Malta: Staff Report for the 2005 Article IV Consultation
IMF Staff Country Reports, October 24, 2005
Source details
- Canonical URL
- Malta: Staff Report for the 2005 Article IV Consultation
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Bibliographic details
- Published: October 24, 2005
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781451826616.002
Overview and headline findings
- Malta’s economic growth languished in 2004 for a fourth consecutive year.
- Slow growth reflected the weakness of, and increasing competition in, Malta’s export markets, as well as domestic factors.
- The slowdown had begun with shocks to the key sectors, and was reinforced by slow growth in Malta’s trading partners and by recent oil price rises.
- Although growth was weak, the fiscal balance was improved substantially in 2004.
- Parastatal reform gathered steam in 2004.
Macroeconomic context and drivers
- External environment:
- Weakness and increasing competition in Malta’s export markets.
- Slow growth in Malta’s trading partners.
- Recent oil price rises reinforced the slowdown.
- Domestic factors:
- Shocks to key sectors triggered the initial slowdown.
- Domestic structural and sector-specific factors contributed to continued weak growth.
Fiscal and public sector developments
- Fiscal balance:
- The fiscal balance was improved substantially in 2004 despite weak growth.
- Public sector reform:
- Parastatal reform progressed, described as having "gathered steam."
Thematic subjects covered in the report
- Banking
- Exchange rates
- Expenditure
- Fiscal consolidation
- Fiscal policy
- Foreign exchange
- Public debt
- Revenue administration
Keywords and focus areas highlighted
- Asia and Pacific
- authorities' ERM-2 strategy
- authority
- Central and Eastern Europe
- CR
- ERM-2
- Europe
- Exchange rates
- financial system
- Fiscal consolidation
- growth
- ISCR
- Maltese authorities
- policy dialogue
- semi-conductors price
- summer tourism season
Malta: Staff Report for the 2005 Article IV Consultation, IMF Staff Country Reports 2005, 381.