Annual GDP growth slows to 1.6% - goes negative in Q4

Malta's Gross Domestic Product in real terms grew by 1.6% last year from 3.6% in the previous year, to reach €5.7 billion. Figures issued by the NSO show that real GDP grew in the first three quarters of 2008, by 2.4%; 3.2% and 2.0% but slipped by...

Malta's Gross Domestic Product in real terms grew by 1.6% last year from 3.6% in the previous year, to reach €5.7 billion.

Figures issued by the NSO show that real GDP grew in the first three quarters of 2008, by 2.4%; 3.2% and 2.0% but slipped by -1.2% in the fourth quarter.

The NSO said growth in value added was generated in the transport, storage and communications sectors, financial intermediation, real estate, renting, business activities, public administration, education and health. There were also increases in wholesale and retail trade, quarrying and construction.

Drops in value added were seen in agriculture, fishing, manufacturing, particularly of electrical and optical equipment, electricity, gas an water supply and hotels and restaurants.

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