Malta's Gross Domestic Product (GDP) for the third quarter this year amounted to €2,536.5 million, an increase of €113 million or 4.7% when compared to the same period last year, according to provisional figures published by the National Statistics Office. In real terms, the GDP went up by 3%.
In the same period, Gross Value Added (GVA) increased by €100.2 million when compared to the same quarter last year. GVA is the net result of output valued at basic prices less intermediate consumption valued at purchasers’ prices.
The expenditure approach is another method for calculating GDP, which totals consumption of households, government and non-profit institutions serving households, investment, government spending and net exports.
Total final consumption expenditure in nominal terms increased by 0.5% following an increase in household final consumption expenditure of 2.6% and a drop in government consumption expenditure of 6%.
Gross fixed capital formation which measures investment decreased by 21% in nominal prices and decreased by 22.3% in real terms.
Real exports increased by 0.3% and real imports decreased by 5.7%.
The third approach to measure economic activity is the income approach which shows how GDP at market prices is distributed into compensation of employees, operating surpluses of enterprises and taxes on production and imports net of subsidies.
Compared to the corresponding quarter last year, the increase in GDP at current prices of €113 million is estimated to have been distributed into a €52.7 million increase in compensation of employees, a €57.6 million increase in gross operating surplus of enterprises, and a €2.8 million increase in net taxation on production and imports.
The GNI differs from the GDP measure in terms of net compensation receipts, net property income receivable and net taxes (taxes minus subsidies) receivable 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 third quarter of 2016 is estimated at €2,391.4 million.