Latest GDP figures, published by the NSO and Eurostat, show that
Malta's economy grew by 5 per cent in 2016 marking the highest
economic growth rate recorded in the European Union for that year.
Nominally, GDP expanded by 6.7 per cent.
Economic growth remained broad-based, with growth registered in
almost all sectors of the economy. Double digit growth rates were
recorded in the agriculture, forestry and fishing sector (12.4 per
cent), professional, scientific and technical and administrative
and support sector (11.9 per cent), and the information and
communication sector (11.6 per cent). Other notable private sector
increases were also recorded in the financial and insurance sector
as well as in the arts, entertainment and recreation and real
The manufacturing sector recorded a 2.1 per cent growth rate
during the same period, while the wholesale and retail trade,
transport and storage and accommodation and food sector grew by 3.4
The robust growth was reflected in a significant €164
million increase in private consumption of households, a record low
unemployment rate of 4.8 per cent and a remarkable increase in
additional jobs created in the private sector, reaching 7,500 new
jobs by September 2016.
The economy's income from wages and salaries of employees
increased by €247 million or 6.3 per cent during the same
period, while profits generated by businesses increased by almost
€300 million or 7.0 per cent.
Minister for Finance Prof Edward Scicluna says that, "the
GDP figures for 2016 confirm that, as was stated by the Credit
Rating Agencies and other international institutions, economic
growth has indeed surpassed pre-crisis levels and is settling at
Source: PRESS RELEASE BY THE MINISTRY FOR FINANCE
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Mauritius is a Republic governed by a parliamentary democracy with elections being held every five years, and is composed of an independent judiciary.
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