S&P notes Maltese economy's growth will surpass that of European peers, Abela says

In a post on social media, Prime Minister Robert Abela said S&P Global Ratings noted that Malta's economic growth was possible due to stable energy prices

File photo
File photo

Prime Minister Robert Abela has stated that S&P Global Ratings's outlook on Malta shows that the country's growth will surpass other European economies.

In a post on X, formerly Twitter, Abela wrote, "S&P Global Ratings say Malta's growth will “remain above European peers” because “government's decision to maintain stable energy prices softened the hit to private consumption, as it contained inflation.” 

Abela and his government have pushed energy subsidies to the centre of its economic strategy, as they were the centrepieces of the past two budgets.

Last November, Prime Minister Robert Abela doubled down on Labour’s guarantees to keep subsidising the price of energy and fuels, despite calls for cautious spending from the European Commission and the World Bank.

Two days before this, Central Bank governor and ex-Labour finance minister Edward Scicluna had stated that energy subsidies in Malta are keeping domestic demand buoyant, to the extent that it might be countering a relaxation in price inflation.

"The road to prosperity lies in more investment and not austerity," Abela concluded on X.