In the last year, between August 2013 and August 2014 industrial production dropped by 7% in this time period. The figures have been recently published by Eurostat, and they also show that industrial production has decreased in the whole of the European Union.
Compared to July 2014 the decline was 1.4% in the EU and 1.8% in the euro zone. However, a few countries have been doing very well and they could increase their industrial production. Denmark is leading with 6.9%, followed by Portugal with 3.1% and The Netherlands with 1.3%. The largest drops were recorded in Hungary with 5.8%, Germany with 4.3% and Croatia with 4.1%.
Compared to July 2013 the decline in the EU reached 0.8% and 1.9% in the euro zone. The countries with the largest increases in industrial production are Ireland with 18.3%, Luxembourg with 5.6% and Slovenia with 4.6%. The largest decreases were recorded in Malta with 7%, followed by Greece with 6% and Lithuania with 4.9%.
When these figures were released the nationalist party in Malta pointed out that the electoral manifesto of the labour party had the vision to put Malta at the top of Europe’s economy, and that it is now the worst. The PN urged the government to not ignore these figures and to deploy hands on leadership that addresses the challenges that arise through the difficult economic situation in Europe.
With this in mind, it should also be noted that Malta is still one of the strongest economies in Europe and the GDP continues to grow. Ever since the financial crisis started in 2008, Malta has shown steady and stable development. And with regards to incentives for business owners to move their operations to Malta, it is an even more attractive location for entrepreneurs.
