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.