Updated at 1.20pm
Malta’s gross domestic product went up by 5.9 per cent in real terms in the second quarter, the National Statistics Office reported on Thursday.
Provisional estimates indicate that the GDP reached €3,001.1 million, an increase of €238 million or 8.6 per cent when compared to the corresponding period last year.
GDP growth was mainly attributable to domestic demand when analysed by expenditure, with the main production factor being arts, entertainment and recreation, repair of household goods and other services which increased by €40 million or 12.2 per cent.
The government noted in a statement that the GDP growth rate was treble the EU average. Cumulatively over the first six months of the year, the economy grew in real terms by 5.4 per cent.
It noted that apart from an 8 per cent increase in remuneration, and a 6 per cent increase in private consumption, companies also saw their profits go up by €182m more than than they were in the same quarter of 2017 – leading to considerably more investment.
This meant that the dependence on government spending was reducing, and stood at 16.6 per cent compared to 20 per cent in the last year before the labour government took over, the statement continued.
• Financial sector: +€31 million
• Gaming: +€70 million
• Construction: +€11 million
• Retail, hotels and restaurants: +€49 million
• Professional and administrative services: +€61 million
(Figures for January to June 2018)
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