The Malta Independent 5 December 2023, Tuesday
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Economic growth

Owen Bonnici Friday, 8 September 2023, 15:20 Last update: about 4 months ago

Throughout the second quarter of the current year, Malta's economy experienced significant growth, with an increase of nearly four percent (4%).

The National Statistics Office (NSO) reported that the Gross Domestic Product (GDP) reached €4.7 billion during this period.

To put it in perspective, this means that our economy expanded by approximately €470 million compared to the same time last year, marking a remarkable growth of 9.7%.


What makes this growth even more impressive is that, according to the latest predictions from the European Commission, Malta is expected to have the second-highest economic growth rate among all European Union countries for this year and the next.

It's important to note that this economic growth occurred in the face of unprecedented global challenges. One of the main factors affecting economies worldwide has been the war in Ukraine. This conflict has not only disrupted international relations but has also caused crises in the energy sector and led to inflation.

Despite these challenging circumstances, Malta's economy has shown remarkable resilience and strength. This positive trend is a testament to the hard work and innovation of businesses and individuals across our nation. It also reflects the effectiveness of government policies aimed at supporting economic growth and stability.

As we continue to navigate the current times which we live in from an international point of view, it is heartening to see Malta's economy thriving and contributing to the well-being of its citizens. The growth we are experiencing is a positive sign of our nation's ability to adapt and overcome challenges, and it reinforces our position on the international stage as a resilient and thriving economy.

Of course, success does not come on its own.

Under the leadership of Robert Abela, Malta has witnessed remarkable economic growth and resilience. His tenure as Prime Minister has played a pivotal role in steering the country through various challenges and fostering a climate of stability and progress.

Robert Abela has been marked by a strong commitment to economic development and the well-being of the Maltese people. His policies and initiatives have contributed significantly to the positive economic trends we've seen in recent quarters.

One of the key aspects of Abela's leadership is his ability to adapt to changing global circumstances. The challenges posed by the war in Ukraine, which disrupted energy supplies and caused inflation, demanded swift and effective responses. Under Abela's guidance, Malta has demonstrated agility and resourcefulness in mitigating the impact of these external factors on its economy.

This Government has implemented policies that promote investment, innovation, and entrepreneurship. These policies have created an environment conducive to economic growth, attracting both local and foreign investors.

Abela's emphasis on social welfare and inclusivity has also played a vital role in ensuring that the benefits of economic growth are shared by all citizens. This administration has implemented measures to support vulnerable segments of society, ensuring that economic prosperity reaches every corner of the country.

This Government has been instrumental in fostering economic growth and stability in Malta, even in the face of challenging international conditions. The commitment to the well-being of the Maltese people and his ability to adapt to changing circumstances have been key factors in the country's continued progress. Malta has not only weathered storms but has also positioned itself as a strong and resilient economy on the global stage.

Traditional boats scheme

Malta, a Mediterranean gem of a nation with a history steeped in maritime tradition, boasts picturesque harbours that have long been graced by a fleet of traditional wooden boats. These vessels, with their distinctive profiles and rich cultural significance, serve as timeless symbols of our island's vibrant heritage. From the iconic il-luzzu to the graceful kajjik, from the agile firilla to the storied frejgatina, and from the dignified dgħajsa tal-pass to the elegant dgħajsa tal-Latini, each of these boats carries a unique character that captivates not only the locals but also tourists from around the globe.

In recognition of the profound significance of these maritime treasures, it gives me immense pride to announce the Traditional Boats Preservation Scheme, a pioneering initiative undertaken by the Ministry for the National Heritage, the Arts, and Local Government. This scheme has been carefully drawn up in order to offer support to the custodians of these historic vessels.

The launch of the Traditional Boats Preservation Scheme represents a tangible testament to our unwavering dedication to the conservation of our maritime heritage. It is our sincere belief that these iconic wooden vessels should continue to grace Malta's harbours, attracting visitors and serving as poignant reminders of our island's rich cultural tapestry. Our commitment to this cause extends not only to the preservation of tangible wooden structures but also to the intangible essence of our maritime traditions.

One of the cornerstones of this initiative is its meticulous adherence to EU regulations. We understand that preserving our heritage requires a balanced approach that respects both tradition and contemporary governance. Thus, the scheme has been thoughtfully structured to ensure compliance while effectively safeguarding a vital facet of our nation's identity for generations to come.

In practical terms, the Traditional Boats Preservation Scheme has been allocated a budget of €80,000, a significant investment in our cultural legacy. Under this program, eligible projects can receive financial aid of up to €5,000. This support covers various expenses associated with the preservation and upkeep of traditional wooden boats, encompassing repairs, renovations, and necessary maintenance. It is our hope that this funding will alleviate the financial burden on boat owners and encourage them to continue their invaluable work in preserving our maritime heritage.

The Traditional Boats Preservation Scheme is an endeavour that not only safeguards our cultural legacy but also ensures that these timeless vessels continue to navigate our harbours, leaving an indelible mark on our collective identity. We invite you to support us in this noble pursuit, for it is through collective effort and shared dedication that we can secure a vibrant and enduring future for our maritime traditions. Together, we can ensure that the beauty and history of these boats continue to be a source of pride for Malta and a captivating experience for visitors from near and far.




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