For centuries, our nation’s economic growth and our people’s prosperity was dependent on the expenditure of foreign military powers. Very few believed that we could make it on our own. In fact, UN economists sent to our country at the time of independence made very stark predictions about the economic viability of our islands. They said that without massive emigration, our prospects were dire.

Thanks to the hard work of our nation, as one, these predictions were proven wrong. Today I have the privilege of being the Prime Minister of the country which for the last four years, has always had the largest employment growth in the European Union.

Not only are we now not resorting to emigration, but for the last few years we have welcomed thousands of foreign citizens who have come to share our prosperity and help us create even more. This creates new challenges, but then again these are challenges we will overcome.

I believe we are witnessing an economic miracle. Our Gross Domestic Product has grown by 38 per cent since 2012, or nearly four times the rate of growth seen in the EU. Just this week, Eurostat estimated that our GDP per head now stands at 93 per cent of the EU average, up from 84 per cent in 2012, the largest increase ever recorded.

Our exports exceed our imports by eight per cent of GDP, and the number of tourists in four years has increased as much as it rose in the previous 20 years taken together.

Our employment rate stands at close to 66 per cent, just one per cent below the EU, when in 2012 it was five per cent below. Unemployment has fallen to the lowest level on record, such that we are now the only country in Europe where there are more job vacancies than there are people registering for work.

We can look forward to our next quantum leap

This economic success is leading to substantial social progress. Income tax data show that the number of families on middle-class incomes has increased by 14 per cent since 2012. The number of those relying on social assistance is a third less than in my first year as Prime Minister.

Seven in 10 of the youths on unemployment benefits in 2012 are now working, while the number of people with disability searching for jobs is down 40 per cent. A total of 6,400 families are benefitting from free childcare, allowing thousands of women to work. Last year we had the first decline in 10 years in the number of those in poverty or social exclusion, with 5,000 individuals coming out of this situation.

Besides this economic and social success, I am very proud to be the first Prime Minister since 1981 to lead a government that is spending less than its revenues allow. We have finally brought our nation’s finances back in order, with a surplus after 35 years accumulating national debt.

We managed to do this without resorting to austerity. In fact, in October, we announced a budget with the largest social spending programme ever introduced.

The European Commission, in fact, estimated it as equivalent to 0.5 per cent of GDP. For the second year in a row, we raised pensions – something which the previous administrations deemed unfeasible. We also continued to reduce the burden of income tax, which we have lowered in all our budgets.

Naysayers arguing that we managed a surplus because we cut on capital expenditure are out of their depth. The last time we had this level of capital expenditure, the previous administration recorded one of the highest deficits in history.

In the four years I have been Prime Minister, we have invested €1.7 billion in capital expenditure, or more than the previous government spent in six years. Every day we have been in office so far, an additional person has been employed in the public education and health sectors. To help make work pay, we have allowed those on benefits to keep part of them for the first three years after they get a job.

From being a colonial outpost to being the country with the EU presidency at one of the Union’s most important junctures, our nation has truly transformed itself. We are a nation that can stand proud of our achievements.

More importantly, we can look forward to our next quantum leap. What we have done in the last four years is just the foundation for our forthcoming transformation into one of the best countries in the world.

A cosmopolitan nation, self-assured and confident as a centre of production, commerce, creativity, ideas, innovation and good living. The best of our country is yet to come.