Performance of the Economy


The weekly cost of living adjustment for 2022 was maintained in line with last year at €1.75 per week. This adjustment will be granted in full to employees, people receiving social benefits, pensioners and pro-rated to students.


Tax revenue for 2021 is expected to be €4.5bn (down from the original estimate of €4.6bn) and is expected to rise to €5.1bn by 2022.


The deficit for 2021 is expected to amount to around 11.1% of GDP (originally anticipated at 5.9% of GDP). For 2022, this is expected to reduce to 5.6% of GDP.


The unemployment rate as at August 2021 stood at 3.2%. The unemployment rate remains below the EU average rate which stands at 6.8%.


Increase in the labour supply from 2016 to March 2021.  Total number of persons available in the workforce until the first quarter of 2021 stood at around 238k.


During the first 8 months of 2021, €962m government stocks were issued on the primary market compared to €88.4m of corporate bonds.


Increase in internet subscriptions between 2013 and 2020.


The at-risk-of-poverty-or-social-exclusion rate expressed as a percentage of the total population stood at 20% which is comparable to the EU average.


The 12-month moving average rate of inflation in August 2021 stood at 0.2% compared to 1.1% for the same period last year.


Government debt is expected to reach 61.3% of GDP by the end of 2021 (compared to the original estimate of 58.6%).


GDP for 2021 is expected to be €13.9bn. For the period to June 2021, GDP increased by 5.6% in real terms from the same period last year.


Inbound tourists up to July 2021 amounted to 261k, down from 419k for the same period in 2020 and 1.5m for the same period in 2019.


The Maltese average household income for 2020.  This increased from 2019 and continues to close the gap on the EU average.


Greenhouse gas emissions reduced by 17.8% in 2019 compared to 2010.

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