Five years ago, Robert Abela became the leader of the Labour Party and Malta’s Prime Minister. During these five years, Malta has seen an extraordinary period of economic and social growth, positioning itself as an example of resilience, prosperity and sensitive leadership. From surpassing the Eurozone’s national wealth per capita to becoming a beacon of stability during global crises, the Maltese economy has flourished, and various initiatives have been launched with the aim of supporting those who need it the most.

A Robust and Resilient Economy

One of the most striking accomplishments of Robert Abela’s government is the remarkable growth in national wealth per capita. For the first time in Malta’s history, the country’s wealth has exceeded the Eurozone average, now standing at 103% of that average. Just a decade ago, in 2012, the figure was 80%. This impressive shift demonstrates the strength and resilience of the Maltese economy under Abela’s stewardship.

Between 2019 and 2024, the Maltese economy grew by an impressive 28%, far outpacing the European Union’s modest 5% growth during the same period. The sectoral growth is just as impressive. The Information Technology (IT) sector, for instance, has expanded by 80%, while the financial services industry has grown by 55%, and manufacturing has seen a 32% increase. These statistics underline the diversification and strength of Malta’s economic foundations.

Employment Boom

A key pillar of Abela’s economic strategy has been job creation. Under his leadership, employment has surged, with more than 300,000 people now in work. This represents a significant increase compared to previous years. In just five years, employment increased by almost 60,000 people, which averages to 1,000 new jobs each month. This growth rate is far higher than under the previous government, showcasing the effectiveness of Abela’s policies in stimulating the job market.

In particular, Gozo, a region often left behind in previous administrations, has seen a remarkable increase in economic growth. Since Abela took office, Gozo’s national wealth per capita has risen by more than €4,500, outpacing the gains observed during three Nationalist administrations between 1998 and 2012. In 2023 alone, Gozo’s economic health grew by over 1.5 times compared to the growth experienced during five years of the previous Nationalist government.

A Strong Social Fabric

Beyond economic growth, Abela’s government has focused heavily on ensuring that the benefits of this growth are shared across society. For the first time in history, Malta’s employment rate has exceeded 80%, positioning it as one of the best in Europe. In fact, the employment rate among women in Malta and Gozo has now surpassed the European average, a significant shift from 2012 when it was a quarter lower.

One of the standout achievements is the record low unemployment rate, which is now the lowest in the Eurozone. For the first time, unemployment has fallen below 3%, a feat that is even more remarkable when compared to the much higher unemployment rates under the previous government. Alongside this, the number of people registering for unemployment benefits has decreased by a third, with an average weekly decline of ten people.

Another crucial aspect of Abela’s leadership has been the focus on improving the living standards of Maltese families. The average family’s wealth, which includes both property and financial savings, has increased by 26% since 2019. Today, the average family’s wealth is estimated at €531,000, significantly higher than the €385,000 average for families across the Eurozone.

Managing Crisis and Supporting Families

Under Abela’s leadership, Malta has managed to maintain economic stability even during the most challenging global crises, including the COVID-19 pandemic. The Maltese government was quick to act, introducing measures that safeguarded jobs and supported businesses. A wage supplement, which exceeded the national minimum wage, was introduced to support workers who had to stay home due to lockdowns. This initiative cost the government €750 million but successfully avoided mass layoffs and prepared businesses to resume operations post-pandemic.

The government’s response to the pandemic didn’t stop at financial support. Malta was one of the first countries in Europe to secure enough COVID-19 vaccines for its entire population, ensuring that the country could begin reopening safely and efficiently. To stimulate the economy further, the government also launched two voucher schemes, injecting more than €45 million into the local economy and helping local businesses recover from the pandemic’s impact.

Record-Breaking Investments

Investment in the Maltese economy has also been on the rise. The projected total investment for 2024 is €3.7 billion, a 20% increase from 2019’s €3.1 billion. This marks a continued upward trajectory in Malta’s investment climate, with both local and foreign investors showing confidence in the country’s future prospects.

Another critical area of focus has been the development of infrastructure, which is vital for sustaining long-term economic growth. The government has invested heavily in modernising Malta’s infrastructure, including roads, ports, and renewable energy projects. Abela’s government has also committed to the largest environmental project in Malta’s history, with a €700 million investment aimed at creating more green spaces in urban areas. This initiative is expected to reshape Malta’s landscape, contributing to a more sustainable and liveable environment for future generations.

Tackling Inequality and Improving Welfare

Abela’s government has also prioritised social welfare, ensuring that the benefits of economic growth are spread across all sections of society. Spending on social benefits has reached unprecedented levels, with over €1.5 billion allocated to social assistance. The introduction of new social schemes, including the carer’s grant and cost-of-living benefits, has provided critical support to vulnerable families.

Moreover, the government has increased the minimum wage, public service salaries, and pensions, ensuring that the country’s most vulnerable citizens are not left behind. In a time when many European countries have seen a rise in energy prices, Malta has remained an exception. Despite the 71% increase in electricity costs across Europe, Malta has kept electricity prices stable for families, offering further relief in an increasingly costly world.

Legislative Milestones

In just five years under Robert Abela’s leadership, nearly 250 legislative acts were passed, surpassing the 224 acts passed during the two Nationalist-led legislatures from 2003 to 2013. On average, one act was passed every week. This period saw significant reforms to strengthen Malta’s institutions, including changes to the appointment of key positions like the President and Chief Justice, and greater powers for the FIAU to fight corruption. Other reforms included regulating professions like property agents, notaries, and architects, protecting free expression, and establishing new agencies such as the Building and Construction Authority. Additionally, the government introduced measures to support families, enhance workers’ rights, and create new economic sectors.

A Future of Continued Growth

Under the leadership of Robert Abela, Malta has experienced an era of unprecedented economic growth, marked by innovation, stability, and inclusivity. The country has managed to thrive in the face of global crises, with policies designed to benefit every segment of society. With continued investment in infrastructure, social welfare, and green initiatives, Malta is well-positioned to continue its upward trajectory.

The achievements of Robert Abela’s administration are not only a testament to strong governance but also a clear indication of what is possible when a country prioritises its people, invests in sustainable growth, and adapts to the challenges of an ever-changing world. The Maltese economy stands as a model of resilience and success, and the future looks bright for the island nation.