Dan il-gvern qeridna. Ejjew, l-ahwa, ha nohorgu bi hgarna u nivvutaw ghal Joseph, Anglu u l-iskip
On timesofmalta.com, today:
MALTESE ECONOMIC GROWTH IS PICKING UP – EU
The European Commission has made a glowing assessment of Malta’s economy in its autumn country report, released today.
“Economic growth rebounded in the second quarter of 2012 and soft indicators suggest it is still picking up in the second half of the year. For 2012 as a whole, real GDP is forecast to expand by 1%, driven entirely by net exports, which benefit from improved external competitiveness and a remarkably resilient tourist sector. These developments are projected to result in a marked improvement in the current-account balance, which is forecast to reach a surplus of around 2% of GDP, after having recorded a deficit for over a decade. On the downside, domestic demand, including inventories, appears to be rather weak and is forecast to be a drag on growth in 2012,” the Commission said.
A gradual recovery in domestic demand is projected to underpin the expansion in economic activity in 2013-14. Investment is projected to continue recovering slowly on the back of EU-funded projects, given the approaching end of the 2007-13 programming period, as well as the construction of the electricity interconnector with Sicily.
Household consumption is projected to slowly recover in 2013-14, mostly on the back of a resilient labour market and higher disposable income. Employment is expected to increase over the forecast horizon, albeit at somewhat more subdued rates compared to 2010-11.
Average wages are also set to continue growing, partly boosted by the mandatory wage indexation, particularly in 2013, and partly reflecting a composition effect, as new jobs are likely to be created in high-skilled occupations.
The Commission warned that inflation is projected to average 2.9% this year, slightly higher than last year, before moderating to 2.2% in 2013-14.
After improving by 1 pp. of GDP in 2011, the structural deficit is set to stabilise in 2012 and, on a no-policy-change basis, to improve by ¼ pp. of GDP in 2013 and by ½ pp. of GDP in 2014. The main downside risk to this scenario is related to the possible need for additional subsidies to Enemalta.
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“The main downside risk to this scenario is related to the possible need for additional subsidies to Enemalta.”
Inrahhsu l-kontijiet tad-dawl u l-ilma mela.
Here’s me waiting for a pearl of wisdom about the above FACTS from that fountain of knowledge, Privitera.
Eddy Privitera, read the above but only if you can stomach it.
He’ll probably say that the European Commission is backing Gonzi because him and Barroso are part of the ‘evil click’.
Or, if he doesn’t say it, then Franco surely will.
You mean, ‘only if he can understand it’?
The Malta Labour Party will now spin this and tell us that the positive future expectations reported by the EU reflect the EU’s favourable assessment of the imminent Labour government.
They said something like that about the oversubscription to the recent government stocks issue.
And Eddy Privitera will parrot that on the comments board of timesofmalta.com and here ad nauseam until Labour comes up with their next spin.
Eddy is quiet and happy at the moment. He is back on the free medication pills dished out to him at he expense of the exchequer.
Titpaxxa tara dawn ir-rapporti. Hasra li nies bhal Eddy ma jaqbilhamx jifhmuhom.
Partit tax-xejn – ghalhekk iridu kollox b’xejn.
Looks like it’s been written by a Maltese. I’m not convinced. I would have put warning signs all over the report – even if it’s positive – not issued a “glowing” assessment.
C’mon Baxxter. As an economist, representing the ‘Dismal Science, we’ seem to be doing not too bad. Can’t wait to hear how the Labour multiple ‘Finance idiots’ (who’s who?) respond.
True, true. I suppose I like my reports to be all McCrystalline “actions to be taken”.
The contents page makes very interesting reading.
http://picgoes.in/v/7xa5.jpg
Reading the full report and not the short summary in The Times is even more encouraging – in particular the paragraph on the changing demographies of the labour market i.e. higher wages as a result of an increase in “high-skilled occupations”.
http://ec.europa.eu/economy_finance/publications/european_economy/2012/pdf/ee-2012-7_en.pdf
Here’s one for Joseph:
12. Cyprus: Deep recession to prevail over the forecast horizon.
But the trouble is that the masses (those of the coffee mornings, bingos etc) do not have a clue – they vote Labour even if they are told that they are on the road to starvation. – That is one of he big defects of democracy.
shhhh sos ! Otherwise Joseph will add reducing the price tickets for coffee mornings and bingos to his short list of promises.
Some suggested lines of attack to Mr Eddy Privitera:
“These are all fictions by the evil click. We don’t need foreigners to tell us that everything is alright when we know differently. If Joseph says we’re in knee deep, then it is so. Time will prove him right like it did Sant.”
“Look at all those poor people. Look at the dwindling retail sales. Look at the electricity and gas bills. Is this standard of living? Didn’t you see that poor lady being mugged in Sliema?”
“Why, even the Mayor of London introduced a Living Wage just like Joseph said.”
“Poverty is a serious problem in Malta. Look at Airmalta – it never suffered losses under a Labour administration.”
“Mintoff would have gotten the Brazilian company by the legal balls and made sure it did not shut down and leave all those employees out of a job.”
“What about Smart City? And what about the 101 or 1001 broken promises by GonziPN?”
“Daphne, you are paid to say these things. So who would believe you?”
Suggested retort to above crap:
“Look at the figures by the NSO and compare to other countries”. Otherwise, “Burn”. And, when you stopped “burning”, look at the figures again. (WARNING: Don’t take “burn” literally please, we aren’t in the middle ages even though Labour still believes in witches”.)