Economy

EconomyStories

Key economic target achieved

With Malta's GDP per capita reaching the Euro area average, a key economic target of the government’s electoral mandate will have been achieved in just one year. Statistics published a few days ago by the European Union’s statistical office, Eurostat show that, for the first time ever, in 2022 Malta’s GDP per capita reached that of the Euro area average. This means that the target set in proposal number 2 of the ruling...
EconomyStories

A complete turnaround

While there are currently 7 job opportunities for each person registering for work, in 2013 there were 7 people seeking employment for every opportunity that needed to be filled. Activity in the Maltese labour market remains very strong, with the number of jobs soaring to a new record level. At the same time, the number of job vacancies has also now reached a new record high. While, in June, employers were looking to fill an additional 7,051...
EconomyStories

What prospects for 2024?

The Chinese horoscope has 2024 as the Year of the Dragon, the perfect time for rejuvenated beginnings and setting the foundation for long-term success. Fingers crossed: this all seems quite likely for Malta at this stage. In the Chinese calendar, 2023 was the Year of the Rabbit. The Rabbit is a symbol of longevity, peace, and prosperity and 2023 had been predicted to be a year of hope. Yet, for many around the world, 2023 was anything but that. With the continuation of the war in...
EconomyStories

What is happening to Malta’s inflation rate?

The inflation rate in Malta as measured by the the Harmonised Index of Consumer Prices (HICP) is 3.9%, as against an EU average of 3.1% and a Euro area average of 2.4%. What explains this? At face value, the inflation rate in Malta appears higher than the average across the European Union. There have been claims, inclusing by the Opposition, that this is proof that the country’s economy is being mismanaged the economy. But, what are the facts? The...
EconomyStories

A tale of two countries

While the minimum wage in Malta increases in the beginning of 2024, millions of low-paid Italian workers have to fight day by day to get their employers to agree to give them a pay rise. In January, Malta’s minimum wage will be increased by 11%, the largest ever increase since it was introduced back in 1974, or nearly half a decade ago. Many on the Opposition’s side argue that this is not enough, and that Government should push for more. At the same...

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