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 estate activities.
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 per cent.
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 new highs."
Source: PRESS RELEASE BY THE MINISTRY FOR FINANCEThe content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
