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Malta: the fastest growing EU economy

20.03.2017

In 2016, Malta’s economy grew by 5% which made it the fastest-growing economy throughout the EU. According to recent statistics issued by the National Statistics Office (NSO), Maltese GDP increased by 6.7% in nominal terms. The local Maltese economy also had a boost across the majority of sectors, with the highest growth rates registered by 12.4% in agriculture, forestry and fishing; 11.9% in scientific, technical and administrative support sector; and 11.6% in the information and communication sector.

An issued statement by the Government of Malta said that this high boost in rates was reflected in many economic benchmarks, from a €164m increase in private consumption of households, to unemployment registering a new low just at 4.8% with 7,500 new registered jobs in the private sectors in the first 9 months of the year 2016. Mr Edward Scicluna, Minister for Finance said that this GDP data confirmed reports by many credit rating agencies that this growth had ‘surpassed pre-crises levels and is settling at new highs.’

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