Malta has managed to register a decrease in unemployment in June, a 3% fall from May’s numbers, according to a statement published by the Maltese Government on Monday July 27.
The statement read that “the amount of people registering for employment fell to 4,270 compared to 4,409 at the end of May”, which amounts to a fall of 3%.
This means that throughout June, an average of five people that were previously unemployed managed to find a job.
Additionally, the amount of people that are registered as unemployed has dropped significantly since March 2013, with the figures prior to that date stating that there were 7,350 people that were registering for employment, “72% more than the present level”.
The statement also said that the levels recorded throughout June were much lower than the highest that Malta had since joining the European Union, with the highest figures since 2004 being in September of the same year, when the numbers reached 8,197, “almost double the level last month’s level”.
According to the statement, a large part of the reduction in unemployment during June was down to employment in the professional managerial and technical sector.
It also said that the “largest reductions in unemployment occurred in the age ranges of those between 30 to 44 years, followed by those between 20 to 24 years”.
It is also important to note that a quarter of the reduction in unemployment took place in Gozo, with it being heavily impacted economically by the pandemic, possibly even more than Malta.
The fall in unemployment seems to have emerged after the Covid-19 Economic Regeneration Plan that was announced by the government on June 8, with government spending reaching €900 million as it allocated numerous funds to businesses and families.
Apart from the government voucher scheme, several other initiatives have been put into place to encourage consumers to start spending once more, with a financial supplement being provided to those that have a lower income, over and above the vouchers.
“The government will continue with its work so that more people find new employment and with this our country’s economy will be regenerated and creates wealth that will be allocated to everyone,” the statement concluded.
This fall in employment comes after one of the worse economic situations that Malta has suffered from in recent times.
However, with the Maltese economy being heavily driven by the services sector, several companies allowed their employees to telework, reducing the effect of the pandemic on employment within the country.
The major concern is the tourism industry within the services sector, which is a core part of the Maltese economy. However, with the reopening of the Malta International Airport, the tourism industry could be recovering, albeit in a very slow manner.