Malta has topped the eurozone’s economic growth charts during the first half of the year, data released by rating agency DBRS shows. With a growth rate of over five per cent, Malta ranked first, followed by Latvia and Slovenia. The average growth rate in the eurozone during the first half of the year stood at 2.3 per cent. DBRS said growth in the eurozone had a weak start to the year, but remained steady. “Growth was driven by household consumption and gross fixed investment.

Two of the world’s largest cryptocurrency exchanges plan to make the tiny European nation of Malta a central hub of their operations, and analysts say others are sure to follow. Officials on the Mediterranean archipelago, the European Union’s tiniest member, are aiming to boost its fortunes by becoming one of the world’s friendliest jurisdictions for a sector that’s caused concern among other regulators.

Malta has once again recorded the highest economic growth in the Euro Area with a real GDP growth rate of 6.6 per cent in 2017.

This growth rate is more than double the average growth rate of 2.3 and 2.4 per cent recorded in the Euro Area and the EU28 respectively.

In nominal terms, GDP grew by 9.0 per cent. The latter augurs well for the debt-to-GDP ratio for 2017, which is expected to fall below 55 per cent.

wo international credit agencies, Moody’s and DBRS, have given an upgrade in Malta’s economic rating, reports published on Friday show.

In a statement, the government said that after DBRS had improved Malta’s rating last August, the agency has now given Malta an upgrade from ‘A’ to ‘A high’, which is the highest ever rating given to the country.

On the same day, Moody’s revised its rating from ‘A3 stable’ to ‘A3 positive’, which is the first upgrade given by the agency to Malta since October 2013.

The Maltese economy has retained its A+ credit rating from the Fitch agency, on the back of robust growth and strong economic governance.

With low unemployment declining to 4% in 2017 when compared to ‘A’ peers, Maltese households were said to have high net worth.

Growth reached 7.2% up until the third quarter of 2017, and stabilise at an unprecedented 7%.

Growth will probably be slowed at 5.8% in 2018, thanks to strong domestic demand, low unemployment, and higher wages from increased private consumption.

The report has also highlighted the fact that, robust growth, along with the continued influx of foreign workers, has led to increased infrastructure needs and contributed to higher housing prices.

“The June snap election, which resulted in the Labor Party maintaining a comfortable majority in Parliament, provides a strong mandate for the government to pursue its reform strategy.”

Malta is inching closer towards introducing laws for virtual currencies, with the country’s financial regulator having fleshed out a regulatory framework for collective investment schemes linked to the sector.

In a feedback statement published on Monday, the Malta Financial Services Authority noted the various suggestions it had received and explained where it stood with regard to investment schemes for virtual currencies. 

Laboratorio de ProductosÉticos® and Cevomed Limited have signed a letter of intent with Malta Enterprise for the allocation of industrial space to set up a pharmaceutical manufacturing business in Malta under the name of Cetic Pharmaceuticals.

The total sum invested in this project is expected to amount to €15 million over a three-year period, and is expected to create over 60 new jobs.