Joseph Muscat is beginning to sound very much like Harold Macmillan, the British Conservative prime minister best remembered for his 1957 quote that “most of our people have never had it so good”. Britain was going through an economic boom at the time, but four years after making that famous declaration, Macmillan had to impose a wage freeze in a bid to check inflation, and the good times came to an end.

Sunday after Sunday, Dr Muscat speaks of how well the economy is doing and how resourceful his government has been over the past two years in creating the right environment for what he describes as a small economic miracle.

The Prime Minister has good reason to feel optimistic. According to the European Commission’s winter forecast, Malta is doing well. Hardly ever has an EU report about Malta been so favourable. Usually, such reports are peppered with warnings and caveats, but the latest one is all positive, except for “weak exports” and the higher-than-expected subsidies to the new public transport company.

Forecasting a robust growth outlook, the European Commission said the economy has maintained a healthy momentum. Gross domestic product is estimated to have reached 3.3 per cent last year, a rate that, it said, should moderate somewhat by next year but remain strong relative to the rest of the euro area.

This performance and forecast can be put in a better perspective if compared with the growth forecast for the rest of the EU and the euro area, 1.7 per cent and 1.3 per cent respectively.

If Malta keeps to this growth rhythm, Dr Muscat would have an even greater reason to be pleased. In addition, from 2.7 per cent in 2013, the budget deficit dropped to 2.3 per cent last year.

It is not just Dr Muscat and his government that ought to be happy with these results but the whole country, which time and again has shown resilience in difficult times, such as those that came after the financial crisis and recession that followed.

But not everything is plain sailing. The Opposition, for instance, is right in raising concern over certain sectors. In Parliament, PN deputy leader Mario de Marco said a number of sectors were struggling and he specifically mentioned manufacturing, retail, pharmaceuticals, digital printing and electronics. A GRTU survey has shown a drop of 40 per cent in sales, and exports dropped by 22 per cent between January and November.

When the issue over the drop in exports was last raised, the government explained that, if fuel and electronics were taken out of the export equation, exports would show a rise. But why should electronic exports be taken out of the equation when they make up the most important segment of manufacturing industry? It has yet to be seen too why production is also down.

There is another important point to consider in the light of the robust growth being made in the economy: personal income. According to one survey recently, this is people’s major personal concern. It is not a light matter and may confirm the fears expressed by many in recent years that the wealth being generated in the economy is not percolating through all segments of the community, particularly those at the risk of poverty as well as to pensioners.

Besides, the country has still to grapple with the twin problem of making welfare and health services sustainable. These are all issues that ought to receive greater attention within the context of the solid economic progress being made.