Malta was among the European Union (EU) Member States with the highest reductions in public debt between the second and third quarters of 2014, according to data recently published by the Maltese government.
In its information, the Maltese government pointed out that according to the latest Eurostat statistics, Maltese debt fell by an amount equivalent to 2.7% of its GDP. On average, EU Member States debt increased 1.3% and only 9 countries were able to reduce their debt. Cyprus was the Member State that showed the biggest drop (5.1%). Debt levels in Malta are now lower than those of Germany.
Public debt control has been one of the concerns of the Maltese government, as it is well aware of the importance of maintaining a stable macroeconomic environment that supports a development strategy based on attracting foreign investment. Other economic and financial indicators have strengthened Malta’s competitiveness and security in terms of developing international business, as we have pointed out in our guide “The Soundness of Malta’s Economy.”