During the last few years, the Maltese government has created a sustainable business environment which has led to the development of the private sector. Nowadays, private companies are the main engine of the economy and not only. According to the latest report issued by the Central Bank of Malta, private companies are also the most important pillar of the employment market in the country. If you want to open a company in this state and need assistance, our law firm in Malta can assist you.
Not long ago, the Maltese National Bank released its latest report on the labor market in Malta which indicates the importance of the private sector in supporting the economy. The health of the labor market is one of the strongest indicators of the health of the economy.
According to the survey, private companies in Malta added more new full-time jobs to the economy than public companies since the beginning of the year. In numbers, private companies created 8,430 new work places in a single month – April – than the public entities which only created 841.
The end of the year brings 187,977 new employees in both the private and the public sector. The full-time employment level rose by 5.2%. In the private sector, the employment level increased by 6.3%, while the public one it rose by 1.9%.
While companies in the private sector created jobs in most the economic sectors, the offer of public companies was mainly in the public administration, defense and education sectors.
Among the factors contributing to a thriving employment market in Malta are the economic performance which is above the EU average and the good results registered by small and medium-sized enterprises. However, the report also indicates that companies had to “import” employees from neighboring countries.
With respect to the unemployment levels, the last report indicates that it should drop to more than 30% by the end of the year.
For full information on the employment legislation applicable in this country, please contact our lawyers in Malta. We also remind you that you can count on us if you want to open a company in Malta.
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