Ministry of Finance welcomes GDP data published by NSO

Representational Image. Photo by Steve Johnson on Unsplash

The Minister of Finance Edward Scicluna welcomed the GDP data published by the NSO stating that the island country’s economy grew by 6.6 percent in 2018. This GDP growth rate makes Malta one of the fastest growing economies in the European Union.

“Malta’s economic growth for 2018 exceeded expectations since actual real GDP growth was higher than projected by the Ministry for Finance, the European Commission, the International Monetary Fund and various Credit Rating Agencies,” Scicluna was quoted as saying by Malta Independent.

“I am pleased to note that our country has been consistently recording historically higher economic growth rates in the last six years as this will ensure that the income of our country reaches the average income of the EU. This would ensure that Maltese and Gozitan families would indeed enjoy a higher standard of living”, he added.

The current data highlights that the Maltese economy grew at an average of 7.1 percent from 2013 to 2018. This growth is triple than what was achieved in the six-year period that preceded it. The entertainment, arts, and recreation sector recorded double-digit growth. Impressive growth was also witnessed in other private sectors construction, finance, science, etc.

According to the data, the nominal growth in GDP was €1,007 million which is 8.9 percent. Various factors like increasing domestic demand, improvement in the manufacturing sector, low unemployment rate, and high exports contributed to the GDP growth.