News Releases

Gross Domestic Product: Q1/2024
NR 099/2024
Release Date: 29 May 2024
Cut off Date: 24 May 2024
Provisional estimates indicate that the Gross Domestic Product (GDP) for the first quarter of 2024 amounted to €4.9 billion, registering an increase of €380.9 million, or 8.4 per cent, when compared to the same quarter of 2023. In volume terms, GDP rose by 4.6 per cent.

Gross Domestic Product: Q1/2023

For the first quarter of 2024, the Gross Domestic Product (GDP) of the Maltese economy registered a positive year-on-year growth rate of 4.6 per cent in volume terms.

The GDP deflator went up by 3.7 per cent compared to the same quarter last year. This represents a decrease of 1.1 percentage points in comparison to the year-on-year rate recorded in the fourth quarter of 2023.

Table 1. Selected indicators

Q1 2023Q2 2023Q3 2023Q4 2023Q1 2024
Gross domestic product (nominal)€ 000's4,508,8194,794,2455,169,6294,945,0784,889,756
Gross national income (nominal)€ 000's4,160,3404,317,0194,739,3554,471,2464,463,760
Gross domestic product (deflator)2015=100121.27124.70126.37126.12125.72
Gross domestic product per capita (nominal)8,2658,7679,4178,9528,787
Gross national income per capita (nominal)7,6267,8948,6338,0948,021

Chart 1. Gross Domestic Product

growth rates, volume terms, year-on-year

No Data Found

The production approach

The production approach, also called the output approach, measures GDP as the sum of the Gross Value Added (GVA), which is the difference between value of Output and the value of Intermediate consumption and Taxes less subsidies on products.

During the first quarter of 2024, GVA rose by 3.3 per cent in volume terms, when compared to the corresponding quarter of 2023.

The contribution to the GVA growth rate in volume terms of Service activities (NACE Sections G to U) and Industry (NACE Sections B to F) were both positive and stood at 3.1 and 0.2 percentage points, respectively. Agriculture and fishing (NACE Section A) had a neutral impact on GVA growth.

The increase in Service activities was mainly driven by the growth rates recorded in the following sectors: Financial and insurance activities (5.8 per cent), Real estate activities (6.7 per cent) and Professional, scientific and technical activities (5.0 per cent).

Chart 2. Gross value added

growth rates, volume terms, year-on-year

No Data Found

Table 2. Production, contributions to GDP growth in volume terms

Q1 2023Q2 2023Q3 2023Q4 2023Q1 2024
Gross value addedp.p.6.66.24.65.13.0
   Agriculture and fishingp.p.0.0-0.1-0.10.00.0
   Industryp.p.0.40.8-0.10.80.2
   Servicesp.p.6.35.44.84.32.8
Taxes less subsidies on productsp.p.-0.3-1.22.6-0.71.6

Note: Contributions may not add up due to rounding.

The expenditure approach

The expenditure approach is another method used to calculate GDP and is derived by adding Final consumption expenditure, Gross capital formation and Exports less Imports.

Domestic demand had a positive contribution of 1.1 percentage points to the year-on-year GDP growth rate in volume terms. External demand also registered a positive contribution of 3.5 percentage points.

In the first quarter of 2024, Final consumption expenditure witnessed an increase of 2.1 per cent in volume terms. This was the result of an increase in the expenditure of Households and NPISHs1 of 3.7 and 4.0 per cent, respectively. Conversely, General government final consumption expenditure decreased by 1.7 per cent.

Gross fixed capital formation declined by 0.9 per cent in volume terms.

Exports and imports of goods and services in volume terms rose by 3.6 and 1.8 per cent, respectively.

1 Non-profit institutions serving households

Chart 3. Expenditure, main components

growth rates, volume terms, year-on-year

No Data Found

Table 3. Expenditure, contributions to GDP growth in volume terms

Q1 2023Q2 2023Q3 2023Q4 2023Q1 2024
Final consumption expenditurep.p.3.62.84.14.51.3
   Privatep.p.3.53.03.43.31.6
   Governmentp.p.0.2-0.20.61.2-0.3
Gross capital formationp.p.-2.5-3.9-6.1-8.3-0.2
   Fixed assetsp.p.-2.6-4.1-6.0-8.3-0.2
   Inventories and valuablesp.p.0.10.2-0.10.00.0
Exports of goods and servicesp.p.16.319.111.111.76.1
Imports of goods and servicesp.p.11.012.91.83.52.6

Note: Contributions may not add up due to rounding.

The income approach

The third approach to measure economic activity is the income approach, which shows how GDP is distributed among compensation of employees, operating surplus of enterprises and taxes on production and imports net of subsidies.

Compared to the first quarter of 2023, the €380.9 million increase in nominal GDP was the result of a €185.8 million increase in Compensation of employees, a €87.7 million rise in Gross operating surplus and mixed income, and an increase of €107.5 million in Taxes on production and imports less subsidies.

