As per a National Statistic Office report on Friday, Malta’s unemployment rate was 4.8 per cent in November, up from 4.7 per cent the month before.
This represents an annual increase of 1.2 per cent when compared with November 2019, but is still significantly below the overall EU rate of 7.5 per cent.
Data shows a small increase in Matese youth unemployment in 2020, from 10.8 per cent in January to 11.4 per cent in November. On the other hand, unemployment among people older than 25 rose by twice as much. In January, unemployment rates for people aged 25+ rose from 2.8 per cent to 4 per cent.
The unemployment rate was largely consistent between men and women. In January, unemployment for both stood at 3.7 per cent and by November, it was 4.8 per cent for men and 4.7 per cent for women.
Overall EU unemployment rates over time do not seem to have been catastrophically impacted by COVID, rising only 0.9 per cent in comparison with November 2019. This represents c. 1.8 million people becoming unemployed across the EU between November 2019 and 2020. For reference, more than five million people became unemployed in the wake of the 2008 financial crash.
Malta’s 4.8 per cent unemployment rate represents 13,081 people currently unemployed, as characterised by EU definitions.
The change could hit smaller establishments negatively
The new rules come into effect from 1st January 2024
Only competent authorities or subject persons will have access to information on Beneficial Ownership