Malta registered significant economic growth during the first three months of the year, according to statistics published yesterday.

Malta registered a real growth rate of 3.5 per cent of GDP between January and March, compared to the same quarter last year, the figures published by the National Statistics Office show.

The figures are significantly higher than the EU average which registered an average growth rate of 1.4 per cent during the same period.

Compared to other member states, Malta’s growth rate  the second best in the last three years  was only surpassed by Romania (3.8 per cent).

Poland also registered the same growth rate as Malta.

According to the NSO’s data, provisional estimates indicate that the GDP during the first quarter amounted to €1.7 billion, up by €84 million over the same period last year.

The latest figures confirm that the government is achieving a sustained economic turnaround and that the economy is geared to keep performing well

Value added was mainly generated by public administration and defence, compulsory social security, education, human health and social work activities. Construction was also up for the first time in the last three years.

On the other hand, a drop was registered in manufacturing and more significantly in the financial and insurance services, a pillar of Malta’s economy.

Commenting on these results, Finance Minister Edward Scicluna said the NSO data confirms that the economy, under a Labour government, has achieved an impressive rate of economic growth.

He said the most welcome indicator is the increase in the construction industry which has experienced an upturn.

Prof. Scicluna said that the latest figures confirm that the government is achieving a sustained economic turnaround, and that the economy is geared to keep performing well and continue generating quality employment.