According to Eurostat, Malta has recorded the biggest drop in retail volume within the EU in February. Other member states made a recovery of 3% between January and February, Malta suffered a drop of 1.5%. The sector in the majority of EU countries improved with Austria, Slovenia and Italy at the helm. Despite this, an overall drop of 2.2% across Europe in February when compared to 2020 indicates that the sector is still recuperating from the COVID-19 impact.
Comparing February of last year and this year, Malta registered the third-highest drop at 8.9%. Malta Chamber of SMEs Vice President Philip Fenech stated that 70% of retail in Malta depends on tourism and thus the drop was not surprising. Prime Minister Robert Abela stated last Sunday that authorities were developing a financial aid package for those hit hardest by the pandemic.
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