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pr200351

PR200351

28/02/2020

​ PRESS RELEASE BY THE MINISTRY FOR FINANCE AND FINANCIAL SERVICES: Fourth quarter of 2019 outpaces third quarter by 1.4 percentage points

In the last quarter of 2019 covering the period October to December, the Maltese economy continued to record one of the highest economic growth rates in the EU. As a result, latest GDP data showed that in 2019 Malta continued to be one of the fastest growing EU economies, growing at 4.4 per cent.


“While pleased with the overall annual growth rate of 4.4 per cent, we are as much pleased that the fourth quarter of last year managed to outpace the previous third quarter by 1.4 percentage points. In particular, according to the NSO, household consumption in the last three months of last year did not falter in any way but kept growing at the same pace as the previous quarter”, Minister for Finance and Financial Services Edward Scicluna said in reaction to the latest published GDP data.

Growth was underpinned by a robust increase in consumption as growth in employment remained buoyant coupled with a consistent decline in the unemployment rate. Growth in investment was also strong reflecting the various on-going public and private projects.

In nominal terms, GDP grew by 6.8 per cent or €842 million in 2019. This increase was distributed in a €380 increase in wages and salaries, a €444 increase in business profits and an €18 million increase in taxation on production and imports.

Economic growth continued to be broad-based. All sectors other than agriculture recorded growth in their value added. Indeed, gross value added increased not only in the services sectors but also in the manufacturing and construction sectors. The services sector includes the wholesale, retail, food and accommodation, the professional, technical, legal and administrative and support, the real estate services, the igaming, the information and communication and the financial and insurance services.