The European Commission expects Malta to have the fastest growing economy among EU member states next year, according to the Autumn Economic Forecast issued on Thursday.

Growth is being projected at 6.2% from 5% this year. Like the government, the commission expects a sharp drop in the deficit, from the current 11.1% to 5.8%. Unemployment is expected to be 3.8%, marginally down on this year. 

The EC’s Autumn forecasts show #Malta with the highest growth in the EU next year, record low unemployment and inflation well below average. With our economy back in shape we can build a new prosperity. - RA

— Robert Abela (@RobertAbela_MT) November 11, 2021

The bad news is that inflation will rise to 1.6% from the current 1.1% and the public debt at a percentage of GDP is expected to reach 62.4% from the current 61.4%.

But Prime Minister Robert Abela in a tweet while welcoming the projections noted that local inflation would still be below the EU average.