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Malta sees strong economic growth in Q1

Xinhua, June 10, 2015 Adjust font size:

The Maltese economy grew by 4 per cent in real terms during the first quarter of 2015 while in nominal terms, it expanded by 6 per cent, figures published by Malta's National Statistics Office showed.

The growth rate is even more remarkable when compared to an average growth of 1 per cent registered in the Euro area for the same period.

"These highly positive outcomes are the result of this Government's vision of implementing structural reforms to raise potential output while putting our public finances back on track," Malta's Minister for Finance Edward Scicluna said.

The archipelago's economic growth was underpinned by increasing consumer confidence on the back of historically low unemployment rates and increasing purchasing power.

During the first quarter of 2015, private consumption increased by 2.5 per cent compared to the same period of 2014 while the average wages and salaries increased by 4.2 per cent, confirming that economic growth is being translated into better opportunities to the Maltese families. Endit