The 4.4 per cent growth of the Maltese economy during the first quarter of this year translated into a €78 million increase in workers’ wages and a €70 million increase in gross profits of enterprises. These increases boosted private consumption which recorded a healthy increase of €34 million or 3.1 per cent.
This increase in economic wealth was experienced in both the primary and secondary sectors, which include the construction, manufacturing, agriculture, and fishing sectors. Notable growth was recorded in the real estate activities sector, the arts, entertainment and recreation sector which includes gaming, the wholesale and retail trade, transportation and storage, the accommodation and food services sectors as well as in professional, scientific, and technical activities and administrative and support service activities.
“The sound growth figures in the first quarter augur well for this year and show that our country continues to generate wealth for all”, stated Minister for Finance Edward Scicluna.
According to Eurostat, the 4.4 per cent growth figure for the Maltese economy is nearly double the average economic growth rate recorded in the EU.