"Every family in Malta would wish to believe that during the last quarter of last year Malta did indeed come out of the recession. Unfortunately this is not yet the case.
 

 

 
News Release from the office of Prof Edward Scicluna MEP
14th March 2010
 
Malta 'still in recession' - MEP Scicluna argues
 
"Every family in Malta would wish to believe that during the last quarter of last year Malta did indeed come out of the recession. Unfortunately this is not yet the case. If the Prime Minister would have asked the NSO for a breakdown of this increase in GDP he would have been told the following.
 
Between the last quarter of 2009 and the last quarter of 2008 in nominal terms (since deflators are not yet published for all the reported data) public and private consumer expenditure fell by €6 million; investment fell by €21 million, receipts from exports of manufacture and tourism together fell by €42 million, compensation of employees fell by €14 million. What did go up were gross operating surpluses. These rose by €33 million. But then these were made up of an increase of €37 million in the operating surpluses of banks and other financial intermediaries and a fall in €4 million elsewhere in the rest of the economy.
 
Alas, if truth be told, we have to wait a bit more before announcing that our economy is truly out of the recession", Prof Scicluna said.
 
Għadna f'riċessjoni
 
"Kien ikun ferm tajjeb kieku kien minnu li fl-aħħar kwart tas-sena li għaddiet Malta ħarġet mir-riċessjoni. Imma, sfortunatament, dan mhux il-każ. Jidher li l-Prim Ministru meta qal dan kien qed jibbaża fuq iż-żjieda li deher li kien hemm fil-Prodott Gross Domestiku (PGD). Imma kieku l-Prim Ministru talab spjegazzjoni lill-Uffiċċju Nazzjonali tal-Istatistika (NSO) dwar kif zviluppat iż-żjieda fil-PGD kienu jgħidulu kif ġraw l-affarijiet.
 
Kienu jgħidulu li bejn l-aħħar kwart tas-sena 2008 u l-aħħar kwart tas-sena 2009, f'termini nominali, l-infiq privat u pubbliku naqas b'6 miljun Ewro; l-investiment naqas b'21 miljun Ewro; id-dħul mill-esportazzjoni tal-manifatura u mit-turiżmu naqas bi 42 miljun Ewro; il-kumpens lill-impjegati naqas b'14-il mljun Ewro. Li żdied kien iż-żieda fil-profitti. Din kienet tammonta għal 33 miljun ewro. Imma mbagħad irid jitqies li din iċ-ċifra tasal għaliha meta tara li kien hemm żieda ta' 37 miljun ewro fil-profitti tal-banek u intermedjarji finanzjarji oħrajn u tnaqqis ta' 4 miljuni oħra fil-kumplament tal-ekonomija.
 
Biex tkun qed tingħad il-verita, irridu nistennew ftit ieħor qabel inħabbru li l-ekonomija ta' pajjiżna verament ħarget mir-ricessjoni", itemm jgħid il-Professur Edward Scicluna.