Malta’s rate of unemployment ‘fourth lowest’ in EU

In December of last year, Malta had the fourth lowest rate of unemployment in the European Union, according to a report published by the European Commission.

The report shows that, whereas unemployment across the euro zone stood at 12%, Malta's rate stood at 6.7%, and has remained stable since October 2013.

Meanwhile, the rate of unemployment amongst youngsters is the fifth lowest across the EU.

The European Commission also published figures showing the trust ratings held by consumers on the economic situation in the country.

The Index value in January 2014 stood at 112, an increase of 11% from the figure of 101, recorded in March of last year - when Labour were elected into Office.

The report also indicates that Maltese consumers are expecting the economic situation to continue to improve, with their own financial situation to also improve.

Meanwhile, figures published by the National Statistics Office two weeks ago showed that between January and November of last year, outbound passenger travel from Malta increased by 9.4%, or 28,000 passengers, when compared to the same period the previous year.

2013 also proved to be a record-breaking year for inbound tourists, with an increase of 9.6%, translated into increased revenue of nearly €114 million.

Another statistic, issued by the Central Bank, showed that in November of last year the total amount in Euros held in bank deposits by Maltese families stood at €8.2 billion. This meant an increase of €600 million - or 8% - from the previous year.