The government this afternoon welcomed NSO figures which showed that the gross domestic product went up by 2.4 per cent in real terms last year.

It pointed out that growth last year was twice that of 2012 and 2011. Growth last year accelerated during the nine months of the new government, when the real rate of growth grew to 2.6 per cent during those months compared to between 1% and 1.2% in the same period in 2011 and 2012.

Furthermore, while growth in Malta was 2.4%, that of the EU was 0.1% and that of the eurozone slowed by 0.5%.

Today’s figures, the government said, contrasted sharply with the negative impression which the leader of the opposition tried to give.

Job creation had more than doubled while private consumption had grown by €50m in real terms in the last nine months of of 2013 compared to the same nine months of 2012.

Government spending in real terms expanded by less than €1 million after having risen by €21m and €37m respectively in 2011 and 2012.

NSO STATEMENT

In its statement, the NSO said GDP last year amounted to €7,186.4 million, an increase of 4.4 per cent when compared to 2012.

In 2013, growth in gross value added was mainly generated by professional, scientific and technical activities; administrative and support service activities; electricity supply; water supply; waste management and remediation activities; public administration, education and health activities; transportation and storage; accommodation and food service activities; information and communication; and financial and insurance activities.

Last year, total final consumption expenditure in nominal terms increased by 2.6 per cent when compared to 2012.

In real terms, total final consumption expenditure increased by 1.3 per cent. Gross fixed capital formation increased in nominal prices but declined in real terms. Real imports and exports decreased over 2012.

Compared to 2012, GDP at current prices increased by €306 million, and is estimated to have been distributed into a €131.5 million increase in compensation of employees, a €125.2 million increase in gross operating surplus of enterprises, and a €49.4 million increase in net taxation 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 at market prices for 2013 is estimated at €6,738.4 million, the NSO said.