The term Muscatonomics, a portmanteau (two words joined together) was coined to describe the way Joseph Muscat is leading the Maltese economy forward at an unprecedented rate and achieving levels of success which many economists in the past thought were impossible for such a small island.
For the first time in 36 years Malta even achieved a Surplus in it’s budget. This meant the government could not only take certain decisions to help the economy but could directly increase pensions and minimum wages for the first time as well which would have a ripple effect on the quality of life of the Maltese people.
The National Statistics Office issues official monthly figures for unemployment in Malta. The NSO stated that in August 2019, the seasonally adjusted monthly unemployment rate was 3.3 per cent. Down by 0.1 percent from the previous month and 0.3 percent from the previous year.
The Maltese have never experienced such record employment figures.
For the month under review, the seasonally adjusted rate for males was 3.2 per cent with the unemployed males as the major contributor to the overall unemployment.
source: NSO. August 2019 report
During the month under review, the seasonally adjusted unemployment rate for persons aged 15 to 24 years (youth unemployment rate) was 8.4 per cent while the rate for the 25 to 74 age group stood at 2.7 per cent.