Updated 4.30pm

The Gross Domestic Product (GDP) for 2019 amounted to €13,208.5 million, registering an increase of €842.2 million or 6.8% when compared to 2018, according to provisional estimates published by the National Statistics Office
In volume terms, GDP went up by 4.4%.

The production approach

In 2019, gross value added (GVA) increased by €818.2 million when compared to last year. GVA is the net result of output valued at basic prices less intermediate consumption valued at purchasers’ prices.

This increase was mainly generated by professional, scientific and technical activities; administrative and support service activities which increased by €167.5 million or 10.2%, public administration and defence; compulsory social security; education; human health and social work activities which increased by €159.9 million or 8.8%, and arts, entertainment and recreation, repair of household goods and other services which increased by €156.1 million or 9.6%.

There was a slight drop in agriculture and fishing.

The expenditure approach

The expenditure approach is another method used to calculate GDP and is derived by adding consumption of households, government and non-profit institutions serving households, investment and net exports.

Total final consumption expenditure increased by 6.8% in nominal terms and 5% in volume terms. This was the result of an increase in household expenditure of 3.9% in nominal terms and 2.3% in volume terms, and an increase in government expenditure of 14.7% in nominal terms and 12 in volume terms. Gross fixed capital formation increased by 10.9% in nominal terms and 7.2% in volume terms.

Exports of goods and services increased by 3.6% in nominal terms and by 1.7% in volume terms. Imports of goods and services increased by 3.9% in nominal terms and by 2.1% in volume terms 

The income approach

The third approach to measure economic activity is the income approach which shows how GDP at market prices is distributed among compensation of employees, operating surplus of enterprises and taxes on production and imports net of subsidies.

Compared to 2018, the €842.2 million increase in GDP at current prices is estimated to have been distributed into a €379.7 million increase in compensation of employees, a €444.1 million increase in gross operating surplus and mixed-income and an €18.3 million increase in net taxation on production and imports.

Gross National Income (GNI)

The GNI differs from the GDP measure in terms of net compensation receipts, net property income receivable and net taxes (minus subsidies) receivable on production and imports from abroad.

Considering the effects of income and taxation paid and received by residents to and from the rest of the world, GNI at market prices for 2019 is estimated at €12,062.8 million.

Finance Minister reacts

“While pleased with the overall annual growth rate of 4.4 per cent, we are as much pleased that the fourth quarter of last year managed to outpace the previous third quarter by 1.4 percentage points," Finance Minister Edward Scicluna said in a statement.

"In particular, according to the NSO, household consumption in the last three months of last year did not falter in any way but kept growing at the same pace as the previous quarter."