Country still in recession, Labour MEP insists
Labour MEP Edward Scicluna said yesterday Malta was not out of recession at all despite claims by the Prime Minister.
He said: "Every family in Malta wishes to believe that in the final quarter of last year the country did indeed come out of recession. Unfortunately, this is not yet the case.
"Between the last quarter of 2009 and the last quarter of 2008 in nominal terms, public and private consumer expenditure fell by €6 million, investment fell by €21 million, receipts from exports of manufacture and tourism together fell by €42 million and compensation of employees fell by €14 million," Prof. Scicluna said.
In contrast, gross operating surpluses went up, rising by €33 million. They were made up of an increase of €37 million in operating surpluses of banks and other financial intermediaries as well as a fall in €4 million elsewhere in the rest of the economy.
Malta had to wait a bit longer before it was out of recession, he noted.
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Anthony Castillo
Mar 15th 2010, 17:32
I am very sorry to say that for me how could I believe Profs Edward Scicluna because as far as I know that I am 60 years old and I never in my life at least for once he (PROFS SCICLUNA) ever says that the PN government did something or says something good although the PN was proven right by the electorates which involve all kinds intellectuals not just one economist in the last 8 elections except for one.I am also including the EU Referendum and also what the EURO BAROMETER says. I also think that these results talk for themselves no matter what economist professor with a political AGENDA says. For God sake lets not insult the Maltese Intelligent and be more FAIR in our comments and we could be believed more by the Maltese. Thank you for listening.
Lawrence Fenech
Mar 15th 2010, 17:03
It's the man in the street who can tell when we are out of the recession.
Muscat Pat
Mar 15th 2010, 13:22
Please tell us which economic theory are you basing your facts on . You could also tell us what credentials and degrees in economic sciences you obtained, and from which University or Business School. Thank You.
C.camilleri
Mar 15th 2010, 12:45
@ Joseph Cauchi
I expected you to challenge what profs Scicluna wrote. But no, you attacked him just because he is a Labour MEP.
Very objective of you.
Of course for people like you only economists coming from the nationalists ranks are credible and the rest will be judged according to whether they sing or not the government prepared songs.
Joseph Cauchi
Mar 15th 2010, 11:47
.
What do you expect to hear, from an economist who happens to be directly politically involved and an EU representative of the (M)LP?
Unfortunately, Prof. Scicluna’s professional credibility has absolutely EVAPORATED in thin air, now, unlike some months ago!
Therefore, his economic assessments must always be taken with a pinch (I mean “TON”) of salt!
Would Prof. Scicluna pass any favourable comments as regards to the PN Government without bearing the wrath of his Masters (MLP)?
Sorry Profs, you can’t be credible!
JC.
lgalea
Mar 15th 2010, 12:41
It appears that it is you who is not credible Mr Cauchi. A very simple example for you to ponder. Say your economy decreased by 10% and then it expands by 0.1%. Technically you are out of recession because your economy is no longer decreasing. Are you in the same position before your economy went into recession? I hope that this example is simple enough for you to understand. Apart from this, Profs Scicluna gave the figures for why Malta is still in recession. Do you have other figures Mr Cauchi?