Nearly 40% of respondents in a Gozo business survey reported that they increased their workforce in the past year, and more than half plan to recruit more within the next six months, particularly in the tourism, manufacturing, and professional services sectors, the Gozo Business Chamber said. 

The Gozo Business Sentiment Survey was held in association with the Gozo Regional Development Authority (GRDA). 80 businesses in Gozo were surveyed in September and another 80 in March 2024.

Overall, respondents reported a relatively stable 12-month period from April 2023 to March 2024. 

Their primary challenges were employee shortages and cost pressures. The cost pressures identified as a main business concern reflect themselves in the price expectations of products or services purchased and the price expectations of products or services sold. In March 2024, 60% of businesses have highlighted that they did not intend to increase the prices of products and services sold over the next six months, the chamber said.

Nearly 60% of businesses made investments in the past year and more than half plan to continue investing over the next six months, especially in wholesale and retail trade, construction, arts and entertainment, and accommodation and food services.

45% of businesses acknowledged the potential impact of climate change on their operations, with half taking measures to enhance resilience. This contrasted with higher awareness levels observed in other EU firms, the chamber said.

Key budget measures impacting businesses included the increase in the minimum wage and COLA adjustment, a reduction of tax on part-time work, increase in stamp duty for Gozo properties, UCA Scheme incentives, and the Micro Invest Scheme.