The strong momentum exhibited by the Maltese economy during the
last three years has continued during the first half of this year.
Indeed, figures published by the NSO show that the Maltese economy
grew by 4.1 per cent in real terms during the first half of 2016,
comparing favourably with the average growth for the past three
years. Nominally, GDP expanded by 6.1 per cent.
When compared quarter on quarter, Malta's GDP grew by 5.2
per cent. Seasonally adjusted data published today by Eurostat
shows that the Euro Area grew by 0.3 per cent during the second
quarter when compared to the first quarter.
Economic growth remained broad-based, with growth registered in
almost all sectors of the economy. Double digit growth rates were
recorded in the professional, scientific and technical sector (11.2
per cent), and the information and communication sectors (10.7 per
cent). Other notable private sector increases were also recorded in
real estate activities, agriculture, fishing, and financial and
Of note is the fact that growth was also recorded in the
manufacturing sector, which grew by 2.8 per cent during the same
Such broad-based growth was fuelled by significant increases in
private consumption and investment. Indeed, private consumption
expenditure increased by €81.5 million, while expenditure on
projects rose by €58.1 million over the six-month period.
These in turn reflected increases in both the compensation of
employees and the profitability of firms and businesses. Indeed,
the wages of employees increased by €123.8 million, or 6.5 per
cent, while businesses saw profits increasing by €94.4 million
or 5.2 per cent.
Minister for Finance Edward Scicluna stated: "This
half-yearly growth is confirming the rating agencies'
expectation that Maltese economic growth will persist for the
(Source: PRESS RELEASE ISSUED BY THE MINISTRY FOR
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