Moody’s recent report on Malta was last night welcomed by the Finance Ministry, which said the credit rating agency was acknowledging the Government’s measures to reduce the deficit.

While confirming Malta’s A3 government bond rating, Moody’s also changed the outlook of the Maltese economy from negative to stable.

In a statement, the Finance Ministry referred to Moody’s estimate that the deficit this year will go down to 3.1 per cent of GDP.

It also remarked that for 2014 the credit rating agency is estimating that the level of debt in proportion to the GDP will be lower than the EU’s projection of 74.9 per cent.

The ministry said that Moody’s forecast of two per cent economic growth for next year exceeded the Government’s own projections as had been laid out in the Stability and Convergence Programme, by 0.4 per cent. ­­­

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