MALTA, 1Q 2016 PIL reale +5,2%

MALTA, 1Q 2016 PIL reale +5,2%

WHY MALTAWAY ? è davvero la domanda chiave

Corporate & Assets Governance, World Class, MALTA, Worldwide

Noi crediamo che molti cerchino quello che noi abbiamo trovato, e che vogliamo condividere, serve solo iniziare a pensare e ad agire differentemente…e il nostro contributo

MALTAway, your way to enter the MALTA world

MALTAway è un portale che nasce con una visione olistica di servizi integrati di Corporate Services, Tax & Legal, Management Consulting, Governance, Investment, Business Advisory, Relocation, rivolti al mondo Corporations, Business, Finance, HNWIs

MALTA è la nuova Svizzera e il meglio del Nord Europa in mezzo al Mediterraneo, il posto migliore per il successo, lo sviluppo e la protezione di una Corporation, del suo Business, dei suoi Assets

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First quarter GDP up by 5.2% over 2015

Increases of €153 million in gross domestic product for January-March 2016 when compared to same period in 2015

Provisional estimates indicate that the Gross Domestic Product (GDP) for the first quarter of 2016 amounted to €2,185.6 million, an increase of €153.4 million or 7.6 per cent when compared to the corresponding period last year.

In real terms, GDP went up by 5.2 per cent.

During the first quarter of 2016, Gross Value Added (GVA) increased by €124.2 million when compared to the same quarter last year.

This was mainly generated by wholesale and retail trade; repair of motor vehicles and motorcycles; transportation and storage; accommodation and food service activities which increased by €28.4 million or 8.0 per cent.

Other increases were registered in professional, scientific and technical activities; administrative and support service activities by €24.4 million or 11.2 per cent; and in public administration and defence; education; human health and social work activities which increased by €18.0 million or 5.0 per cent. A slight drop was registered in construction.

Total final consumption expenditure in nominal terms increased by 7.6 per cent and by 6.4 per cent in real terms. Gross fixed capital formation increased by 22.6 per cent in nominal prices and by 16.2 per cent in real terms. Real exports and real imports increased by 0.5 per cent and 2.5 per cent respectively.

Compared to the corresponding quarter last year, the increase in GDP at current prices of €153.4 million is estimated to have been distributed into a €54.5 million increase in compensation of employees, a €65.4 million increase in gross operating surplus of enterprises, and a €33.6 million increase in net taxation on production and imports.

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 for the first quarter of 2016 is estimated at €2,150.7 million.

http://www.maltatoday.com.mt/business/business_news/66193/first_quarter_gdp_up_by_52_over_2015#.V1f5cZN978Q

MALTA PIL 2015 +6,3%, so close to Italy, so far away

MALTA GDP up by 6.3% last year

il resto dell’Europa e del Mediterraneo visto dall’alto…

Maltaway is here to help you to relocate and invest in Malta, for yourself, your business, your wealth, your people….how can I help you?

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From TIMESofMalta

Gross Domestic Product in real terms went up by 6.3 per cent last year, making the economy one of the best performers in the EU, official figures issued today show.

GDP in 2015 amounted to €8,796.5 million, an increase of €712.3 million or 8.8 per cent (nominal) when compared to 2014.

The production approach

During 2015, Gross Value Added (GVA) increased by €626.3 million when compared to 2014. This was mainly generated by wholesale and retail trade; repair of motor vehicles and motorcycles; transportation and storage; accommodation and food service activities which increased by €154.0 million or 9.6 per cent; professional, scientific and technical activities; administrative and support service activities, which increased by €144.9 million or 17.9 per cent; and public administration and defence; education; human health and social work activities which increased by €93.1 million or 6.9 per cent.

A drop of €2.9 million or 0.4 per cent was registered in manufacturing.

The expenditure approach

In 2015, total final consumption expenditure in nominal terms increased by 6.2 per cent and by 4.9 per cent in real terms when compared to 2014. Gross fixed capital formation increased by €401.8 million in nominal prices and by 21.4 per cent in real terms.

Real exports and real imports increased.

The income approach

Compared to 2014, GDP at current prices went up by €712.3 million, and was estimated to have been distributed into a €189.9 million increase in compensation of employees, a €449.2 million increase in gross operating surplus of enterprises, and a €73.2 million increase in net taxation on production and imports.

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 2015 was estimated at €8,567.5 million.

