In the third quarter of this year, the Maltese economy recorded a 3.4 per cent increase in real GDP over the same quarter last year. The third quarter growth rate in the Euro Area averaged 1.2 per cent. Economic growth for the first three quarters of this year amounted to 4.7 per cent, while it was 1.3 per cent in the Eurozone.
Malta’s economic growth continued to spread over most sectors thus contributing to a significant increase in incomes across the economy. Indeed, growth was registered in primary sectors including manufacturing and construction as well as in service industries such as tourism, wholesale and retail trade, financial and insurance, professional and administrative, information and communication and e-gaming.
“I am pleased to note that the Maltese economy has continued to grow at a sustainable rate in the first three quarters of this year, with growth being broad-based and encompassing all sectors,” stated Minister for Finance Edward Scicluna.
In the first three quarters, GDP grew by 6.9 per cent in nominal terms which translated into a €220 million increase in wages and salaries, a €398 million increase in business profits.
Investment, exports and private consumption continued to contribute positively to growth. Indeed, during the first three quarters, investment grew by 8.6 per cent in real terms reflecting various public and private projects being undertaken this year, net exports grew by 5.3 per cent while private consumption grew by 3.0 per cent.
The consistent growth in consumption by Maltese and Gozitan families continues to reflect the relatively higher employment growth rates being recorded in recent years.