The Maltese economy is out of a recession, according to the latest statistics issued by the National Statistics Office. Provisional estimates indicate that the Gross Domestic Product (GDP) for the second quarter of 2012 amounted to €1,658.8 million, an increase of 3.0 per cent compared to the corresponding quarter last year. In real terms, GDP went up by 0.9 per cent.
During the second quarter, growth in gross value added was generated by the following economic activities: public administration and defence, compulsory social security; education; human health and social work activities; arts, entertainment and recreation, repair of household goods and other services; financial and insurance activities; wholesale and retail trade; repair of motor vehicles and motorcycles; transportation and storage; accommodation and food service activities; information and communication; and professional, scientific and technical activities.
A drop in gross value added was registered mainly in mining and quarrying; manufacturing; electricity, gas, steam and air conditioning supply; water supply; sewerage, waste management and remediation activities; construction; agriculture, forestry and fisheries; and real estate activities.
The Expenditure Approach
Total final consumption expenditure in nominal terms increased by 1.5 per cent. In real terms, total final consumption expenditure decreased by 1.4 per cent. Gross fixed capital formation increased by €8.7 million in nominal prices. In real terms Gross fixed capital formation declined by 1.7 per cent. Real exports and real imports increased.
The Income Approach
The year-on-year increase in GDP at current prices amounted to €48.0 million, and is estimated to have been distributed into an €18.7 million increase in compensation of employees, a €22.9 million increase in gross operating surplus of enterprises, and a €6.4 million increase in net taxation on production and imports.
Gross National Income
Considering the effects of income and taxation paid and received by residents to and from the rest of the world, Gross National Income (GNI) at market prices for the second quarter this year is estimated at €1,670.3 million