The last budget of this legislature was presented to parliament
by Malta's Finance Minister, Tonio Fenech. Income tax
cuts, as originally promised during the Nationalist Party's
electoral manifesto, were announced as were further renewable
energy incentives. Plans were also laid out to nurture new
industries in Malta and further strengthen the core contributors to
the Maltese economy. The Government is projecting a deficit
of €95 million, down to 1.7 per cent of GDP in 2013, which
should be in line with EU targets to reduce the deficit gradually
until a balanced Budget is achieved. The economy expected to
grow 1.2 per cent by the end of December, above the Eurozone
average, which is reportedly going to recede by 0.4 per cent.
Unemployment in Malta was stated to be 6.5 per cent, less than half
the Eurozone average.
