Malta’s economy grew by 3.1% in first quarter

Malta’s economy grew by 3.1% in the first three months when compared to the same period in 2022, according to the National Statistics Office.

Provisional data released on Tuesday shows that the Gross Domestic Product (GDP) amounted to €4.3 billion, an increase of €358.8 million when compared to last year’s first quarter.

The NSO reported that private consumption grew by 3.2%, while government expenditure increased by 1.1%. However, exports decreased by 3% and imports dropped by 6.6%.

Growth was driven by higher value added contributions by industry and the services sector.

Prime Minister Robert Abela tweeted that Malta’s economy grew at “two and a half times the EU average”.

“Shielded from energy price shocks our industry and services continued to grow strongly,” Abela said.