Sempre più persone e capitali verso Malta, dopo il record del PIL in Europa, registra il record di crescita del prezzo delle case

Sempre più persone e capitali verso Malta, dopo il record del PIL in Europa (+8%), registra il record di crescita del prezzo delle case

Eurostat data shows a 2.3% increase in house prices in the euro area in the third quarter of 2015

Maltaway per la tua scelta su Malta, società, relocation,investimenti

e per la tua casa a Malta

maltaway_old Valletta

 The House Price Index for the European Union has measured a 2.3% increase in house prices in the euro area, with Malta showing the highest quarterly increase of 6.2% for the third quarter of 2015.

Eurostat data shows that there was a 3.1% increase in the EU in the third quarter of 2015, when compared with the same period of the previous year.Compared with the second quarter of 2015, house prices rose by 1.0% in the euro area and by 1.3% in the EU in the third quarter of 2015.

Among the Member States for which data are available, the highest annual increases in house prices in the third quarter of 2015 were recorded in Sweden (+13.7%), Austria (+9.3%), Ireland (+8.9%) and Denmark (+7.2%). Falls were observed in Latvia (-7.6%), Croatia (-3.0%), Italy (-2.3%) and France (-1.2%).

The highest quarterly increases were recorded in Malta (+6.2%), Ireland (+4.5%), Austria (+4.1%), Sweden and the United Kingdom (both +3.9%), and the largest falls in Hungary (-5.9%), Slovenia (-3.5%) and Estonia (-1.9%).

2 different way to size the same world

INFOGRAPHIC: KEYNESIAN VS. AUSTRIAN ECONOMICS

There has been an unsettled debate among economists for a century now of whether government intervention is beneficial to an economy.  The heart of this debate lies between Keynesian and Austrian economists (though there are other schools as well).

Keynesian Economics vs Austrian Economics

http://theaustrianinsider.com/infographic-keynesian-vs-austrian-economics/

MALTA 3Q 2015 GDP +8% nominal, + 5,4% real

MALTA 3Q 2015 GDP +8% nominal, + 5,4% real

Malta a gonfie vele, PIL 3 Trimestre + 8%, il meglio in Europa (e nel mondo)

Strong economic growth underpinned by significant investment

Think and act  to MALTA with MALTAway

maltaway_maltese_falcon_malta2

 

Official figures show that in the third quarter of 2015, the Maltese economy continued to register robust growth, with a GDP growth of 5.4 per cent in real terms and 8.0 per cent in nominal terms. The rate is the highest rate in the Eurozone, surpassing its average of 1.6 per cent.

More importantly, official figures show that economic growth was broad based. Indeed, during the first three quarters, particularly strong increases were registered in the professional, scientific and technical sector and administration and support activities (17.5 per cent) and the financial and insurance sector (11.7 per cent). Other notable private sector increases were also recorded in real estate activities and wholesale and retail trade and accommodation and food service activities. The very strong growth in the service sectors more than compensated for the marginal decline in the manufacturing sector.

The increase in real GDP was underpinned by a considerable increase in investment which increased by 21.5 per cent during the first nine months of 2015 and consumer expenditure increasing by around 4.6 per cent. This remarkable growth in investment is in line with Government policy to reform pivotal sectors of our economy and to actively encourage the development of new growth sectors. Both will provide the foundation of further growth in the years to come. Exports of goods and services also increased by 2.5 per cent in the first three quarters of 2015.

Growth in Government expenditure during the first nine months was contained at 1.8 per cent while in the third quarter of this year, Government expenditure declined by 5.4 per cent in real terms when compared with the same period of 2014.

The benefits of this economic growth were not limited to investment and exports but were transmitted to firms and employees. Indeed, it is encouraging to note that profits, during the first three quarters of this year, increased by 11.5 per cent or €300.9 million while salaries in the form of compensation of employees increased by 4.7 per cent or €124.6 million.

Commenting on these results, Minister for Finance Edward Scicluna remarked: “Latest GDP figures released by NSO, confirm that the Maltese economy is registering strong and broad-based growth. This augurs well for the sustainability of our economic growth”.

http://www.financemalta.org/publications/articles-interviews/articles-and-interviews-detail/strong-economic-growth-underpinned-by-significant-investment

Italy’s economic recovery is not what it seems

Italy’s economic recovery is not what it seems

Ask to Maltaway, Why Malta is a great opportunity for Italian Business and Skilled People as well

Italian Prime Minister Matteo Renzi looks on as he arrives to meet Ireland's Prime Minister Enda Kenny at the Chigi palace in Rome, Italy, July 10, 2015. REUTERS/ Max Rossi©Reuters

Italian prime minister Matteo Renzi

Yoram Gutgeld last week made one of the most astonishing economic statements I have heard in a long time. The adviser to Prime Minister Matteo Renzi said in an interview that Italy’s economy was immune to global developments for the next 12 to 24 months because of the tax cuts and reforms of the present administration.

