Although financial wealth is not the only measure of our country's strength, it is so befitting the festive season that we have, again, achieved a further surplus and increased employment as a successful year comes to an end.

The latest figures show that the consolidated fund balance rose to €85 million in the first 11 months of this year. This represents an improvement of €145 million, turning a deficit of €60 million in the period January to November of last year to an €85 million surplus this year. The consistent improvement in the consolidated fund balance was the result of an increase in revenue of €421 million which outweighed the contained increase in total expenditure of €277 million.

As Finance Minister Edward Scicluna commented, we have continued to register consistent improvements in the consolidated fund balance over an already successful year, while our fiscal performance remains better than projections. This makes it possible that we will achieve a surplus in accrual terms for the second consecutive year.

Increased investment

It is indeed important to note that this came at no expense to investment, since capital expenditure still increased during the same period. The highly professional and diligent management of our finances over the past five years has also resulted in the contained increase in government expenditure, despite a mid-year general election that - with a historic landslide - reconfirmed Dr Joseph Muscat's government.

Another remarkable aspect of such results is that the increase in both direct and indirect tax revenue reflects the strong growth in jobs, take-home pay and private consumption. In fact, all tax revenue categories continued to record very significant increases, with the highest recorded in revenue from income tax and VAT.

These striking achievements continued to have a positive impact on debt developments, as gross debt had fallen by €123 million in November of this year, compared with the same month last year. As a result, the interest component of public debt servicing costs declined to €197 million, down from the €206 million recorded last year.

High growth in employment

Total employment in the third quarter of the year reached 68 per cent, the highest rate ever registered in the period. The Labour Force Survey for the third quarter of the year has indicated an increase of 3.1 per cent in employment compared to the corresponding quarter in 2016. While total employment reached a numbered 200,636, accounting for more than half the population aged 15 and over, unemployment stood at 2.3 per cent.

Among the unemployed, the main reason for inactivity is reaching retirement age or taking early retirement. The highest rate of employment recorded was among those between aged 25 and 54. The average annual basic salary for the third quarter of 2017 was estimated at €17,858. Across all categories, average annual salaries ranged from €29,111 for management to €12,178 for those employed in elementary occupations.

A very encouraging note is that, at 56 per cent, there has been a distinct increase in the number of women in employment compared with the 45 per cent in 2013. While the Opposition maintains that the minimum wage is decreasing, official statistics show that it has increased by 12 per cent since the change of government in 2013. As already stated in the Budget for 2018, in the coming months, the Labour government will continue to introduce measures to create better conditions in the workplace. These include a rise in the minimum wage and a tax refund for workers, as well as additional leave.

Masterplan for Marsalforn

That same commitment inspires my work at the Gozo Ministry in all plans and projects undertaken around the island. We have recently welcomed the planning approval for the Marsalforn promenade masterplan, which had been carried out and finalised by the Ministry, following a public consultation process with all stakeholders.

This masterplan covers an area of 12,850 square metres of land which is allocated for the placing of outdoor tables and chairs associated with the bars, restaurants and other catering outlets in the area. The aim is to create a synergy for operators in this particular area so that they have clear guidelines on how and where to apply to the authorities in order to increase their tourist amenities. The recent formal approval was also welcomed by the Gozo Tourism Association by chairman Joe Muscat, who described Marsalforn as a very important place for the tourism industry in Gozo and an area where there is a need for organisation. The plan will be an important tool in the collective effort to prepare Gozo as a quality destination.

This is an ambitious project and, through consultations with the various stakeholders, the agreement was a worthwhile exercise that will pave the way for other related projects, including specific details on how the breakwater will eventually be constructed. It has also served as a guide to us in acquiring the expertise to prepare other plans, including those for Xlendi, Ramla Bay, Comino and Mġarr ix-Xini. The process will require a great deal of consultation with all those associated with the respective areas.

Gozo for Christmas-time

I am overwhelmed by the immense artistic and creative talents of fellow Gozitans in the numerous crib exhibitions in almost every village around the island. The high level of all of them is not only an additional tourist attraction but also fosters a love of cribs among the younger generation.

An excellent taste of our traditions has, once again this Christmas, been brought closer to foreign communities. The artistic crib, created by Gozitan Manwel Grech and his team, has been set up in Manger Square, Bethlehem, after the success it achieved last year in St Peter's Square at the Vatican. Such an exhibit is indeed testimony to our cultural talents.

Through such efforts, not only are local artists being assisted in the export of their work, but different cultures are being bridged and people are being brought together through a special kind of cultural diplomacy. These initiatives have been counter-balanced by attracting international talent to our island at events such as the International Choir Festival and the International Organ Festival, among others. All such events will peak further during the hundreds of artistic events that are planned to enliven Valletta as Europe's cultural capital during 2018.

All things considered, it is undeniable that our hard and incessant work as a compact team in government in various fields is being rewarded by unprecedented excellent results. These are evident in all matters that are of indispensable interest and vital importance to our people, and offset the malicious attempts and threats to the nation's peace of mind. Our achievements encourage us further to look ahead for more work with additional impetus during the coming year.

All this and more define my greetings for Christmas and the New Year as being even more meaningful.