Updated | GDP up by 4.4% over 2012

Government welcomed NSO figures which showed a 2.4% increase in GDP in real terms last year.

Noting that Malta's growth rate compared favourably with that of the EU which stood at 0.1% while that of the eurozone shrinked by 0.5%, government said that the growth registered last year was twice that of 2012 and 2011.

Moreover, the government pointed out that the NSO figures contrasted sharply with the negative outlook the leader of the opposition, Simon Busuttil, tried to give.

Figures published today, show that the Gross Domestic Product (GDP) last year amounted to €7,186.4 million, an increase of 4.4 per cent when compared to 2012. In real terms, GDP went up by 2.4 per cent.

Production

During 2013, growth in gross value added was mainly generated by the following economic activities: professional, scientific and technical activities; administrative and support service activities; electricity supply; water supply; waste management and remediation activities; public administration, education and health activities; transportation and storage; accommodation and food service activities; information and communication; and financial and insurance activities.

Other growth industries included: real estate activities; arts, entertainment and recreation; and agriculture. A drop in gross value added was registered in manufacturing and construction.

Expenditure Approach

Last year, total final consumption expenditure in nominal terms increased by 2.6 per cent when compared to 2012. In real terms, total final consumption expenditure increased by 1.3 per cent. Gross fixed capital formation increased in nominal prices but declined in real terms. Real imports and exports decreased over 2012.

Income Approach

Compared to 2012, GDP at current prices increased by €306.0 million, and is estimated to have been distributed into a €131.5 million increase in compensation of employees, a €125.2 million increase in gross operating surplus of enterprises, and a €49.4 million increase in net taxation on production and imports.

Considering the effects of income and taxation paid and received by residents to and from the rest of the world, Gross National Income (GNI) at market prices for 2013 is estimated at €6,738.4 million.