Malta 2024: A New Era of Economic Growth and Opportunity
As we step into 2024, Malta presents a promising economic landscape, as outlined in the Malta Budget for 2024.
This budget, delivered by the Minister for Finance and Employment, sets the stage for a year of growth, stability, and opportunity.
💰 Malta GDP 2024, Economic Growth, Deficit Reduction
- Deficit and Debt
Malta's deficit is on a downward trend, expected to fall to 4.5% in 2024. The debt-to-GDP ratio, while rising slightly, remains well below the EU threshold, indicating a stable economic environment.
- Inflation and Subsidies
Inflation rates are projected to decrease, and the government plans to continue subsidizing energy, fuel, and grain costs, amounting to €350 million in subsidies for 2024.
🏠 Malta Property Investment 2024, Gozo Real Estate, Housing Market
- Gozo Property Scheme
The reduced duty rate for residential properties in Gozo will end in December 2023.
- Tax Exemptions and Benefits
Various schemes will continue supporting the property market and homeowners, including exemptions for first-time buyers and stamp duty refunds.
💼 Malta Business Growth 2024, SME Support, Enterprise Incentives
- Tax Credits and Incentives
Businesses will benefit from donation tax credits and a new data repository to streamline operations.
- SME Support
Continued support for SMEs through various schemes, including consultancy for sustainability and investment aid for energy efficiency.
- Gaming and Esports
We are strengthening the regulatory framework for the gaming industry and continuing the esports strategy.
🏌️ Pensions Increase, Family Benefits Malta, Cost of Living Adjustment
- Pension Reforms
Significant increases in pensions and tax exemptions for pensioners, aligning with the modern economic landscape.
- Family Support
Enhanced allowances for families, including increased children's allowance and bonuses for newborns or adopted children.
- Cost of Living Adjustment
The cost of living adjustment for 2024 is set at €12.81 per week, coupled with a gradual increase in the national minimum wage, enhancing the standard of living for Maltese citizens.
🎯 Malta Employment Rate, Job Opportunities, Low Unemployment
- Labour Market
The unemployment rate in Malta stands impressively low at 2.7%, with expectations of stability throughout 2024.
- In-Work Benefits
Additional benefits for parents and employees in specific sectors.
- Educational Incentives
Continued tax credits for higher education and a renewed focus on AI education.
- Expatriates
The cost for the issue of new single work permits for new foreign workers relocating to Malta is expected to increase. You can find more info: finance.gov.mt