Economy growing faster than eurozone’s

Malta is doing better than the eurozone average in terms of economic growth and unemployment, according to new data issued in Brussels.

The figures show that while the economy of the 16-member euro area grew by 0.3 per cent in the third quarter of 2010, Malta’s growth in the same quarter reached 0.5 per cent.

And when compared to a year earlier, Malta’s growth in the third quarter was of 3.7 per cent, almost twice as high as the eurozone’s 1.9 per cent year on year.

The data point to Malta having ended 2010 with a steady growth but the European economy too appears to be finally climbing out of the recession with major economies also registering strong performances.

Germany’s growth in Q3 stood at 0.7 per cent, higher than Malta’s. On the other hand, France, the other big economy in the eurozone, registered an economic growth on 0.3 per cent.

Malta’s relatively strong economic performance is also reflected in its unemployment rate which in November was the fourth lowest among the 27 EU member states.

Eurostat said that Malta’s unemployment figures fell to just 6.3 per cent in November down from 6.5 per cent in the previous month. In November 2009, a year earlier, Malta’s unemployment rate stood at 7.1 per cent.

The rate last November was the lowest in the previous 12 months and unemployment was down across the board among young, male and females looking for work.

Among the EU member states, the lowest unemployment rates were recorded in the Netherlands (4.4 per cent), Luxembourg (4.8 per cent) and Austria (5.1 per cent) and the highest in Spain (20.6 per cent), Lithuania (18.3 per cent) and Latvia (18.2 per cent).

Compared to a year ago, the unemployment rate fell in six member states, including Malta, remained stable in three and increased in 18.