20 - 26 April 2000

GDP up by 4.6%

by Franco Aloisio

Malta's Gross Domestic Product went up by 4.6 per cent last year, an increase of Lm58.8 million, according to figures published yesterday

by the Central Office of Statistics.

In 1999 the GDP, or the sum total of the country's productive output, increased to Lm1,350.6 million from Lm1,291.8 million of the previous year.

At Lm1,360.5 million, real Gross National Product went up by Lm87.5 million or 6.9 per cent.

In nominal terms, the GDP went up by Lm84.4 million. In 1999, total demand surged by a real Lm161.8 million or 6.6 per cent to Lm2621 million from Lm2,459.2 million in 1998.

This increase was generated by increased consumer demand, higher capital formation and an improved performance in the export-led sectors of the economy.

Real government recurrent expenditure declined over the previous year, while consumption expenditure went up by Lm42 million or 5.4 per cent.

With regards to GDP sectoral performance, the COS said that increases were recorded in the manufacturing sector (5.2 per cent), transport and communications sector (7.5 per cent), wholesale and retail trade sector (2.8 per cent), insurance, banking and real estate (4 per cent), and government enterprises (7.7 per cent).

Sectors which performed badly in 1999 were the construction and quarrying industry (a decrease of 10.1 per cent) and agriculture and fisheries (2.7 per cent).

In 1999, expenditure on Gross Fixed Capital Expenditure (GFCF) increased by a net of Lm2.5 million or 0.8 per cent to Lm311 million. In the previous year, expenditure on GFCF declined by a net 3.4 per cent over 1997.

When, in 1999, construction expenditure declined by a real Lm6.1 million or 5.9 per cent over the previous year, investment in machinery went up by Lm8.7 million or 4.3 per cent to Lm213.3 million from Lm204.6 million a year earlier.