While much of Europe battled stagnant growth and rising costs, Malta surged ahead with confidence and pride. At the centre of this extraordinary success stands Finance Minister Clyde Caruana, the man whose vision, discipline, and family-first approach have delivered one of the strongest economic performances in Europe.
Since the 2022 election, Caruana has presented budget after budget that don’t just manage numbers, they change lives. Here’s exactly how he’s helping every Maltese and Gozitan family thrive like never before.
Malta’s Economy: Growing Three Times Faster Than Europe
In 2024, Malta’s economy exploded with 6.8% growth, compared to a meagre 1.1% across the EU. And the momentum keeps building: strong growth is forecast for 2025 and 2026, leaving most European countries far behind.
Tourism is booming, digital services are thriving, and government revenue jumped by a massive €1.2 billion in just one year.
Historic Low Unemployment – More Jobs, More Hope
Malta now boasts Europe’s lowest unemployment rate at just 2.5%. Even better, our employment rate has climbed to a remarkable 84.1%.
That means more families with steady incomes, more young people building careers at home, and a country full of energy and optimism. Caruana’s reforms, from in-work benefits to free childcare, continue to open doors for everyone, especially women and parents.
Getting Our Finances in Shape for the Long Term
Caruana has been ruthlessly responsible. The national debt has been slashed and now sits at around 47% of GDP — one of the healthiest levels in Europe. The budget deficit is falling fast and is set to drop below 3% ahead of schedule.
All this while still protecting families with energy subsidies and major investments in health, education, green spaces, and Gozo’s future. Prudent but caring; that’s the Caruana way.
Twelve Years of Progress — and the People Still Believe
Biggest Tax Cuts in Malta’s History – Money Back in Your Pocket
Perhaps the most popular achievement? The largest income tax cuts Malta has ever seen. Families with children are set to save thousands of euros over the coming years. Caruana has made the system fairer and more generous, especially for parents. And incredibly, tax revenue has still gone up!
Budget 2026 goes even further, with pension increases, better children’s allowances, carer support up to €9,000 a year, and help for first-time buyers and low-income households.
Protecting You from Global Shocks
When energy prices skyrocketed and inflation hit the world, Caruana didn’t panic or raise taxes. He shielded Maltese households with targeted support, keeping our costs among the lowest in Europe.
While other countries struggled with austerity or higher bills, Malta kept families safe, businesses moving, and the economy strong.
A Budget with Heart: “A Strong Economy, A Future for Our Children”
That’s the beautiful theme of Budget 2026. Caruana isn’t just balancing books, he’s investing in Malta’s tomorrow. More support for AI and innovation, better infrastructure in Gozo, new green spaces, cultural heritage, and land reclamation, all while keeping taxes steady and family support stronger than ever.
As the Minister himself declared: “For a United Malta, only with a strong economy can we offer the best future for our children.”
Clyde Caruana
The Bottom Line
Under Clyde Caruana’s steady hand, Malta isn’t just surviving — it’s thriving. More jobs. More money in your pocket. Stronger public finances. And a genuine focus on making life better for families and children.
This legislative term will be remembered as the period when Malta stepped confidently into a brighter future. And much of the credit belongs to a Finance Minister who proved that responsible economics and real compassion can go hand in hand.
What an achievement. What a legacy.
