Maltese economy still in recession

GDP contracted by 2.1 per cent in real terms in the third quarter of this year, the NSO said today. GDP had contracted by 3.2 per cent in the second quarter and 1.7 per cent in the first quarter.

It said that in terms of the production approach, growth in value added was registered in electricity, gas and water supply; financial intermediation; health; other community services; public administration; real estate, renting and business activities; agriculture; mining and quarrying; education and fishing.

Drops in value added were registered in the manufacturing sector; hotels and restaurants; transport, storage and communication; wholesale and retail trade; and construction.

In terms of the expenditure approach, GDP at constant prices declined by 2.1 per cent. Total final consumption expenditure in real terms increased by 0.6 per cent. Gross fixed capital formation at constant prices went up by 2.2 per cent.

Referring to the income approach, the NSO said that the rise in GDP at current prices amounted to €3.9 million. A €15.4 million rise in gross operating surplus of enterprises was however offset by a €4.4 million decline in compensation of employees, and a €7.1 million drop in net taxation on production and imports.

Gross national income at market prices for the third quarter of the year was estimated at €1,420.5 million.