Since the launch of the € 100 vouchers, a measure announced by the government as part of its economic regeneration plan in a bid to stimulate economic activity, it has transpired that a total of 2.23 million vouchers were issued amounting to an investment of € 44.6 million.
This was announced by the Minister for the Economy, Investment and Small Businesses, Silvio Schembri, in a news conference in which he gave a detailed analysis related to this measure.
Minister Schembri went on to explain that so far, of the total distributed vouchers, 1.29 million have been used (57.8%). As announced a few days ago, the vouchers’ expiry date has been extended until end of October. Through these 1.29 million vouchers alone, € 25.8 million were generated, while the amount spent over and above the redeemed vouchers was € 11.5 million resulting in a total economic activity of € 37.3 million.
Minister Schembri explained that the sum of around € 26 million was generated through the vouchers alone, however through a multiplier effect this has generated a higher economic expenditure. He added that when analysing the information related to the red vouchers, for every € 20 there was an additional expenditure of € 7.16. As of the first of September, there were 1.07 million red vouchers amounting to € 21.4 million. The additional expenditure incurred when people used the red vouchers amounted to € 7.7 million. This means that so far the economic activity generated by the red vouchers alone has been € 29.1 million.
On the other hand, when analysing the information related to the use of blue vouchers, one can see that the multiplier effect was greater, where for every € 20 there was an additional cost of around € 16.42. This means that voucher activity of € 4.6 million brought an additional activity of € 3.8 million to a total of € 8.4 million.
Minister Schembri said that this scheme has positively affected both the general public and those businesses affected by the pandemic. He argued that since the beginning of the pandemic people’s savings have increased nine-fold and in all probability if a cheque for the amount of € 100 was issued instead of vouchers, this would not have been reinvested in the economy and therefore it would have defied the purpose of an economic stimulus.
Minister Schembri said that weekends were the period when vouchers were mostly utilised with August 8 being the day when the largest number of vouchers were redeemed; 54,000 vouchers equivalent to a value of € 1,080,000. The average number of vouchers used on Saturdays is 46,000.
The Minister concluded that this economic activity augurs well for our economy, reiterating that these encouraging numbers reflect that the stimulation of the economy is reaching all sections of our society; a measure which has benefitted both consumers and businesses alike.