-term issuer default rating upwards from the previous ‘stable’ assigned to Malta because it expected GDP growth to remain strong, public finances to remain in surplus and the country’s debt-to-GDP ratio to continue improving.

 

Sources: TVM & Times of Malta 

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