The Malta Chamber of SMEs welcomes MCESD Chairperson David Xuereb to its offices
01 February 2024
Malta Chamber of SMEs President Mr Paul Abela and Deputy President Mr Philip Fenech welcomed...
A study conducted by the Malta Chamber of SMEs in collaboration with Misco among 237 business owners shows that 60% of SMEs in Malta in 2022 increased their total turnover when compared to the previous year. 22% replied that the turnover during 2022 remained the same and 17% replied that the turnover decreased when compared to 2021.
The main reasons for the increase in sales in 2022 were attributed to the “end of Covid-19 restrictions”, “more stability compared to 2021” and “more consumer confidence”, among others.
The survey which was part of the SME Barometer® was carried out between the 12th and 27th of January 2023 amongst business owners. The SME Barometer® will present quarterly surveys which give insights through scientific data on economic trends, business sentiment and state of enterprises in Malta.
The press conference was addressed by SME Chamber President Mr Paul Abela, Vice-President Mr Marcel Mizzi, Deputy President Mr Philip Fenech and CEO Ms Abigail Agius Mamo and Misco founder Mr Lawrence Zammit.
According to the Business performance survey, 39% of the businesses reported that 2022 was better than 2019 as the pre Cov id period, 15% reported that 2022 was equivalent to 2019, 17% replied that 2022 was close to 2019 and 29% replied that 2022 was below 2019 or still far off from 2019.
Asked about their biggest concerns for the year, businesses said they were seriously concerned about the increases in costs in general, the increasing wage costs, labour and employees shortage, effects of Ukraine-Russia crisis and the energy prices, should subsidy stop, among others.
Refering to plans for 2023, 29% of the businesses replied they plan to stay the same while 21% replied they intend to expand your business in Malta.
The Malta Chamber of SMEs represents over 7,000 members from over 90 different sectors which in their majority are either small or medium sized companies, and such issues like the one we're experiencing right now, it's important to be united. Malta Chamber of SMEs offers a number of different services tailored to its members' individual requirements' and necessities. These range from general services offered to all members to more individual & bespoke services catered for specific requirements.
A membership with Malta Chamber of SMEs will guarantee that you are constantly updated and informed with different opportunities which will directly benefit your business and help you grow. It also entails you to a number of services which in their majority are free of charge and offered exclusively to its members (in their majority all free of charge).