MaltaMedia.com

International credit rating Fitch has followed in the steps of another agency, Moody’s in expressing confidence in Malta’ s economic and financial management by confirming Malta’s rating at A+.

Moreover, Fitch describes Malta’s outlook as stable, and the rating affirmation reflects Fitch’s view that Malta will maintain a general government primary budget surplus in 2012-14. This confirmation of Malta’s achievements in reaching its financial targets is an important message of stability for investors and for those looking at investing here.

Fitch also remarks that “Malta has engineered a structural shift towards a higher-value added export base, particularly in the services sector. Exports of services have held up well and this has underpinned a sharp current account adjustment. This has helped the economy weathering the 2009 crisis”. Fitch also confirms that Malta’s economic growth surpassed the eurozone average.

This positive assessment vindicates Government’s efforts, in line with its Vision for 2015 and beyond, to support and incentivize the development of new economic sectors such as financial services, ICT, gaming and digital gaming which over the past few years have contributed significantly to economic growth and the creation of quality new jobs.

The new emerging sectors of have not, however, deterred Government’s attention from the need to continue putting focus on successfully restructuring Malta’s manufacturing base from a low-cost labour-intensive jurisdiction to the higher value added opportunities based on research and innovation. This has resulted in the expansion of the pharmaceutical sector, aviation services and the manufacturing of higher-end electrical components. Indeed, exports have continued to increase in the first eight months of the year.