Written by Mr. Lawrence Zammit, MISCO and Mr. Christian Vella, 3A
In his Budget Speech for 2012, the Minister of Finance has yesterday evening laid out the key objectives in weathering the international financial storm by maintaining financial and economic stability, yet attracting foreign investment, creating new jobs as well as safeguarding existing jobs and strengthening of the social welfare.
With the fiscal deficit in Malta amongst the lowest in the European Union, Malta is committed to bring down the deficit to 2.8% of the GDP by the end of 2011 and to 2.3% by the end of 2012. The outlook of the performance of the Maltese economy in 2011 was over all a positive one.
The Budget proposes a total expenditure of 3.1 billion Euros and recurrent revenue 2.96 billion Euros. The recurrent expenditure is expected to reach 2.45 billion Euros whereas capital expenditure is expected to be 425 million Euros.
A number of fiscal and non-fiscal incentives as well as proposed investment projects were presented in detail by Mr. Fenech. Find out more by downloading our Budget 2012 Highlights.
Download budget 2012 highlights