Malta's Gross Domestic Product (GDP) went up by 2.8 per cent in real terms in the second quarter this year to reach €1,598.3 million, the NSO announced today. The growth - well beyond that of the EU - was registered across most economic sectors, including manufacturing and retail, although financial services slowed slightly.

During the period under review, growth in gross value added was generated by  agriculture and fishing; manufacturing; wholesale and retail trade; transportation and storage; accommodation and food service activities; information and communication; real estate activities; professional, scientific and technical activities; public administration; education; human health and social work activities; and arts, entertainment and recreation.

A drop in gross value added was registered in the financial and insurance activities; construction; and electricity, gas and water supply.

GDP at constant prices went up by 2.8 per cent. Total final consumption expenditure in real terms increased by 0.9 per cent. Gross fixed capital formation at constant prices declined by 1.7 per cent. Real exports and real imports both saw increases.

The annual change in GDP at current prices, amounting to €85.4 million, was estimated to have been distributed into a €10.2 million increase in compensation of employees, a €39.7 million rise in gross operating surplus of enterprises, and a €35.5 million increase in net taxation on production and imports.

Considering the effects of income and taxation paid and received by residents to and from the rest of the world, Gross National Income (GNI) at market prices for the second quarter this year was estimated at €1,395.1 million, the NSO said.

Eurostat, the EU's statistics office, said last month that GDP increased by 0.2% in both the euro area and the EU27 during the second quarter of 2011.

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