In a press statement, Mr Attard Montalto pointed out that in the turnover figures for the period 2002-2003, some areas had registered an increase while other showed a decrease.

He said that the fall in turnover in the textile industry was particularly alarming, with a sharp drop of Lm8.25 million. Substantial falls were also registered in the furniture, leather and electrical machinery industries.

The Labour spokesman also cited substantial reductions in salaries, with a Lm4 million fall in the textile sector. He also mentioned decreases in investment of 2.96 per cent in 2003, which was also worrying for this sector.

Dr Attard Montalto concluded by saying that this “yo-yo” effect in industry, with figures balancing each other out in subsequent years, does not indicate that future prospects are healthy.