In 2015, the Maltese economy continued to excel recording the highest growth over the last one and a half decade. In fact, the official figures show that real GDP increased by 6.3 per cent in real terms while in nominal terms the Maltese economy is estimated to have grown by 8.8 per cent.
This robust economic performance reflected strong increases in both investment and private consumption. Indeed in 2015, investment activity increased by 21.4 per cent or €269.3 million while private consumption increased by 5.1 per cent or €203.3 million, over the previous year. Exports of goods and services also registered a positive increase of 2.4 per cent.
PRESS RELEASE BY THE MINISTRY FOR FINANCE
It is worth noting that economic growth continued to be broad-based as the majority of sectors recorded positive growth. Particularly strong increases were registered in the professional, scientific and technical sector and administration and support activities; in the financial and insurance sector; and in real estate activities with all three sectors recording double digit growth. Other notable private sector increases were also recorded in the wholesale and retail trade and accommodation and food service activities, the construction sector and the information and communication sector. The very strong growth in the service sectors more than compensated for the marginal decline (0.4 per cent) in the manufacturing sector.
Mirroring the performance in the labour market, compensation of employees increased by 5.3 per cent or €189.9 million in 2015 following a 6.4 per cent (€217.1 million) increase in the previous year. The strong performance of the economy also resulted in an increase in business profits of 12.9 per cent or €449.2 million.
Furthermore, Government expenditure growth decelerated, increasing by 4.8 per cent compared with a growth rate of 6.4 per cent registered in 2012.
Commenting on these results, Minister for Finance Edward Scicluna remarked: “The broad-base, record high economic growth rate observed in 2015 shows that this Government is succeeding in attaining sustainable growth through its strategy of attracting productive investment, reforming key sectors and adopting a growth-friendly fiscal consolidation approach.”
– 8th March, 2016