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.
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