A series of press releases issued by the National Statistics Office (NSO) has indicated how well the manufacturing sector in Malta is faring, in stark contrast to what is happening in other countries – particularly in Europe – where firms are being faced with the withdrawal of support on energy prices.
According to the NSO, industrial production excluding energy has been rising on a year-on-year basis for five months. Last November there was a very significant increase of 4.7%. The biggest increases were reported by producers of food and beverage items, as well as electronics.
When one excludes the re-export of oil and trade in tuna, exports of goods from Malta have increased by nearly €39 million during the first 11 months of 2023. Amongst the sectors that had the best performance one finds the electrical machinery sectors, printing and publishing, rubber products, the chemical sector, and producers of footwear.
These two different data releases confirm the results of the business sentiment survey carried out every month by the European Commission, which showed that industrial operators in Malta had a very good level of activity. In fact, they reported that they had orders that guaranteed full production runs for the next 15 months. This is well above the historical average.
Finally, another NSO press release indicated that in 2022 the value of foreign direct investment in manufacturing in Malta reached the record level of €5.3 billion. This marked an increase of nearly €1 billion over the previous year. This is testament to the resilience and progress of this very important sector for the Maltese economy.
Photo: cottonbro studio