Opposition points to 'alarming' drop in investment

The Opposition spokesman for industry said today that 'alarming' third quarter figures published earlier this month showed that this sector was not only suffering from the international situation, but it was also the victim of structural...

The Opposition spokesman for industry said today that 'alarming' third quarter figures published earlier this month showed that this sector was not only suffering from the international situation, but it was also the victim of structural problems.

Carmelo Abela observed that according to NSO statistics, jobs in manufacturing industry dropped by 5.6 percent in the third quarter and investment went down by 54.2 percent. The turnover of sampled industries went down by 11.6 percent when compared to the same period in 2008.

Mr Abela said the sharp drop in investment showed that the main problem was not the international crisis, but Malta had a structural problem. Malta was suffering from a lack of proper strategic management of its economy .

The Maltese economic development model, which had served the country well for 60 years, needed to be revised.

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