Construction sector in Malta registered third highest growth in EU

Construction in Malta experienced the third largest growth in production across the EU in the third quarter of 2020, figures out today show.

The industry grew by 4.3% between July and September 2020 when compared to the same quarter the previous year, according to Eurostat, the European statistical agency.

Malta is one of only six EU countries where construction did not contract but registered year-on-year growth in the third quarter.

The member state with the highest growth was Romania with 15%, followed by Croatia with 4.4%.

Eurostat said that Malta’s construction industry grew by 6.9% in the third quarter of 2020 when compared to the previous quarter.

Stamp duty on the sale of property was cut last year as part of the economic recovery package. The move helped stimulate the sector and preliminary data for October released by the Malta Developers Association showed that 1,551 promise of sales were registered with a total sales value of €371 million.

The sales in October represented an increase of 21% over the same month a year earlier.