Malta GDP remains negative

Kevin Pirotta

Sep 8th 2009, 11:24

@ Julian Caruana, P. Debono & D. Attard many thanks for your kind comments. It would appear that Mr Martinelli is under the wrong impression as to what constitutes the true creation of wealth. Creation of wealth is factory manufactured items destined for export, tourists with spending power ( ie not 15 year kids here to supposedly here to study the English language or Cruise liner passengers here for a few hours) as well as the evergrowing service industry including IT, telecommunications and finance sector amongst others. An 80 million euro Valletta project which we all know will probably costs upwards of a 100 million will not create wealth per se. Yes of course it will throw a lifeline to those involved in the construction industry who no doubt face dire times ahead, after the building boom of recent years is now entering simmer mode.With all due respect Mr Martinelli, the fact that you do not live here in Malta means that no amount of perusing the online TOM is ever going to acquaint you with just how difficult things are economically here in Malta with a government I reiterate that is failing to get its priorities right.

Kevin Pirotta

Sep 8th 2009, 11:12

@ Julian Caruana, P. Debono & D. Attard many thanks for your kind comments. It would appear that Mr Martinelli is under the wrong impression as to what constitutes the true creation of wealth. Creation of wealth is factory manufactured items destined for export, tourists with spending power ( ie not 15 year kids here to supposedly here to study the English language or Cruise liner passengers here for a few hours) as well as the evergrowing service industry including IT, telecommunications and finance sector amongst others. An 80 million euro Valletta project which we all know will probably costs upwards of a 100 million will not create wealth per se. Yes of course it will throw a lifeline to those involved in the construction industry who no doubt face dire times ahead, after the building boom of recent years is now entering simmer mode.With all due respect Mr Martinelli, the fact that you do not live here in Malta means that no amount of perusing the online TOM is ever going to acquaint you with just how difficult things are economically here in Malta with a government I reiterate that is failing to get its priorities right.

Joe Micallef

Sep 8th 2009, 08:21

@P. Cassar

In reply to my post I see there is hope! You couldn't have better grasped the concept! a little more effort and you will be flying!

d.attard

Sep 7th 2009, 19:47

thanks messers caruana and pirotta for a cool contributin that should be a basis for constructive debate that leads to focused action...as you say we can not afford a stagflation situation and government must yes intervene to ensure that where market forces are not working, corrective action is taken...our tourism strategy must respond to realities. loading the prem sec (not even a minister) with some other major task suggests that we do not take our key industry anywhere as seriously as we should do...so much to say, and so much more to act upon...

P Debono

Sep 7th 2009, 19:13

@ Kevin Pirotta Well said.

P.Cassar

Sep 7th 2009, 19:12

@ J Martinelli
You just did NOT answer any of the points in my previous interventions save a throw at saving face re your commening on our affairs when you live elsewhere.

Julian Caruana

Sep 7th 2009, 17:58

@ Mr Kevin Pirotta. I am a fellow businessen and voted PN for last 5 elections. I agree with you 100 per cent. You could not be more correct

J Martinelli

Sep 7th 2009, 17:50

@ P Cassar The LP and other doom and gloom Jeremiahs can say all they want while demonstrating their ignorance as to what is happening the world over. Malta is part of the world affected by the global recession and cannot and should not consider itself insular and privileged enough not to experience the negative effects of the recession. I never hid the fact that I live in Canada and therefore I am able to make comparisons between a country rich in all respects in natural resources, labour and outward looking people with a small island of inward looking people and bereft of any natural resources other than sun and sea. When I compare the unemployment rate of 11%, of the city I live in with a population almost identical to Malta's, then I have valid points to argue about. There are many topics one could discuss which directly contribute to negative tourism numbers, a main source of revenue and employment, but space is limited. Attitudes and behaviour ought to change, to name just two major problems. With regard to the affordability of the Valletta project mentioned by Mr. Pirotta, what better time to go ahead for preserving/creating jobs?

P.Cassar

Sep 7th 2009, 17:03

@ A Zahra Please note that I was talking about govt's lack of PROPER REACTION to the global situation @Joe Micallef Bla bla bla is not what we need @J Martinelli You are the champion who is always saying that the LP is a gloom seeker forgetting the damning reports of differnt auditors, several NGO's, central bank governor, unions, nationalist MPs themselves etc etc Minister T Fenech repeatedly assumed that the global recession would bypass us!!!! Solutions: This truly catches you out that you do not live here because the PL offered solutions on many topics on several occasions. In fact some have been picked up by the PM and acknowledged as such.

Kevin Pirotta

Sep 7th 2009, 16:50

Allow me as a local businessmen who has voted for the present government in the last six general elections without the slightest regret ever, to add my tuppence worth. The economy has been in a downturn for well over a year now and only a better than usual tourist season last year helped to alleviate the situation. With said tourism some 15 - 20 % down on last year, the enormity of the situation is about to make itself felt upon us. Whilst trying to remain upbeat in these difficult circumstances, I feel that local government unlike its counterparts across the EU who are doing their damnest to stimulate business and further their citizens' spending power, has got its priorities wrong. I ask, would it not be more beneficial to attempt to contain prices of staple products such as food, W & E, Gas and fuels etc rather than say a Valletta project that the country can ill afford. Is it not patently obvious, that a climate of job insecurity coupled with dramatic price hikes faced on a daily basis are going to bring about the financial plight which has befallen upon us.

J Martinelli

Sep 7th 2009, 16:05

@ P Cassar

If I remember correctly, the LP, not long ago, did not believe NSO stats. Now, you seem to take them seriously, as you should, and by the tone of your comments you obviously do not support the government.

If you remember correctly, Malta did not feel the effects of the recession from day one, therefore using the principle of first in first out, Malta will also feel the recovery a little later than those countries, which, btw you did not name. Malta's unemployment rate is among the lowest in the EU and elsewhere since most developed countries are experiencing close to a10% rate or higher.

You also did not comment how another government, presumably Labour, would have done any better at all. It would be most enlightening if you share some workable solutions!

Joe Micallef

Sep 7th 2009, 16:02

@ P.Cassar

When do you intend escaping your cocoon? No hurry mind you!

A. Zahra

Sep 7th 2009, 14:43

@P. Cassar
Grow up. Read the NSO's handout for the real reason for the contraction in the GDP.

P.Cassar

Sep 7th 2009, 14:08

@all PN apologists
This is the official govt NSO speaking not the PL. In fact this negative state of affairs is what we should be talking about not the petty items that the PN media picks and repeats for ages.
We have to add here that a large portion of this negative situation has been brought about not by the global circumstances but by the govt's mismanagement of the serious situation.
In fact several countries are already creeping out of it but ours is deteriorating!!!!