Malta: GDP grows by 3.9% in second quarter

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Provisional estimates published by the NSO indicate that the Gross Domestic Product (GDP) for the second quarter of 2023 amounted to €4.7 billion, registering an increase of €416.9 million, or 9.7 per cent, when compared to the same quarter of 2022. In volume terms, GDP rose by 3.9 per cent.

The GDP deflator went up by 5.6 per cent compared to the same quarter last year. This represents a decrease of 0.1 percentage points in comparison to the year-on-year rate recorded in the first quarter of 2023.

During the second quarter of 2023, Gross Value Added rose by 5.2 per cent in volume terms, when compared to the corresponding quarter of 2022.

The contribution to the GVA growth rate in volume terms of Service activities and Industry were both positive and stood at 4.0 percentage points and 1.3 percentage points, respectively. Conversely, Agriculture and fishing recorded a negative contribution of 0.1 percentage points.

The increase in Service activities was mainly driven by the growth rates recorded administrative and support services activities (25.4 per cent), Financial and insurance activities (15.4 per cent) and Accommodation and food service activities (21.8 per cent).

Compared to the second quarter of 2022, the increase of €416.9 million in nominal GDP was mainly the result of increases in Compensation of employees and Gross operating surplus and mixed income of €135.4 million and €285.3 million, respectively. These increases were partly offset by a decrease of €3.8 million in Net taxation on production and imports.

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