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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:

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