In the second quarter of this year, Malta’s economic growth rose to 9%, making it the highest in the EU and more than twice the average, Prime Minister Robert Abela Tweeted.
A statement by the National Statistics Office states that provisional estimates indicate that the Gross Domestic Product (GDP) for the second quarter of 2022 amounted to €4,100.4 million, registering an increase of €526.6 million, or 14.7%, when compared to the same quarter of 2021. In volume terms, GDP rose by 8.9%, the National Statistics Office added.
During the second quarter of 2022, Gross Value Added (GVA) rose by 15% in nominal terms and 9% in volume terms, when compared to the corresponding quarter of 2021. The drivers behind this 9% growth were service activities and Industry, with a contribution of 8.8 percentage points and 0.4 percentage points, respectively. Conversely, construction had a negative contribution of 0.2 percentage points. agriculture and fishing had a neutral impact on GVA growth in volume terms.
Compared to the same quarter last year, service activities increased by 10.4% and Industry by 4.3% in volume terms. A drop of 0.7% and 5.3% 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 (263.1%), information and communication (15.3%), wholesale and retail trade; repair of motor vehicles and motorcycles (14.6%), arts, entertainment, and recreation (10.1%), and transport and storage (16.9%). Net taxes on products contributed positively towards GDP growth, with an increase of 8.2% in volume terms.
