Malta bucks European retail sales trend

While across Europe retail sales continue to fall, in Malta households continue to shop

According to Eurostat, retail sales across Europe have been declining since September 2022, for 16 consecutive months. Last January, retail sales across the Union fell by 0.6%. The worst situation was in Estonia, where shops saw their sales drop by 6.7% compared to January 2023.

The decline in sales was widespread across several countries. For example, in Belgium there was a decrease of 3.8%, in Finland a decrease of 2.9%, and in Austria a decrease of 2.5%. In the three largest economies across Europe – Germany, France, and Italy – stores also saw sales decline.

In contrast, in Malta retail sales increased by 0.6%. Furthermore, when one takes into consideration the last three years, the level of sales in Malta is around 13% better than the European average. This was the best result observed across the euro area, and it is exactly the opposite of what happened in Belgium, where there has been a 13% drop in retail activity.

Stable fuel and electricity prices have empowered Maltese families to continue spending, supporting domestic demand. At the same time, Maltese households were not hit by the sharp rise in interest rates on loans that has hit their European counterparts. This has led to the purchasing power of families in Malta remaining better than that of families in the rest of Europe. Consequently, the Maltese economy has not ended up facing recession or stagnation like other economies in the region.

Trend of the last three years of retail sales

Malta+12.5%
Cyprus+12.5%
Luxembourg+12.5%
Portugal+7.1%
Latvia+2.3%
France+2.1%
Ireland+1.5%
Lithuania+1.1%
Greece+1.1%
Slovakia+0.9%
Netherlands+0.8%
Euro area-1.1%
Slovenia-2.1%
Italy-4.6%
Germany-4.7%
Austria-5.4%
Finland-8.5%
Estonia-10.0%
Belgium-13.2%

Photo: Antoni Shkraba

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Albert Mamo
Albert Mamo
3 months ago

THE FACT IS MALTESE ARE IDIOTS. THEY THINK THIS CORRUPT GOVERNMENT IS COVERING THEIR COSTS WHEN IN REALITY THEY ARE PAYING WITH AN EXPLODING NATIONAL DEBT. THE IDIOTS DON’T REALISE THEY OWE €22,000 EACH PERSON TO THE GOVERNMENT!!!💯🤣🤣🤣