Malta’s economy continues to thrive thanks to its entrepreneurial spirit. With one of the highest business birth rates in the European Union, the country demonstrates that strong governance and supportive policies can create opportunities for entrepreneurs, the self-employed, and young people seeking to shape their future.

The resilience and trust in a nation can be measured by many factors, including the number of enterprises operating within the country. It is the entrepreneurial spirit of individual business operators that drives the economy forward.

The government’s role is to regulate and administer the country’s assets and liabilities in the best interests of all citizens. Over the last 13 years, the Labour-led government has managed to strike a balance between public and private interests.

This is not an easy task, but when comparing Labour governments with the Gonzi years, it is evident that Labour’s competencies in finance, economics, and management surpass those of the Nationalists. Citizens across Malta and Gozo have confirmed this trend over recent years, recognising Labour governments’ performance year after year.

Recent statistics from Eurostat (2023) on enterprise demography show that Malta, alongside Lithuania and Portugal, ranks among the top three EU countries for new business creation.

With a business birth rate of 17.1 per cent, Malta recorded one of the highest rates in the EU, meaning that for every 100 active enterprises, approximately 17 new ones were created in 2023. The business death rate of 8.5 per cent was below the EU average, indicating relatively strong business survival compared to other member states.

This performance surpassed larger member states such as Italy, Austria, and Denmark, long considered industrial and consumer hubs, and contrasted with Estonia and Ireland, which reported the highest enterprise death rates. Malta’s economic growth confirms that its entrepreneurial spirit remains strong and reflects the government’s competence in administration.

Labour governments have created favourable business conditions across several sectors, from tourism and digitalisation to financial services, while leveraging new economic sectors such as gaming and fintech. Malta has become a knowledge hub, merging educational achievements with employment opportunities. Among the beneficiaries of this success are thousands of Gozitan and Maltese youths who are employed or seeking employment opportunities.

Maintaining this balance over the long term is not an easy task. Nevertheless, the successes achieved by the Labour government are a testament to the fact that Malta’s economic model works for the benefit of all citizens.