Lowest unemployment rate in the Eurozone
In the wake of recent economic data released by the European Union’s statistical office, Eurostat, it is worth noting that Malta has achieved yet another milestone in its economic journey.
As of November, our nation boasts the lowest unemployment rate among all Eurozone countries, standing at a remarkable 2.5%. This achievement is a testament to the resilience and strength of our economy in the face of global challenges.
Eurostat’s latest figures reveal that Malta’s unemployment rate in November outshone that of its European counterparts, with Germany and the Netherlands closely trailing behind. The significance of this accomplishment becomes even more apparent when considering the substantial gap between our unemployment rate and the Eurozone’s average.
The economic prosperity enjoyed by Malta is further underscored by the stark contrast with other Eurozone countries, such as Spain, Greece, Sweden, Finland, and Italy, which recorded higher unemployment rates during the same period. Our consistent track record in maintaining a low unemployment rate is a testament to the effectiveness of our economic policies and the resilience of our workforce.
According to the National Statistics Office (NSO), released on Monday, Malta’s unemployment rate has not only remained consistently low but has also made history by maintaining the 2.5% mark, even in comparison to the previous month of October 2023. This demonstrates the stability and sustainability of our economic model, which continues to weather international storms.
In a comparative analysis, the NSO figures for November 2023 indicate a notable decline from the unemployment rate recorded in November 2022, standing at 2.9%. This nearly half a percentage point reduction in just one year is a testament to the effectiveness of our ongoing efforts to foster economic growth and job creation.
Breaking down the unemployment rates, it is noteworthy that both men and women in Malta have experienced lower rates compared to the Eurozone average. Unemployment among men stands at 2.3%, while the rate among women is slightly higher at 2.7%. These figures reflect the inclusivity of our economic policies, ensuring that opportunities for employment are distributed equitably across gender lines.
It is essential to recognize that these remarkable achievements in the face of global challenges are not mere coincidences but the result of strategic planning and diligent execution of economic policies. The recorded low unemployment rate in a period marked by unprecedented international challenges, including the war in Ukraine and the Middle Eastern conflict, underscores Malta’s ability to navigate complex geopolitical landscapes.
Looking ahead, the economic forecast for Malta remains optimistic. The European Commission’s latest projections anticipate the highest economic growth in the European Union for our country in 2023 and the subsequent two years. Moreover, Malta is poised to maintain the lowest unemployment rate among all EU member states, solidifying our position as an economic success story in the region.
As we celebrate these achievements, it is crucial to acknowledge the efforts being done as a Government. The commitment to economic stability and growth has been a shared endeavor, and the results speak volumes about the resilience and determination of the Maltese people.
I cannot speak about jobs without speaking about increased opportunities of employment in the creative sector. The commitment to artistic endeavours, spanning across film, literature, music, and visual arts, creates an environment that fosters discovery and originality. This investment in creative energy extends beyond the realms of the arts, permeating various sectors of our society. Over the past decade, from 2013 to 2023, employment in cultural and creative fields has more than doubled, according to data from the National Statistics Office (NSO).
In May 2023, a staggering 7,187 individuals were registered as working in these sectors, with 4,245 engaged on a full-time basis and 2,942 on a part-time basis. This stands in stark contrast to 2013, when a total of 3,065 individuals were employed in cultural and creative fields, comprising 1,818 full-time and 1,247 parttime positions. This exponential growth demonstrates the success of our policies in creating sustainable job opportunities within the cultural and creative industries.
The government’s commitment to further bolster employment in this sector is evident through continued investments aimed at improving opportunities and viability in cultural and creative roles. Notably, initiatives such as the reduced tax rate of 7.5% for artists, leveraging income from their artistic endeavors, underline our dedication to supporting quality, sustainable, and ‘green’ employment opportunities. Additionally, the government has increased funding to the Malta Arts Council to assist artists through various schemes.
Looking ahead this also outlines a continued focus on the cultural sector. Additional investments will be made to enhance what has already been achieved in this area. One notable initiative is the introduction of an apprenticeship scheme to engage artistic and creative interns on a full-time basis in the private and voluntary sectors. This initiative aims to foster collaboration between artists and organizations, providing time and resources for artists to work across various sectors.
To further elevate the status of artists, conditions of work will be improved, and awareness regarding the importance of artists will be heightened, not only in the cultural sphere but also in the economic domain. In the coming year, a charter outlining the status of artists will be introduced, laying the foundation for legislation that reflects the principles derived from this charter.
At the local level, we are also investing in cultural management, with the employment of six cultural managers across various regions. This approach ensures that cultural initiatives are well-coordinated and effectively contribute to the growth of cultural activities throughout the country.
Malta’s commitment to the arts and culture is a testament to the government’s recognition of their profound impact on our society. By fostering creativity, supporting artists, and strategically investing in cultural initiatives, we aim not only to preserve our rich heritage but also to propel Malta into a future where the arts are a thriving and integral part of our national identity. Culture and the arts serve as the pillars that capture the essence of our society, reflecting its values, history, and aspirations. Recognizing their pivotal role, the Maltese government has strategically invested in the arts and culture, considering them fertile grounds for innovation and creativity.
Malta’s lowest unemployment rate in the Eurozone is a cause for celebration and a testament to our nation’s economic prowess. As we continue on our path of economic prosperity, let us remain vigilant and adaptive to ensure sustained growth and prosperity for all. The collaborative spirit that has brought us to this point will undoubtedly propel us forward into a future of continued success and resilience.