Friday, June 30, 2023 - 09:36

The news that Gibraltar is projected to be back in surplus during this financial year will be welcome by everyone. The cost of the Covid pandemic, the war in Ukraine and the cost of living crisis has led to an economic downturn everywhere. There is now hope that Gibraltar will not have to endure the seemingly endless pain suffered in other places.

SURPLUS
The disclosure by Chief Minister Picardo to the Chamber of Commerce of a projected surplus of some £2.5 million during this financial year 2023/24 is a remarkable success story. Gibraltar emerged from the darkest days of the pandemic with a deficit of £150 million, then reduced to £50 million and this had been projected at £15 million for 2022/23. That negative position will apparently now be overturned during this financial year when the Rock is expected to return to the sunny days of a budget surplus. Mr Picardo recalled how his Government aimed to restore financial stability, after the pandemic ravaged the global and local economy. It now appears to be mission accomplished.