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.
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Carmen Farrugia
Dec 9th 2009, 22:40
@Maurice Bugejja as it happens i don't like turkery anyway, so fish and chips will have to do, then maybe the second year according to @G.Vassallo would have to be Beans on toast.
G Vassallo
Dec 9th 2009, 16:30
About time to realize that we are still in Recession, and it'll take 2 more years at least.
Maurice Bugejja
Dec 9th 2009, 16:28
Oh dear no turkey for us this xmas then, i must remember to get some oxo cubes and make do with fish and chips, especially when one is unemployed
joseph camilleri
Dec 9th 2009, 12:57
Are the contraction rates mentioned in the article annualised or absolute for the quarter they refer to?
I surely hope its the former.