People registering for work down to 2,730

Malta continues to register positive economic results, which have translated into more persons joining the Labour market.

As of yesterday, the number of persons registering for work reached 2,730 - the lowest it has ever been - economy minister Chris Cardona and JobsPlus executive chairman Clyde Caruana said.

Malta's low unemployment rate places it at the top of EU data, with the rate of job creation being twice as much as that registered by Luxembourg - who was ranked second by Eurostat, the EU's statistical office.

"This wouldn't have been possible without the measures and reforms introduced by a Labour administration, which have helped the economy to grow and supported businesses in their investment," Cardona told a news conference.

The demand for work permit applications by foreigners has also gone up, reaching 2,000 applications so far this year.

Cardona argued that the economy needs to continue developing, creating new sectors - such as a huge push to life sciences, spatial territories legislation and intellectual property - which would allow a diversified economy to prosper.

He refuted the suggestion that salaries paid by the gaming industry presented a challenge to the rest of the businesses as employees seek out the best salaries: "These are specialised jobs ... the sector shouldn't be looked at negatively but as a challenge that creates new opportunity," the minister said.

Cardona sounded confident that Malta's economy will not suffer a burnout: "Take Singapore, whose economy has been booming since the 70s and is still thriving."

He reminded that subsequent administrations have been quick in amending and introducing legislation that helps businesses grow and prosper - flexibility which the minister described as pivotal.

Caruana added that Malta has based several of its recent reforms on the German model: "Germany introduced several reforms and measures which have been helping the economy to grow since 2006."

But both agreed that the main challenge remains the labour market: not enough skilled workers are found.