Malta's Gross Domestic Product (GDP) grew by 3.2 percent in real terms in the second quarter of this year, when compared to the same period last year, the NSO said today. Growth was of 6.2 percent at market prices.

GDP stood at €1,434.9 million at current prices and €1,138.3 million at constant prices .

The NSO said the Production Approach Growth in value added was generated primarily by real estate, renting and business activities; wholesale and retail trade; hotels and restaurants; transport, storage and communication; financial intermediation; health and education.

Increases were also registered in other community, social and personal service activities.

Drops in value added were registered in the manufacturing sector, in particular the electronics sub-sector, and in electricity and water supply. Rising oil and cereal prices dampened growth in most economic activities.

GDP at constant prices rose by 3.2 percent. Total final consumption expenditure went up by 6.1 percent, driven mainly by general government expenditure.

Gross fixed capital formation at constant prices declined by 8.5 percent.

Real exports and real imports went down.

The annual increase in GDP at current prices, amounting to €83.5 million, was estimated to have been distributed into a €28.1 million rise in compensation of employees, a €52.5 million increase in gross operating surplus of enterprises, and a €2.9 million rise in net taxation on production and imports.