“Manufacturing increasing its economic value” – Economy Minister Chris Cardona

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http://maltawinds.com/2017/09/09/manufacturing-increasing-economic-value-economy-minister-chris-cardona/

The Ministry for the Economy, Investment and Small Businesses highlights the manufacturing industry’s contribution towards the GDP growth registered by the national economy in the second quarter of 2017.

As expected, the economy overall continues to grow at a staggering pace. Official statistics issued by the National Statistics Office show that when comparing this year’s quarter with last year’s, in real terms the economy grew at the real rate of 6.4%.

It is worth noting that the manufacturing sector has performed well. When comparing Q2 2017 with Q2 2016, the Gross Value Added generated by the manufacturing sector at market prices increased by 6.1% (+ € 11.7 million).

Taking into consideration a wider timeframe comparing the first 6 months of 2017 with 2016, the manufacturing sector at market prices grew also at a positive rate of 5.2%.

Amongst other sub-sectors, aviation MRO (maritime, repair, and overhaul), and the manufacturing of electronic components were the best performers in the wider manufacturing industry.

In comments after the NSO announcement on real GDP growth, Minister for the Economy Chris Cardona stated that the efforts by government bodies like Malta Enterprise and Malta Industrial Parks, and local operators alike were continuing to bear fruit.

“While Malta’s avant-gardism as witnessed in the regulation of gaming and now even block chain will never waiver; high-added value manufacturing will always have a strategic value for our economy. The deep ripples in supply and support services that this industry provides are singular. This ministry in tandem with our entities Malta Enterprise and Malta Industrial Parks will progress our efforts to attract new companies but also sustain established operations and establish linkages. Reputable high added value manufacturing remains at the centre of what the Maltese industry stands for”, said Minister Chris Cardona.​