Malta, one of the UN’s smallest member states, takes over the presidency of the UN Security Council on 1 February. The presidency of the Council is held by each of the members in turn for one month. It involves setting the agenda, presiding over its meetings and overseeing any crisis.

Malta took a seat as a non-permanent member of the UN Security Council on 1 January 2023.

GDP up 6.9% thanks to accommodation, food services and transportation

Gross Domestic Product last year reached €16,870.3 million, an increase of €1,868.4 million, or 12.5 per cent, when compared to 2021, the National Statistics Office said. The growth rate was 13.9% in the previous year.

In volume terms, GDP rose by 6.9 per cent last year.

It said that during 2022, Gross Value Added (GVA) rose by 13.7 per cent in nominal terms and 8.1 per cent in volume terms, when compared to 2021.

The Maltese economy is expected to grow strongly by 5.7% in 2022, driven by domestic demand and export of services, including tourism. Growth is forecast to moderate to 2.8% in 2023, as the supporting growth momentum of services exports fades and the impact of higher prices reduces household purchasing power, and reach 3.7% in 2024. Malta has kept energy prices unchanged due to the implementation of sizeable government measures. The government remains committed to keeping energy prices stable also for 2023 and 2024.

Fri 11 Nov, 2022 - 5:01 PM ET

Fitch Ratings - Frankfurt am Main - 11 Nov 2022: Fitch Ratings has affirmed Malta's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'A+' with a Stable Outlook.

A full list of rating actions is at the end of this rating action commentary.

KEY RATING DRIVERS

The first test of investors’ perception of the Maltese economy following the political crisis that erupted at the end of 2019 was rating agency Fitch’s report on Malta.

Malta’s A+ rating with a positive outlook has been confirmed mainly as a result of Malta’s euro area membership and institutions stronger than the majority of ‘A’ rated peers.

Malta's Labour Party has elected Robert Abela as its new leader and prime minister to replace Joseph Muscat.

Abela was elected by Labour Party members in the night from Saturday to Sunday, beating his opponent Chris Fearne with 57.9 percent of the vote.

"Progressing safely in a riskier world" was the theme and main message of the traditional policy speech delivered by Dr Mario Vella, Governor of the Central Bank of Malta, at the recent annual dinner of the Institute of Financial Services.

Although the international environment is increasingly characterised by heightened political turbulence, by uncertainty regarding trade policies, by the Brexit unknown and by concerns related to climate change, Malta will continue to experience positive economic growth in 2020.

Bank of Valletta p.l.c. hereby announces that the Board of Directors has resolved to appoint Rick David Hunkin as BOV’s Chief Executive Officer with effect from 1 January 2020. In his capacity as CEO, Mr Hunkin will also sit on the Bank’s Board of Directors as an Executive Director.  His appointment is subject to regulatory approval.

Hunkin, the first BOV CEO to be appointed from outside the Bank’s ranks, will succeed Mario Mallia following his retirement from the Bank on the 31 December 2019.