Europe has been plagued with the global financial crisis for the last 6 years now, and some countries like Spain, Greece and Portugal have suffered more than others. However, Malta’s economy shows a stable growth and no signs of a slowdown at all. The Central Bank of Malta recently confirmed this in their quarterly report.
The GDP in the euro area grew by 0.2% in the first quarter, but remained stable in the second. In Malta, the economic activity grew faster in the first quarter, and the GDP grew by 3.5%. This growth was mainly due to domestic demands and investments. Exports only contributed marginally. GDP growth in the second quarter was still strong, but dropped to 2.9%.
Another interesting fact from the report is the employment rate. The amount of people in employment is slowly growing, and shows a better development compared to last year. The unemployment rate currently stands at 6%, which in comparison to other countries in the EU is considerably low. The development is very positive.
The report shows that Malta is still a very interesting place for new companies. The attractive tax system, as well as a stable economy provide for a good environment to start a company. Foreigners establishing a Limited company in Malta can also benefit from the 6/7 refund of corporation tax, providing they are eligible and fulfill the requirements.
But not only companies can benefit from the great economic situation in Malta. As new companies are settling on the island, new opportunities for Maltese and foreign workers arise, and the demand for skilled professions has never been higher. It is a great time to settle on the island. If you are interested in establishing a Limited company in Malta, the office of Dr. Werner & Partner would be happy to assist you in this matter.
