The economy grew by 0.8 per cent in real terms last year, significantly lower than projections made in the Budget speech.

Then Finance Minister Tonio Fenech said in November that Malta was expected to end the year with a GDP growth of 1.2 per cent.

The National Statistics Office said that the Gross Domestic Product (GDP) last year amounted to €6,755.9 million, an increase of three per cent in nominal terms compared to 2011.

In real terms, GDP went up by 0.8 per cent.

The NSO said that last year the economy was characterised by a contraction in the first quarter, followed by three quarters of modest growth, driven mainly by specific service activities and a recovery of niche manufacturing sub-sectors.

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