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The changing face of the Maltese economy − Lawrence Zammit

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The ICT sector has been a success story in the past two decades. Photo: Shutterstock.com

Data published by the National Statistics Office provides information on the way the structure of the Maltese economy has evolved from 2000 to 2019. The data is provided both in real and in nominal terms. One can also look at data that includes 2020 and 2021, but one needs to keep in mind that these years were heavily impacted by the coronavirus, and as such were out of the norm. Therefore, I will stick to the period 2000-2019, a period that was characterised by five governments, the country’s accession to the EU, the adoption of the euro, and the individual investors programme (or as it is sometimes referred to, the sale of passports scheme). I will focus on the numbers after accounting for inflation. It needs to be stated at the outset that this changing face of our economy has some good beauty spots and also some bruises. Whether this change will eventually yield positive long-term sustainable results remains to be seen. For sure, it has yielded good short-term results. Overall, gross value added doubled in real terms between 2000 and 2018, and increased further in 2019. We had growth every year, and in the two years when we had a shrinkage of our economy, this coincided with...


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