'Economic growth during 2014 exceeded all expectations' - PM

he economic growth during 2014 exceeded all expectations, Prime Minister Joseph Muscat said today.

Addressing a meeting with the Malta Hotels and Restaurants Association (MHRA), Muscat said that the government's forecast for economic growth during 2014 had been termed "too positive".

"But 12 months down the line we were proven right," Muscat said.

He added that Budget 2015 - to be presented in parliament next week - will target the consolidation of the positive results achieved during this year while continuing with its plan to reduce deficit in a growing economy.

"We are trying to reduce the burdens key players face and next week we will announce the 25% reduction in energy bills for businesses. The is the most important part of a stimulus package that will increase competitiveness," Muscat said.

Once again, Muscat said that low inflation had resulted in the meager 58c increase in the cost of living adjustment, arguing that this was "compensation reflecting the cost of living during the previous year". "Boasting of a high COLA is boasting of a higher cost of living," he said.

Muscat reiterated that the budget will target unemployed people who are on social benefits and who can easily join the workforce if they receive necessary training and skills.

Addressing the MHRA leaders, tourism minister Edward Zammit Lewis said that there were challenges that had to be overcome to increase tourism: bed stock during the summer months and improving the relationship between hotels and tour operators.