Unemployment is not a big problem in Malta, the country has been doing well for a while now. For many months Malta was on the third place for unemployment in Europe, but dropped to the fourth in September. It did not take long for Malta to move from the fourth place back to the third – only one month. After the figures were released for October, Malta regained their position in the top three in Europe.
According to figures from Eurostat it is estimated that there are over 24 million people unemployed in the whole of the EU, among them around 18 million in the euro zone. The unemployment rate was at 10% in October 2014, 0.7% less than in the previous year.
The lowest unemployment rates are recorded in Germany with 4.9% and Austria with 5.1%. Malta is on the third place with 5.6%. On the other side are the countries with the highest unemployment rate: Greece with 25.0% and Spain with 24%.
Other good news for Malta’s employment situation is also that the youth unemployment decreased from 13% to 10.4%. Before the change of administration, the unemployment rate in Malta was at 6.9%. The government sees the reasons for this change now in the changed economic and social policies. The Malta budget for 2015 includes more incentives and measures to bring unemployment down even further.
The figures show that Malta is on the right track. The government’s aim is also to provide better education to Maltese and Gozitan citizens, which in turn will also benefit the economy. Malta is also focusing on attracting foreign companies to settle on the islands. This in turn will also create valuable job opportunities for Maltese and foreign workers living in Malta. At the office of Dr Werner & Partner we are excited to see how Malta’s economy is developing. So far it has been very positive, and we hope it continues. As part of our services, we advise foreign entrepreneurs on their options to establish a company in Malta.
