Economic activity in Malta is expected to remain robust, supported by both demand and supply factors, according to the latest Central Bank of Malta economic forecast.
In particular, the energy reforms that have taken place in recent years, new investment projects, increased labour market participation and robust services exports are the primary drivers supporting the economic expansion. Real GDP growth is projected at 4.3 per cent for 2016. It is then expected to decelerate to 4.1 per cent in 2017, 3.7 per cent in 2018, and 3.3 per cent in 2019.
As a result, the labour market is projected to remain tight, with the unemployment rate falling further to 4.9 per cent in 2016, before picking up slightly to 5.3 per cent by 2019.
Downward international price pressures are expected to contribute towards a further easing of consumer price inflation this year. Annual inflation, based on the Harmonised Index of Consumer Prices (HICP), should ease from 1.2 per cent in 2015 to 0.9 per cent in 2016. It is then projected to trend up to 1.9 per cent by 2019, reflecting a pick-up in international commodity prices and domestic cost pressures.
In terms of public finances, restraint in key expenditure variables is expected to contribute towards a decline in the general government deficit, with government finances set to become broadly in balance by 2019.
More details on the bank’s latest projections can be found at https://www.centralbankmalta.org/economic-projections.
PKF Cooper Parry scoops Most Innovate Practice award
PKF Cooper Parry has been voted as the Most Innovative Practice Mid-Tier Firm at the British Accountancy Awards, which attracted over 600 guests from practices all over the UK. The awards represent small local firms to the larger regional, national and global players.
A panel of 20 judges representing the very best of the profession were tasked with assessing the firm’s services against three criteria – culture, technology and measurable success impact – across a three-stage process. The judges were also on the look-out for the use of innovative techniques, resources or technologies used to acquire and retain clients and develop professionalism within the firm.
PKF Cooper Parry recently reported its strongest financial year on record. It is the only accountancy firm to make the 2016 Sunday Times (of London) List of 100 Best Companies to work for.