MALTA BLOCKCHAIN WIRE
Malta Retains Highest Economic Growth
Malta maintains leading economic growth out of Euro countries
Aug 23, 2018
Once again, Malta has hit the highest economic growth in the Euro Area with 2017 grading at a real GDP growth rate of 6.6 percent.
The rate of growth is over double the average growth rate of 2.3 and 2.4 percent recorded in the Euro Area and the EU28 respectively.
The Finance Minister, Edward Scicluna, stated: “I am pleased to note that our country has been consistently recording historically higher economic growth rates in the last four years confirming that this higher level of generated wealth for our families can and will be sustained.”
In nominal terms, GDP grew by 9.0 percent. The latter augurs well for the debt-to-GDP ratio for 2017, which is expected to fall below 55 percent.
The increase of €916 million in nominal GDP last year was split between a €290 million rise in compensation of employees, a €498 million increase in business profits, and a €128 million increase in revenue from production and imports taxes.
Private consumption remained a crucial driver of growth during the last year, increasing by €191 million or 4.4 percent. This continues to reflect the dynamic performance of the labour market, boasting a consistently record low unemployment rate of 4.0 per cent in 2017 and a strong employment growth of 3.1 per cent in the third quarter of last year. Exports also aided economic growth.
Government final consumption expenditure showed a decrease of €4 million or 0.3 per cent.
Other noteworthy private sector increases were in the arts, entertainment and recreation sector, the construction, quarrying and utilities sectors, the wholesale and retail trade, transportation and storage sectors, the accommodation and food services sector, as well as the information and the communications sector. This also includes the growth in the manufacturing sector, where gross value added rose to 9 percent last year.
This is following the prediction of the European Commissioner that Malta would lead the way for GDP growth.
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