MaltaMedia.com

Businesses in Europe expect to invest and employ less in 2010 than at any time in the last decade while businesses do not anticipate any changes in domestic sales for the coming year, according to the findings of the latest EUROCHAMBRES Economic Survey, which polled over 69,000 businesses of all sizes and sectors in 27 countries* including Malta.According to the survey, turnover and export forecasts are at their lowest level since 2000.

The findings show that companies are still suffering from the consequences of the crisis and that the recovery is not yet in sight. Malta took part in this pan-European exercise through the Malta Chamber of Commerce, Enterprise and Industry’s membership within EUROCHAMBRES. Official statistics highlight the difficult period that the Maltese economy is passing through following the global financial crisis and this is reflected in the overall perceptions from Maltese companies participating in the survey.

At the aggregate European level, the only indicator which has improved compared to last year’s survey was business confidence, maybe because of a “things can only get better” attitude. Yet, this optimism is unlikely to be backed up by actions according to the survey.

Arnaldo Abruzzini, Secretary General of EUROCHAMBRES, explained: “Businesses are afraid to invest. They don’t see domestic sales growing, they suffer from unfavourable exchange rates which hamper their exports and, as a result, they are unwilling to invest and to employ. It is premature to say, in light of these facts, that the worse is already behind us.”

Against this background, Mr Abruzzini urged ECOFIN Ministers meeting today to take further concrete action, in particular with respect to small companies. Specific results on Malta’s business confidence and turnover will be provided in the next issue of The Commercial Courier being published on Thursday 10th December.

EUROCHAMBRES Economic Survey 2010 can be downloaded from www.eurochambres.eu/content/default.asp?PageID=1&DocID=210 3