VALLETTA, Nov. 15 (Xinhua) -- Malta's economy is expected to grow faster than predicted, making it the fastest-growing economy in the European Union (EU), according to the European Commission's autumn forecast released on Friday.
The Commission has revised Malta's projected economic growth for 2024 to 5 percent, an increase of 0.4 percentage point from its spring forecast. This growth is driven by strong domestic demand, a positive contribution from net exports, and a thriving tourism sector.
Malta's growth rate is the highest gross domestic product (GDP) projection across the EU. By comparison, the EU's average growth for this year is forecast at 0.9 percent, with the eurozone slightly lower at 0.8 percent.
Looking ahead, the Commission predicts Malta's economy will expand by 4.3 percent in both 2025 and 2026, outpacing the EU's expected growth of 1.5 percent in 2025 and 1.8 percent in 2026.
In the second quarter of 2023, Malta's GDP reached 5.5 billion euros (5.8 billion U.S. dollars), marking a year-on-year increase of 7.6 percent. (1 euro = 1.06 U.S. dollar)
