During the first quarter of 2022, Malta’s GDP rose by 10.8 per cent in nominal terms and 6.9 per cent in volume terms, when compared to the corresponding quarter of 2021, as a strong recovery builds strength. Data by the NSO shows that this growth was fuelled by the services sector, which has contributed 7%, while industry added a meagre 0.1%.
Conversely and perhaps surprisingly, construction had a negative contribution of 0.2 percentage points.
Compared to the same quarter last year, Service activities increased by 8.2 per cent and Industry by 1.5 per cent in volume terms. A drop of 9.5 per cent and 3.9 per cent was recorded in Agriculture and fishing activities and Construction, respectively.
The increase in Services was mainly driven by the following sectors: Accommodation and food service activities (243.4 per cent), Information and communication (14.3 per cent), Wholesale and retail trade; repair of motor vehicles and motorcycles (16.5 per cent), Arts, entertainment and recreation (9.2 per cent), and Professional, scientific and technical activities (4.2 per cent).
Net taxes on products contributed positively towards GDP growth, with an increase of 14.0 per cent in volume terms