Malta’s GDP grew by 12.5% in 2022

LA VALLETTA (MALTA) (ITALPRESS/MNA) – According to the National Statistics Office, the estimates for 2022 show that the Gross Domestic Product amounted to 16.9 billion euros, registering an increase of 1.9 billion euros, or 12.5%, when compared to 2021.
Matese Prime Minister Robert Abela declared in a tweet that in 2022 the economic growth was double that in the euro area. “Despite the pandemic and the effects of the Ukraine war our economy is nearly a tenth larger than what it was in 2019”.
An increase in the service activities, industry and agriculture and fishing contributed to this increase by 9%, 7.6% and 8.5% respectively. However, the construction industry declined in its activity by 7%.
The increase in service activities was mainly driven in the accommodation and food service activities (81.4%), transportation and storage (23.3%), administrative and support services activities (15.8%), information and communication (7.9%), and wholesale and retail trade; repair of motor vehicles and motorcycles (7.7%).
In 2022, an increase of 7.6% was registered in the consumption expenditure as a result of an increase in household expenditure and government’s expenditure.
Exports and imports of goods and services in volume increased by 6.4% and 9.7%, respectively.
Last year’s 1,868 million euros economic growth was distributed in 644 million for the increase in workers’ salaries; 1,172 million in profits of businesses; and another 52 million in production and importation taxes.

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Source: medNews