The Minister for Finance has said that the Gross Domestic Product (GDP) growth figures published by National Statistics Office show that Malta ranks among the top-performing countries in the Eurozone and the European Union on GDP growth.

Figures published by the National Statistics office today show that in the second quarter of 2014, economic growth remained strong, increasing by 2.9 percent when compared to the corresponding quarter of the previous year. For the first half of this year, the Maltese economy grew by 3.4 percent, the Ministry said.

In nominal terms GDP grew by 4.2 per cent. This nominal growth is expected to continue impacting favourably Malta's public finances especially its debt and deficit positions, the Ministry added.

Compared with figures published as part of Eurostat’s Flash Estimate for the second quarter of 2014 on 14th August 2014, Malta ranks as the 6th top-performing country out of the 28 European Member States, and the second top-performing country (after Latvia) out of Euro Area countries, the Ministry added.

During the second quarter of 2014, the growth in gross value added was mainly generated by public administration and defence; education; human health and social work activities; wholesale and retail trade; transportation and storage; accommodation and food service activities.

Negative growth was registered in manufacturing, electricity and water supply.

The gross national income at market prices for the same quarter is estimated to be €1,828.2 million.

An increase of €52.4 million in compensation of employees was registered, in addition to a €13.2 million increase in gross operating surplus of enterprises, and a €10.5 million increase in net taxation on production and imports.