The Minister for the Economy and Investment, Dr Chris Cardona, said the latest economic statistics show that not only is the Maltese economy doing well, it is exceeding all expectations to the extent that the EU Commission has acknowledged this growth. Cardona said that with a registered growth of 7.2% Malta has the highest rate of growth throughout the whole of the Eurozone and that this rate of growth within the first three quarters of a year is the highest-ever registered.
Addressing a media conference, the Minister said that Malta’s economy is exceeding all expectations and exceeded EU predictions by 1.6% with an increase in its Domestic Product Growth achieving 7.2%, the highest in the Eurozone.
Dr Cardona said that economic prospects are positive and according to the latest researches by the EU Commission up to the end of last month the greatest level of optimism had been expressed by Maltese families and businesses.
Asked whether there were any particular sectors that had shown a decline, Cardona said that all sectors had achieved forecast levels.
He said that local consumption which contributes to economic growth is one of the main factors monitored by the Commission together with the interest the country generates by having a good reputation in sectors like the financial and gaming sectors but also in the administrative, retail and construction sectors.
Dr Cardona said the financial sector has increased by €47 million while the manufacturing sector has increased its share in the economy by 8.2% which is the highest above the EU average.