Although data published by the National Statistics Office showed that the economy experienced another quarter of positive growth, particularly through the contribution of tourism and financial services, that same data also pointed to yet another drop in the contribution of manufacturing towards GDP growth, shadow minister Mario de Marco said.

He said in a statement that these conflicting trends showed how the Maltese economy in general was growing at a positive rate, but not all sectors of the economy were growing at the same rate, to the extent that the contribution of the manufacturing sector was actually shrinking.

“When speaking of economic growth, the government seems to be ignoring the fact that average wages in the manufacturing and construction sectors decreased over the past two years, the fact that 300 persons are going to be made redundant from De La Rue and the fact that the number of persons living in poverty or at risk of poverty has increased in the past two years.

“Our pensioners, who are increasingly finding it more difficult to cope with the cost of living, the thousands of families who earn a living in the construction and manufacturing industries and who are seeing a drop in earnings, and the families of those who are about to lose their job, are probably finding it difficult to relate to the triumphalist tone of government’s press release heralding economic growth,” he said.

Dr de Marco said the government should use the positive economic thrust to address some of these issues, particularly by reducing the price of petrol and diesel and bring them in line with the European Union averages, more so now that the international price of oil was down below the $40 per barrel mark.

“Such a move will benefit private consumers by improving their purchasing power. It will also help improve the competitiveness of our industries. The government should also follow the advice of the governor of the Central Bank and use these positive times to build financial buffers, which would help the country in times with slower economic growth.”

Dr de Marco said that the Opposition, while lauding the growth in tourism and financial services, urged the government not to rest on its laurels.

“The Nationalist Party encourages the government to ensure that this growth is sustained over the long-term through increased investment in tourism and ensuring that Malta's competitiveness in the financial services is not eroded,” he said.