According to statistics published by the NSO – Malta’s National Statistics Office – Malta has surpassed the predictions made by the European Commission and scored a national record in the process.
Malta’s GDP saw an increase of 7.2% in real terms in the 3rd quarter of 2017, contributing to the €2.8 billion registered at the end of this same quarter. This comes at an increase of €249.6 million when compared to the same quarter back in 2016.
This quarter recorded a 7.6% increase in consumption expenditure which was fuelled by the 18.1% increase in government final consumption and the 4.4% increase in household expenditure.
The gross fixed capital formation, used to measure investment, increased 1.5% in nominal prices while decreasing by 2.4% in real terms. Exports of goods and services also saw an increase of 3% in nominal terms with a 1.3% decrease in real terms.
This economic growth helped the €60.9 million increase in employee compensations, the €115.3 million increase in enterprises’ gross operating surplus and the €73.5 million increase in the net taxation on production and importation.
In its statement, the Government attributed this strong economic performance to the 6.5% rise in wages which leads to a 4.5% increase in private consumption. Furthermore, the business sector also saw a rise of 10% in profits, thanks to over €1.6 billion invested in this quarter.