Government welcomes GDP data confirming economy's promising growth

The latest data from the National Statistics Office, which shows 3.8% real growth in the GDP, confirms the 'robustness' of Malta's economy, the government said in a press statement today. 

NSO figures show that during the third quarter of 2014 real GDP continued to accelerate, increasing by 3.8% from 3.4% registered in the previous quarter, while for the first nine months of 2014 it expanded by 3.5% in real terms. This rate of economic growth remains the highest in the Euro Area.

The figures show that government measures to increase growth and investment are working, a view shared by the European Commission and several international credit agencies, which all see the economy on a strong growth trajectory.

"Growth was underpinned by a strong increase in private consumption and investment, confirming the high level of confidence and optimism by consumers and investors alike," the statement reads.

"Real exports also increased, outpacing the increase in imports, thus contributing to real growth. This growth in export took place despite the difficulties faced by local firms operating in a global challenging environment."

There was also significant increases in the compensation of employees, with an increase of 5.2% registered in the third quarter.  Profits also increased by 3.1% and this should encourage further investment from firms in the coming months.

"Such developments further strengthen the Government projections and targets to lower the deficit to 2.1% in 2014 and 1.6% in 2015."