In Q3 of 2005, the Gross Domestic Product (GDP) at current market prices reached 501.5 million Maltese lira, an increase of 4.9 per cent over the corresponding period last year. In real terms the GDP went up by 2.9 per cent.
There were increases in output across all industries except manufacturing and mining and quarrying. Gross value added was higher in all industries except the Electricity, Gas and Water Supply industry, due to higher fuel prices, and the Public Administration sector. The definitive GDP figure is taken using the Production Approach.
In the period under review, the Gross National Income advanced by 10.8 per cent to
488.1 million Maltese lira.
The following are analyses of particular industries:
The Manufacturing sector's gross value added increased by 2.8 per cent, or 2.1 million Maltese lira, whilst the compensation of employees went up by 3.2 per cent over the same quarter last year. Improved performance was registered in the manufacture of chemicals, the manufacture of fabricated metal products, the manufacture machinery and equipment, and the manufacture of electrical machinery and apparatus. Sub-sectors which contributed negatively to value added included the manufacture of textiles and textile products, the manufacture of pulp, paper and paper products, publishing and printing, and the manufacture of radio, television, and communication equipment and apparatus. The manufacturing sector's share of the GDP (at basic prices) rose from 18.1 per cent last year to 18.3 per cent this year.
The gross value-added generated by the Electricity, gas and water supply declined by 4.6 million Maltese lira, when compared to the same quarter last year. This sector registered a negative contribution to total gross value added at basic prices of 1.1 per cent. Although output increase by 27.1 per cent, this was offset by an increase of 39.5 per cent in intermediate consumption, mainly as a result of increasing oil prices. The compensation of employees declined by 0.3 million Maltese lira, or 4.0 per cent, to 6.0 million Maltese lira.
The Education sector registered an increase in value added of 3.2 per cent. The compensation to employees also rose by 3.1 per cent. The government sector was the driving force behind the overall rate of growth in gross value added for this industry, contributing to around 78 percent of this increase. The contribution to total gross value added at basic prices by this industry increased slightly from 7.8 per cent to 7.9 per cent over this period.
The gross value added of the Hotels and Restaurants sector increased by 1.9 per cent or 0.7 million Maltese lira, from 37.4 million Maltese lira to 38.2 million Maltese lira, over the same quarter last year. This industry’s contribution to the total economy’s value added at basic prices remained 9.0 per cent.
The following expenditure aggregates were recorded:
With regards to total final consumption expenditure in Q3, nominal household final expenditure increased by 11.4 million Maltese lira or 3.8 per cent. At constant prices this translates into a rise of 3.0 per cent when compared to the same period last year. A decline in expenditure outlays was registered on alcoholic beverages and tobacco, health, communication, recreation and culture and on expenditure in restaurants and hotels. Increases in consumers’ expenditure was recorded on food and non-alcoholic beverages, clothing and footwear, housing, water, electricity, gas and other fuels, furnishings, household equipment and routine maintenance of the house, transport, education, and on miscellaneous goods and services.
Final consumption expenditure by non-profit institutions serving households (NPISHs) advanced by 5.6 per cent to 8.2 million Maltese lira. In real terms the increase amounted to 2.8 per cent.
General government’s final consumption edged up by 2.0 per cent. However, in real terms, expenditure declined marginally in the quarter under review.
Regarding Gross Fixed Capital Formation, outlays on gross fixed capital formation increased from 95.1 million Maltese lira to 99.2 million Maltese lira, or 4.3 per cent. In real terms, investment expenditure increased by 2.5 per cent.
On the other hand, exports of goods and services went up by 4.1 per cent to 382.8 million Maltese lira. In real terms this translates to an increase of 1.1 per cent. Imports of goods and services also rose by 3.3 per cent to 388.4 million Maltese lira. Real imports increased by 1.2 per cent.
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