The Maltese economy experienced a strong recovery over the Summer months, despite growth falling slightly short when compared to the drop experienced during the same timeframe last year.
During the third quarter of 2021, Gross Value Added (GVA) rose by 11.6% in nominal terms and by 9.6% in volume terms, when compared to the same quarter of 2020, following the drop of 10.9% registered a year earlier as a result of the pandemic. Compared to the same quarter last service activities increased by 10.9%, industry by 2.2% and construction by 4.8%.
Data released by the NSO today shows that the increase in Services was mainly driven by the transportation and storage (87.0%), accommodation and food service activities (79.5%), Wholesale and retail trade,(18.8%), and Information and communication activities (13.2%). Over the same period, household expenditure increased by 7.6% and government expenditure by 8.1%.
Compared to the third quarter of 2020, the €394.4 million increase in nominal GDP was the result of a rise in all the
sub-components of the income approach, with an increase of €125.3 million in Compensation of employees, €181.3
million in Gross operating surplus and mixed income, and €87.8 million in Net taxation on production and imports.
