People looking at the same object might see different things. One person will see a glass half empty, while to another it will be half full. The same things might occur to different people and yet the reaction might be totally different. This is subjectivity.

Few aspects of our life are at the mercy of subjectivity, a particular case being economic performance. This is because its measurement is imperfect and can impact on different people in various ways, with expectations playing a key role. Very often, economic success is the subject of animated discussions and is a constant feature in political discourses and debates.

The fact that, on a national level, discussion on the economic performance is constantly taking second or third place says a lot. It means that there is consensus that, economically, we are doing very well. We are managing to achieve surprisingly good results with all the economic performance indicators constantly exceeding the benchmark.

This has also been the case for Gozo. Recent NSO figures show that, in 2015, Gozo experienced a very high economic expansion, growing by almost 10 per cent. This is no mean feat. Compared to 2012, it has grown by 25 per cent, which means that, on average, the productive activities in Gozo have increased by €2,500 for each Gozitan resident. These results are even more impressive when one considers that the sectors that are underpinning economic growth in Malta have only recently started receiving the attention and support they deserve, meaning that the potential for further growth is there.

This recent data on regional GPP has been made available a few weeks after another set of data by the NSO was published, showing that in the first three years of this administration, the number of Gozitan residents working full-time increased by 1,351 – an increase of about nine full-time jobs per week, which is twice the increase observed in the latter part of the previous legislature.

Equally important is the fact that official figures show that a large part of this increase in employment opportunities were jobs created in Gozo. In fact, in the first three years of this administration, the number of full-time jobs in Gozo increased by seven each week, in contrast to the previous legislature, where this weekly figure was less than two.

Obviously, GDP is not a measure of wealth and neither is it a measure of well-being. It also has limitations in terms of distributional impact. It does, however, surely represent opportunities. It represents opportunities because a growing economy will create jobs and jobs, in turn, will provide security to our families. The same NSO figures show that all economic sectors in Gozo registered positive growth, with some sectors such as financial services and manufacturing confirming their recent upturn.

For 2016, we expect that the economy will have continued to sustain its growth. Employment figures, tourist arrivals, bed occupancy levels and the number of day visitors are all very encouraging. Retail activity is evidently experiencing a boom and outlets are constantly opening not only in Victoria but also in several other areas which, until a few years ago, were considered a non-option. This reflects confidence and confidence is expressed in higher levels of consumption.

Last year also saw an emerging niche sector in Gozo, with small financial intermediaries looking to relocate their business there. This will be sustained further during 2017 and in the coming weeks we will be announcing new developments in this sector.

The days when a sluggish economy in Gozo was taken as almost a foregone conclusion are over. What was once considered improbable is nowadays taken for granted. For us, this is a measure of how far we have come in these last three-and-a-half years. The prospects for the future look good and we will continue to work towards creating the right environment so that more investment is attracted to Gozo and more jobs are created. 

Dr Refalo is the Minister for Gozo