The Budget will be presented on October 12, earlier than the norm, The Sunday Times of Malta has learnt.

The mid-term Budget of Joseph Muscat’s government, is intended to “consolidate” the country’s financial situation, according to sources.

The Budget is normally presented towards the end of October or in November, but the European Commission imposed a strict mid-month deadline on eurozone members.

Besides, Malta will be hosting two major summits in November, which could lead to logistical problems – the EU-Africa migration summit will be held on November 11 and 12, while the Commonwealth Heads of Government summit is due to take place between November 27 and 29.

During the launch of the pre-Budget document, Finance Minister Edward Scicluna, whose speech last year was criticised for lasting almost four hours, said the 2016 Budget would target better incomes for low-earners and pensioners.

Figures released last Friday showed the Malta’s Gross Domestic Product in real terms went up by 5.2 per cent. In real terms, total final consumption expenditure increased by 3.4 per cent.

Compared with the corresponding quarter last year, GDP at current prices went up by €144 million, and is estimated to have been distributed into a €30.4 million increase in compensation of employees, a €107.3 million increase in gross operating surplus of enterprises, and a €6.2 million increase in net taxation on production and imports.