Malta’s gross general Government Debt to Gross Domestic Product (GDP) has fallen by 3.4% in the second quarter of 2019, compared with the same time in 2018.
That’s according to data by the European data aggregator EUROSTAT, which found that the amount of Malta’s government debt to GDP had fallen from 49.1% in Q2 2018 to 45.7% in Q2 2019.
Broken down further, this is reflected as 3.0% Currency Deposits, 39.7% Debt Securities, 3.0% in Loans and 1.7% in IGL assets.
This also meant that national currency had increased from €5.7 million to €5.8 million, between the Q2 periods of 2018 and 2019.
Compared to fellow Southern European countries, Portugal recorded the lowest fall in gross governmental debt to GDP, by 4.5%. However, Italy (2.0%), Greece (2.7%), Spain (0.3%) and Cyprus (6.4%), recorded increases.
Slovenia recorded the highest drop of all EU member states (5.2%), followed by Austria (4.7%) and Ireland (4.4%).
Overall, the EU28 average from Q2 2018 to Q2 2019, had fallen by 1.1%. The Euro Area instead saw a decrease by 0.9%.
Malta surplus lower in Q2 2019
According to EUROSTAT’s Seasonally adjusted figures on Malta’s percentage of GDP as surplus or deficit, finds that the surplus in Q2 2019 (1.0%), is 2.3% less than the same period in 2018 (3.3%). This current surplus is also 1.5% less than Q2 2017 (2.5%). In the last two years, Q3 2017 recorded the highest surplus of 3.7% of GDP.
Overall, the EU28 recorded a deficit of 0.9% of GDP, while the EU19 recorded a smaller deficit of 0.7%.
Looking at the Non-Seasonally Adjusted figures, the surplus is 3.2% lower in Q2 2019 than in Q2 2018 (3.8%). The N-SA figure is now 0.6%. This is 0.3% higher than the same quarter in 2017.
The highest recorded N-SA surplus was recorded in Q4 2017 (6.7%).
Overall, the EU28 recorded a N-SA deficit of 0.7 of GDP, while the EU19 recorded a much smaller deficit of 0.2%.