Malta GDP Growth in 2016
The national statistics office has published the latest gross domestic product figures which show that the Maltese economy grew by 5 per cent in 2016. This growth resulted in the Maltese economy recording the highest economic growth rate in the European Union during 2016. Nominal GDP expansion was of 6.7 per cent or an increase of EUR622.2 million.
The Maltese economy had a wide-ranging growth, a growth throughout almost all sectors of the economy. The main growth rates were recorded in the Agriculture, forestry and fishing sector with a growth rate of 12.4%, the Information and communication sector with a growth rate of 11.6% and the Professional, scientific and technical activities; administrative and support service activities with a growth rate at 11.9%. Other significant increases were also recorded in the Financial and insurance activities sector with a growth of 9.4% as well as the Arts, entertainment and recreation, repair of household goods and other services sector at 9.3% and the Real estate activities at 8.3%
A growth of 3.4% was registered in the Wholesale and retail trade; repair of motor vehicles and motorcycles; transportation and storage; accommodation and food service activities. A small scale growth was also recorded in the manufacturing sector at 2.1% over the year 2015.
Notable increases such as a EUR164 million increase in the private consumption of households, the unemployment rate at a record low of 4.8%, a rise in new private sector jobs with 7,500 new posts as at September 2016, all attest the strong growths registered.
The performance of the Maltese Economy for 2016 reaffirms Malta’s improving Credit Rating, making it an attractive platform for the creation of new business, with company formations also hitting a high during the year.
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