Growth slows down from Q1 last year
Malta's economy grew by 4.4 per cent in the first quarter of this year, a slowdown from the 6.6 per cent growth registered in the same period last year, figures issued on Tuesday show.
In nominal terms, Gross Domestic Product (GDP) for the first quarter of 2018 amounted to €2,795.1 million, an increase of €171.0 million or 6.5 per cent when compared to the corresponding quarter last year.
In real terms, GDP went up by 4.4 per cent. That was similar to last year's growth for the first quarter.
The figures emerged from data released by the National Statistics Office on Tuesday.
Gross Value Added (GVA) increased by €155.4 million when compared to the same quarter last year. GVA is the net result of output valued at basic prices less intermediate consumption valued at purchasers’ prices.
"In Q1 2018 ???????? economic
growth confirmed at double EU rate -JM
— Joseph Muscat (@JosephMuscat_JM)"
This increase was mainly generated by public administration and defence; compulsory social security; education; human health and social work activities which increased by €40.2 million or 9.8 per cent, arts, entertainment and recreation, repair of household goods and other services which increased by
€30.2 million or 9.4 per cent, wholesale and retail trade; repair of motor vehicles and motorcycles; transportation and storage; accommodation and food service activities which increased by €28.2 million or 6.2 per cent and professional, scientific and technical activities; administrative and support service
activities which increased by €21.1 million or 6.1 per cent.
Compared to the first quarter of 2017, GDP at current prices went up by €171.0 million, and is estimated to have been distributed into a €78.3 million increase in compensation of employees, a €69.9 million increase in gross operating surplus of enterprises and a €22.8 million increase in net taxation on production and imports.