Provisional estimates indicate that the Gross Domestic Product (GDP) for the third quarter this year, when compared to the same period last year, increased by 6.5 per cent at marketprices and by 4.1 per cent in real terms. GDP stood at Lm607.7 million (€1,415.6 million) at current prices and Lm494.6 million (€1,152.0 million) at constant prices.

The Production Approach - Growth in value added was generated primarily by the following industries: wholesale and retail trade, hotels and restaurants, real estate, renting and business activities, and other community services, in particular remote gaming. Other increases were registered in construction, transport and communication, public administration, education and health. These increases were partly offset by declines in the the following economic activities: electricity, gas and water supply, manufacturing, and financial intermediation.

The Expenditure Approach - This approach indicates that GDP at constant prices went up by 4.1 per cent, as shown in Table 9. Total final consumption expenditure by households, by Non-Profit Institutions Serving Households (NPISHs) and by General Government went up by 6.0 per cent. Gross fixed capital formation at constant prices declined by 3.0 per cent. Real exports and real imports of goods and services went up.

The Income Approach - The annual increase in GDP at current prices, amounting to Lm37.1 million, is estimated to have been distributed into a Lm9.4 million rise in compensation of employees, a Lm31.0 million increase in gross operating surpluses of enterprises, and a drop amounting to Lm3.4 million in net taxation on production and imports.

Gross National Income - Considering the effects of income and taxation paid and received by residents to and from the rest of the world, Gross National Income (GNI) at market prices is estimated at Lm590.8 million (€1,376.3 million), up from Lm549.0 million (€1,278.8 million) in the same quarter last year

Gross Domestic Product (GDP) is an estimate of the value of goods and services produced in the economy over a period of time.

The GDP is estimated at current prices 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 and is used to derive an estimate of GDP at constant prices, in other words, excluding the effects of price inflation on market prices.

The Income Approach shows how GDP at market prices is distributed into compensation of employees, operating surpluses of enterprises and taxes on production and imports net of subsidies.

GDP per capita is derived by dividing GDP by the average total population (i.e. including residents who are not Maltese nationals) for the period under review.