Malta has EU’s second-highest GDP growth in second quarter 2015

Malta’s GDP rose by 1.1% in the second quarter of 2015, the second-highest across the European Union.

Seasonally adjusted GDP rose by 0.4% in both the euro area (EA19) and the EU28 during the second quarter of 2015, compared with the previous quarter, according to a second estimate published by Eurostat. In the first quarter of 2015, GDP grew by 0.5% in both areas.

Compared with the same quarter of the previous year, seasonally adjusted GDP rose by 1.5% in the euro area and by 1.9% in the EU28 in the second quarter of 2015, after +1.2% and +1.7% respectively in the previous quarter.

During the second quarter of 2015, GDP in the United States increased by 0.9% compared with the previous quarter (after +0.2% in the first quarter of 2015). Compared with the same quarter of the previous year, GDP grew by 2.7% (after +2.9% in the previous quarter).

GDP increased in all Member States for which data are available for the second quarter of 2015, except France where it remained stable. The highest growth compared with the previous quarter was recorded in Latvia (+1.2%), Malta (+1.1%), the Czech Republic, Spain and Sweden (all +1.0%), followed by Greece and Poland (both +0.9%), Slovakia (+0.8%), Estonia, Croatia, Lithuania, Slovenia and the United Kingdom (all +0.7%). The lowest growth rates were registered in the Netherlands, Austria and Romania (all +0.1%).

GDP components and contributions to growth

During the second quarter of 2015, household final consumption expenditure rose by 0.4% in both the euro area and the EU28 (after +0.5% and +0.6% respectively in the previous quarter). Gross fixed capital formation declined by 0.5% in the euro area and 0.1% in the EU28 (after +1.4% in both zones). Exports rose by 1.6% in both the euro area and the EU28 (after +1.0% in both zones). Imports increased by 1.0% in the euro area and by 0.8% in the EU28 (after +1.5% and +1.6%).

Household final consumption expenditure had a positive contribution to GDP growth both in the euro area and the EU28 (+0.2 and +0.3 percentage points). Gross fixed capital formation had a negative contribution to GDP growth in the euro area (-0.1 pp) and was neutral in the EU28 (0.0 pp). The contribution of the external balance to GDP growth was positive for both zones, while the contribution of changes in inventories was negative.