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Maltese GDP nominally expanded by 6.1 pct in first half of 2016

Xinhua, September 7, 2016 Adjust font size:

Comparing with the average growth for the past three years, official figures showed that the Maltese economy grew by 4.1 percent in real terms during the first half of 2016, GDP nominally expanded by 6.1 percent.

According to figures published by the National Statistics Office, Malta's GDP grew by 5.2 percent quarter on quarter, a statement issued by the government said on Wednesday.

Seasonally adjusted data published Wednesday by Eurostat showed that the euro area grew by 0.3 percent during the second quarter when compared to the first quarter.

Maltese economic growth remained broad-based, with growth registered in almost all sectors of the economy.

Double digit growth rates were recorded in the professional, scientific and technical sector (11.2 percent), and the information and communication sectors (10.7 percent). Other notable private sector increases were also recorded in real estate activities, agriculture, fishing, and financial and insurance sectors.

Growth was also recorded in the manufacturing sector, which grew by 2.8 percent during the same period.

The statement said, such broad-based growth was fuelled by significant increases in private consumption and investment.

Maltese Finance Minister Edward Scicluna said: "This half-yearly growth is confirming the rating agencies' expectation that Maltese economic growth will persist for the foreseeable future." Endit