Fabian Demicoli

Fragile

MCESD next Monday will discuss the current economic situation and set the action going for final Budget 2011 recommendations of the national social partners. GRTU is satisfied that the national economy is now showing it is out of the recession following successive quarters of economic growth.

 

"But we say this with great caution" says Vince Farrugia, Director General of GRTU "the growth is really very fragile as it reflects the success of the financial institutions and personal services like e-gaming and service providers to business like auditors accountants and consultants, and the growth of the productive sectors are very very small. The fact that the turning is occurring is positive but the growth registered is not reflected in the micro and small business sector represented by GRTU. This sector employs 77% of all Maltese workers and represents 99% of the 34800 firms established in Malta and Gozo. Employment however is back on the increase, but profitability of business though improving is very minor. The overall picture of profitability is again dominated by the profits of the financial institutions, e-betting and the professional services to enterprises. Budget 2011 must strike an extremely positive note if we really want to see the whole economy and not just financial services and e-gaming and business services professionals gain while we all remain stuck. GRTU will be presenting a package of proposals to ensure that the economy moves in the right direction" concluded Vince Farrugia.

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