About 200 years ago economics was dubbed ‘the dismal science’. Since then, admittedly, there have been times when it deserved such an indignity, even at the present times in Europe.

But certainly not in Malta.

Here, we can afford to have the Minister of Finance asserting, correctly, that his main concern has shifted from incentivising growth to keeping it in balance. At three per cent this year, he has every reason to smile along with other economists. And stand above them shoulder-high when attending Ecofin sessions.

As for me, more than just a smile I also get a tickle every time I hear people in authority claiming GDP share for their function.

Not only recently, but throughout all the years, the NSO has withheld from publishing their own analytical computations of the GDP breakdown by sectors that make sense.

Nearly everyone tends to zealously overestimate their function’s GDP contribution, which is understandable given the NSO’s reluctance to oblige. An exercise I conducted some years ago from speeches by ministers and others totted up to over 100 per cent.

The other day, for instance, it was claimed that the remote gaming industry’s share of the GDP is “between 10 and 12 per cent, second only to tourism, even surpassing financial services”. It means that no other sector can claim more than 10 per cent: retailing, manufacturing, even public administration (which employs 25+ per cent of the labour force).