The economy grew by 0.8 per cent in real terms last year, the National Statistics Office announced this morning.

That figure is significantly lower from projections made in the Budget speech by then Finance Minister Tonio Fenech, who had said in November that Malta was expected to end the year with a GDP growth of 1.2 per cent.

The NSO said that the  Gross Domestic Product (GDP) last year amounted to €6,755.9 million, an increase of 3.0 per cent compared to 2011. In real terms, GDP went up by 0.8 per cent.
 
It 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.
 

Sign up to our free newsletters

Get the best updates straight to your inbox:
Please select at least one mailing list.

You can unsubscribe at any time by clicking the link in the footer of our emails. We use Mailchimp as our marketing platform. By subscribing, you acknowledge that your information will be transferred to Mailchimp for processing.