Chart 4. Compensation of employees

growth rates, nominal terms, year-on-year

No Data Found

Table 4. Income, contributions to GDP growth in nominal terms

Q1 2023Q2 2023Q3 2023Q4 2023Q1 2024
Compensation of employeesp.p.4.73.74.03.34.1
   Agriculture and fishingp.p.0.00.00.00.00.0
   Industryp.p.0.60.50.40.40.4
   Servicesp.p.4.23.23.62.93.7
Gross operating surplus and mixed incomep.p.6.17.35.65.71.9
Taxes less subsidies on productionp.p.1.5-0.23.40.42.4

Note: Contributions may not add up due to rounding.

Gross National Income (GNI)

GNI differs from the GDP measure in terms of net compensation receipts, net property income receivable and net taxes receivable on production and imports from abroad.

Considering the effects of income and taxation paid and received by residents to and from the rest of the world, GNI at market prices for the first quarter of 2024 was estimated at €4.5 billion.

Upcoming revisions

The National Statistics Office will be implementing a benchmark revision in the National Accounts. The revision will take place in the third quarter of 2024. Benchmark revisions aim to reflect improved methodologies caused by changes in statistical methods, concepts, sources of data, definitions and classifications and affect the entire time series. The NSO will be publishing a Press Information Notice on 3 June to provide more information about the revision.

Methodological Notes

1. Under normal circumstances, GDP estimates are based on established sources and estimation techniques, which have been tested and evaluated carefully, as well as documented. GDP is estimated independently from the output approach and expenditure approach, complemented by estimates of income-related data. These estimates are based on a multitude of sources such as tourism statistics, short-term statistics, trade and balance of payments statistics, as well as administrative data.

Eurostat and national statistical authorities in the European Statistical System (ESS) have been working hard together to elaborate guidelines and notes on how to address the statistical challenges brought about by COVID-19 and thereby ensure that European statistics continue to be based on sound foundations. These guidelines cover the compilation of national accounts, as well as important national accounts data sources, such as the Harmonised Index of Consumer Prices (HICP), the Labour Force Survey (LFS), short-term business statistics, and intra-EU trade in goods. NSO followed these guidelines to mitigate the impact resulting from this crisis, which meant delays in data availability, lower response rates and possible quality issues. In this way, it ensured that the data continued to capture economic developments in the most reliable manner.
 
2. Data in this news release is unadjusted. Seasonally adjusted data is available in the table (namq_10_gdp) accessible here.
 
3. Data in this news release are in line with the European System of Accounts (ESA) 2010 manual (ISBN 978-92-79-31242-7). This system of accounts is mandatory for all EU Member States. The accounts are subject to audit by the European Court of Auditors and Eurostat’s GNI Committee to ensure reliability, comparability and exhaustiveness.
 
4. Gross Domestic Product (GDP) is an estimate of the value of goods and services at market prices produced in the economy over a period of time. The GDP is estimated in nominal terms using the production approach, aggregating the output of the various productive sectors net of the cost of intermediate inputs. The expenditure approach is reconciled with the production approach both in nominal and volume terms. GDP in volume terms excludes the effects of price inflation on market prices. The income approach shows how GDP is distributed into compensation of employees, operating surplus of enterprises and taxes on production and imports net of subsidies.
 
5. Data in this news release should be considered as provisional for 2019 to date.
 
6. Data users must be aware that the industrial activities of General government are spread over 21 different NACE categories (at A88 division) and include local councils and extra-budgetary units that are financially dependent on the government. Public administration and defence; compulsory social security (NACE 84) is the largest category in terms of gross value added.
 
7. The ESA 2010 GNI Inventory provides a detailed explanation of sources and methods used for estimating GNI in Malta. It is the basis for the Eurostat assessment of the quality and exhaustiveness of GNI data and their compliance with ESA 2010 in the context of the GNI for own resources purposes. The Inventory is a reference document that is kept up-to-date to reflect the latest methodology in place. The GNI Inventory is available online.
 
8. More information relating to this news release may be accessed at:
 

9. The data contained in this release is subject to revision. For an updated time-series which includes past data, please refer to the Statistical Indicators for this domain

10.  A detailed news release calendar is available online.

11. References to this news release are to be cited appropriately. For guidance on access and re-use of data please visit our dedicated webpage.

12. For further assistance send your request through our online request form.

Gross Domestic Product: Q1/2024
NR 099/2024
Release Date: 29 May 2024
Cut off Date: 24 May 2024
Gross Domestic Product: Q1/2023
  • In 2024 Q1, Gross Domestic Product (GDP) rose by 4.6 per cent in volume terms.
  • Final domestic demand contributed positively to GDP growth (1.1 percentage points).
  • Foreign trade also contributed positively to GDP growth (3.5 percentage points).
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