Malta’s economy, growth rate of 3.9% in the second quarter of 2023

LA VALLETTA (MALTA) (ITALPRESS/MNA) – The Gross Domestic Product (GDP) of the Maltese economy registered a growth rate of 3.9% in volume terms for the second quarter of 2023. According to provisional estimates published by the National Statistics Office, the GDP for the second quarter of 2023 amounted to €4.7 billion, registering an increase of €416.9 million, or 9.7%, when compared to the same quarter of 2022. The NSO said that economic growth was measured from the aspects of production, consumption and profits. The contribution to the growth rate in volume terms of Service activities and Industry were both positive and stood at 4.0 percentage points and 1.3 percentage points, respectively. The increase in Service activities was mainly driven by the growth rates recorded in the following sectors: Administrative and support services activities (25.4%), Financial and insurance activities (15.4%) and Accommodation and food service activities (21.8%). However, agriculture and fishing recorded a negative contribution of 0.1 percentage points. Figures show that in the second quarter of 2023, Final consumption expenditure increased by 2.9% in volume terms. This was mainly the result of an increase in Private final consumption of 5.9%. General government final consumption decreased by 3.8 %. Between April and June exports of merchandise and services increased by 2.5% while imports decreased by 1.6%. Compared to the second quarter of 2022, the increase of €416.9 million in nominal GDP was mainly the result of increases in Compensation of employees and Gross operating surplus and mixed income of €135.4 million and €285.3 million, respectively. These increases were partly offset by a decrease of €3.8 million in Net taxation on production and imports. (ITALPRESS).

Foto: Agenzia Fotogramma

Source: medNews