The Malta Chamber of Commerce, Enterprise and Industry said it is encouraged by the economic growth figures for the first quarter of the year, as released earlier this week by the National Statistics Office.

In a statement it said that the latest results showed a real GDP growth rate of 3.4 per cent, following steadily from a 1.3 per cent increase registered in the last quarter of 2009.

While interpreting the situation as generally positive, the chamber said it cautiously placed this result into perspective.

“After all, it refers solely to the first quarter and whether this trend is to be sustained in subsequent quarters is still largely unclear.

“The country must remain focused to ensure it continues to outpace other European member states in terms of economic expansion figures. “

This, it said, required a concerted and extraordinary effort as the odds were not in Malta’s favour due to two main factors - its small and open economy and the turmoil of its economic partners with austerity measures being announced with an almost daily frequency from one country to the next.

“As we have seen in recent months, the economic performance of our fellow EU members is bound to affect our economy. In other words, our fortunes are closely linked to those of our trading partners.”

The chamber said it was committed to the cause and was contributing towards assisting the country to gain from this volatile international situation and profit from austerity.

“It is actively seeking to assist its members to consolidate their competitive position and also to penetrate new international markets.

“It is committed to support the authorities in the implementation of Vision 2015 which seeks to ensure a strong economic base for the country to face the significant challenges of the years to come,” it said.