The third quarter of 2024 saw Malta's economy continue its upward trajectory, with preliminary estimates revealing a Gross Domestic Product (GDP) of €5.9 billion, up €435 million from the same period the previous year. Volume growth amounted to 4.9 per cent.
Key Highlights:
- The increase in GDP was propelled by positive contributions from various sectors, with service activities making the largest contribution, adding 3.4 percentage points to gross value added (GVA) growth. Industry also contributed positively, adding 1.3 percentage points, while agriculture and fishing made a smaller but significant contribution of one percentage point.
- Domestic demand contributed 4.9 percentage points to the year-on-year GDP growth in volume terms, while external demand had a neutral effect. Final consumption expenditure rose by 6.3 per cent, reflecting robust domestic spending and gross fixed capital formation increased by 5.3 per cent, indicating strong investment.
- Compensation of employees rose by €233.6 million, highlighting Malta's strong labour market. Gross operating surplus and mixed income increased by €211 million.
- Gross National Income (GNI) was estimated at €5.2 billion for Q3 2024, and the GDP deflator, a measure of price changes, increased by 2.9 per cent year-on-year, a slowdown compared to the previous quarter.
Overall, Malta's third-quarter GDP results reflect a resilient economy, supported by vibrant service sectors, strong domestic demand, and steady investment.
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