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Robust growth sustained in the first quarter of 2019

During the first quarter of this year the Maltese economy continued to be amongst the top performing economies in the EU, growing by 4.9 per cent. In nominal terms, GDP increased by 7.4 per cent.

PRESS RELEASE BY THE MINISTRY FOR FINANCE

The year-on-year quarterly economic growth rate compared remarkably well with the average growth rate of 1.2 and 1.5 per cent recorded in the Euro Area and the EU28 respectively.

“I am pleased to note that the robust growth momentum recorded in the last five years has continued during the first quarter of this year confirming that the higher level of generated wealth for our families can and will be sustained”, said Minister for Finance Edward Scicluna.

Economic growth continued to be broad-based as the increase in the gross value added for all sectors reached €187 million. This was reflected in double-digit growth rates by the professional, scientific and technical and administrative and support sector and the construction and real estate activities sectors. Other notable private sector increases were registered in the arts, entertainment and recreation sector which includes iGaming, the information and communication sector, and the financial and insurance sector.

Worth noting is the growth in the wholesale and retail trade sector which grew by 5.0 per cent and the manufacturing sector, where gross value added increased by 3.5 per cent.

The €214 million increase in nominal GDP during the first quarter of this year was distributed in a €72 million increase in compensation of employees, a €125 million increase in business profits, and a €17 million increase in revenue from production and imports taxes.

Domestic demand continued to be the main driver of growth during the first quarter. This continued to reflect the performance of the labour market which continued to be dynamic during this year. Remarkable growth was also recorded in investment reflecting the various projects currently being undertaken including the record €100 million a year road infrastructure project.

Saturday 8th June 2019


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