Malta’s unemployment rate returns to record low of 2.8%

The unemployment rate for April 2023 dropped to 2.8 per cent, declining by 0.1 percentage points when compared to the previous month, and 0.2 percentage points compared to the same month in the previous year.

Data provided by the National Statistics Office shows that Malta’s unemployment rate has once again reached its lowest-ever rate, on par with data recorded in October and November 2022.

While a very low unemployment rate is a goal for many Governments around the world, it comes with its own share of challenges, such as a workforce shortage and wage inflation.

Unless there are enough workers to go around, it could make firms less competitive, due to either being required to decrease production due to a lack of staff, or increase costs due to incurring higher overhead to maintain the same level of production.

In April the number of unemployed persons was 8,523, with men aged 25 – 75 being a major contributor to overall unemployment numbers.

However, fewer than 1,000 of those individuals are currently looking for work.

Seasonally adjusted numbers of unemployed youths aged 15 to 24 amounted to 2,263 whereas individuals aged 25-74 stood at 6,259.

The unemployment rate for men stood at 3.1 per cent, declining by 0.1 per cent over the previous month, while for women it stood at 2.5 per cent, following an identical decline.

The unemployment rate for youths was 8.8 per cent, while for individuals aged between 25-74 it stood at 2.3 per cent.