GDP grows 2.7 per cent in third quarter

Preliminary estimates indicate that in real terms the Gross Domestic Product grew by 2.7 per cent in the third quarter, the National Statistics Office said yesterday.

The NSO said the preliminary estimate of change in the Maltese economy, as measured through GDP at current prices, shows a rise of 4.7 per cent, to Lm501.5 million, compared with the corresponding period last year.

The output of goods and services at basic prices in the quarter under review increased by 3.8 per cent to Lm934.8 million.

However, intermediate consumption rose by 5.8 per cent to Lm512 million, mainly as a direct result of rising oil prices.

Taxes on products went up by Lm15.6 million whilst subsidies on products were cut by Lm0.5 million.

The NSO said exports declined by four per cent and imports went down by 3.5 per cent.

Compensation of employees went up by 1.5 per cent to Lm220.1 million when compared to the same quarter last year.

Gross operating surplus and mixed income rose by 3.6 per cent to Lm203.7 million.