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In Figures: The Economy of Malta
Economic Figures in Malta
Due to the COVID-19 pandemic economies all over the world are being affected, some more heavily than others. With the findings of a recent study performed on the economy of Malta, it was noted that between 2016 and 2020, the average real GDP in accordance with the labor markets in Malta, has increased by roughly 7%. Interestingly, foreign workers have contributed to the increase of such labor forces by 18%, with unemployment rates hitting record lows and growing employment by 29%. When talking about the average age of workers on the Maltese islands, most of the workers range between 25 and 34 years old, occupying 29.8% of the total labor force in Malta. The large majority of labor workers in Malta occupy themselves on a full-time basis working 40-hour weeks or more, accounting for 85.5% when compared with part-timers who only cover 14.5%. These same employees form 85.9% of all the workers in Malta.
Sitting in the heart of the Mediterranean, the buoyant Maltese economy can be and is expected to grow by roughly 7% over the next year in 2021, an interesting value to say the least given the crisis at hand. Maltese GDP is estimated to shrink by only 2.8% during the Pandemic Year, with the average GDP contraction in the eurozone being that of around 7.5%. When analyzing the impact of the pandemic, experiencing negative growth of 2.5% would see Malta experience only one-third of the impact.