Malta with fifth month of lowest unemployment in Euro Area

Eurostat data show that in February, Malta’s unemployment rate remained at a historical record low of 3.1%. Moreover, our country had the lowest unemployment rate among all Euro area countries. Only Germany managed to keep up with our economy, also posting a 3.1% unemployment rate.

This was the fifth consecutive month during which Malta had the lowest unemployment rate in the Euro area. In the European Union, only Poland and Czechia have a lower unemployment rate than us.

Our unemployment rate is a full percentage point lower than it was in the same month of 2021, confirming the resilience of our economic recovery. In the rest of the euro area, unemployment stands at 6.8%, or more than double our rate. The worst situation is in Spain where 12.6% of the work force is unemployed.

In the European Union, only Poland and Czechia have a lower unemployment rate than us.

Since Robert Abela became Prime Minister in January 2020 unemployment has fallen from 3.5% to 3.1% despite the pandemic. Malta’s economic handling of the impact of the pandemic was superior to that of other Euro area countries, so much so that for the first time in history, Malta has started to have the lowest unemployment rate among these countries.

The Prime Minister in his Freedom Day Speech revealed that unemployment has remained on a downward trend in recent weeks so much so that the number of those registering for work is now just above 1,000. It is pertinent to note that at the height of the 2009 recession, there were nearly 8,000 registering, while in March 2013 there were 7,350 unemployed persons.

During the recent electoral campaign, Robert Abela has indicated that while the new adminisration will continue to promote expanding employment, he wants more focus on improving employability so as to ensure that people have careers, rather than just jobs.

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