The National Statistics Office has revealed that Malta’s debt for the year 2021 rose to €8.3 billion, equating to 56.3% of the GDP. The year before, government debt stood at 53.3%, with this year’s figure being the highest since 2014.
The European Union’s Maastricht criteria stipulate that the proportion of Government Gross Debt with the GDP must not exceed 60% by the end of the preceding fiscal year.
However, Malta’s deficit for 2021 stood at 7.8% of the GDP, a figure which is far higher than that stipulated within the Maastricht criteria; Malta’s deficit was the highest across the European Union last year. Deficit for 2021 stood at €1.1 billion, an improvement of €81.9 million when compared to deficit of the previous year.
Photo Source: Polina Kovaleva