Malta’s GDP for the third quarter of 2017 amounted to €2,829.6 million – an increase of €249.6 million or 9.7% when compared to the corresponding period last year. In real terms, GDP went up by 7.2 per cent.
Figures published by Malta’s National Statistics Office (NSO) show that the Gross Value Added (GVA) increased by €186.3 million. This was mainly generated by professional, scientific and technical activities.
A slight drop was registered in real estate activities due to an enterprise reclassification.
The Expenditure Approach
The expenditure approach is another method for calculating GDP and is derived by adding consumption of households, government and non-profit institutions serving households, investment, government spending and net exports.
During the third quarter of 2017, total final consumption expenditure in nominal terms increased by 7.6%. This was mainly due to an increase of 18.1% in government final consumption expenditure and an increase of 4.4% in household final consumption expenditure when compared to the same quarter last year.
In real terms, total final consumption expenditure increased by 6.7%, and is explained by an increase of 15.8% in government final consumption expenditure and an increase of 4.0% in household final consumption expenditure when compared to the same quarter last year.
Gross fixed capital formation, which measures investment, increased by 1.5% in nominal prices but decreased by 2.4% in real terms.
Exports of goods and services increased by 3.0% in nominal terms and decreased by 1.3 per cent in real terms. Imports of goods and services remained broadly stable in nominal terms and decreased by 4.4% in real terms.
The Income Approach
The third approach to measure economic activity is the income approach which shows how GDP at market prices is distributed into compensation of employees, operating surplus of enterprises and taxes on production and imports net of subsidies.
The €249.6 million increase in GDP is estimated to have been distributed into a €60.9 million increase in compensation of employees, a €115.3 million increase in gross operating surplus of enterprises, and a €73.5 million increase in net taxation on production and imports.
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