GDP grew by 4.4 per cent in 2019

28th February 2020

Provisional estimates indicate that the Gross Domestic Product amounted to €13.2 billion last year, an increase of €842.2 million, or 6.8 per cent, over 2018.

The National Statistics Office said that, in volume terms, the GDP went up by 4.4 per cent in the period under review.

It estimated that, compared to 2018, the €842.2 million increase in GDP at current prices last year consisted of a €379.7 million growth in compensation to employees, an increase of €444.1 million in gross operating surplus and mixed income and an €18.3 million rise in net taxation on production and imports.

Gross Value Added rose by €818.2 million in the same period.

In an official statement, the Government noted that, in the last quarter of 2019, the economy of Malta grew by almost five times the rate posted for the rest of the eurozone. Malta’s GDP was four times that of the eurozone.

Two main factors contributed to the economic growth, the Government noted. One was a big increase in private consumption, the result of a substantially higher income for workers, and the other was the positive performance of companies.

The Government noted that the growth in the private sector meant less dependency on State expenditure. In fact, it added, Government consumption stood at 17 per cent of the national wealth, down from the 20 per cent pre-2013.

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GDP grew by 4.4 per cent in 2019