The idea that a G7 club of rich nations is immune to the global economy is ludicrous. This is the 21st century. Granted, Mr Gutgeld may have spoken as the prime minister’s spin-doctor. That is part of his job. But what worries me is that the Italian government is not ready for when the impact of the slowdown in China and emerging markets hits Europe. Friday’s preliminary figures for eurozone gross domestic product show that the slowdown has started. Italy’s quarter-on-quarter growth rates have been falling: from 0.4 per cent in the first quarter to 0.3 per cent in the second to 0.2 per cent in the third.

Italy’s ability to sustain a healthy rate of growth is critical — for the country’s political stability, for its young people with no hope of finding work, for debt sustainability and in particular for its future in the eurozone. The euro has brought Italy nothing but stagnation. Real GDP is now at the same level as at the start of 2000, a year after the euro was launched. GDP today is 9 per cent below the pre-crisis level in early 2008.

If Italy fails to bounce back strongly from this recession, it is hard to see how it can stay in the eurozone. At some point it might well be in the country’s undisputed economic self-interest to leave and devalue. So when we ask whether the economic recovery is sustainable, we are not having a technical dialogue about economics. We are talking about Italy’s future in Europe.

There are three reasons why I am sceptical. The first is evident in last Friday’s GDP data. Italy is not exceptional.

The second reason is the lack of restructuring of Italian banks. The stock of non-performing loans as a percentage of all loans is about 10 per cent, which is close to the peak level in the current cycle. Many of the small and medium-sized banks are in effect insolvent. The clean-up of the banking system — following the 2008 crisis and the two subsequent recessions — has yet to happen. If it does, it will take place in a much tougher regulatory environment. From next year EU “bail-in” rules take effect. Then the Italian government will no longer simply be able to bail out banks but will have to make bondholders and depositors pay up first. Can we be sure the rotten banks will continue to sustain the recovery in this environment?

My third concern is Mr Renzi’s fiscal policy choices. His priority has been to ensure that these create more winners than losers. This is exactly what Silvio Berlusconi did when prime minister. And it should come as no surprise that Mr Renzi ends up with similar policies. Instead of reforming the public administration or the judiciary, he has opted for a cut in the housing tax. This will win votes but will not deliver the change to the economy. We have been here before.

The danger of this strategy is that it could go horribly wrong if the economic shock is big enough and the banking sector weak enough. On current projections, Italy’s 2016 budget deficit will be 2.2-2.4 per cent, depending on how you account for the cost of addressing the refugee crisis. This includes flexibility clauses that Rome has negotiated with the European Commission to take account of that cost. The original deficit goal would have been 1.4 per cent for 2016, but the EU has allowed more leeway because of economic reforms.

I have no objections to any measure to loosen the grip of austerity. But if the downturn comes along with a banking crisis, the 2.4 per cent could easily turn into 3.4 per cent or 4.4 per cent. At that point all flexibility will come to an abrupt halt. Italy will once again have to tighten policy as the economy slows.

Another non-elected “technical” government might take over. Italy might never choose to leave the eurozone for political reasons. But, if Mr Renzi’s calculations prove wrong, Italy will be at the point where it would be rational to leave for economic reasons.

munchau@eurointelligence.com

http://www.ft.com/cms/s/0/576f5c6e-8a11-11e5-9f8c-a8d619fa707c.html#axzz3sDTi1bZI

 

And the EU winner is … MALTA: PIL 2015 +3,9%

Malta GDP growth of 3.9% in 2015

MALTAway è un portale che nasce con una visione olistica di servizi integrati rivolti al mondo Business, Finance, HNWIs e consumers

MALTA è la nuova Svizzera e il meglio del Nord Europa in mezzo al Mediterraneo, il posto migliore per il successo e la protezione tua, della tua famiglia, del tuo business, del tuo patrimonio, per divenire insieme a te la SINGAPORE del Mediterraneo

‘Consumer demand remains key driver of eurozone recovery in second half of year’

Malta’s GDP is expected to grow by 3.9 per cent in 2015 and 2.9 per cent in 2016, according to the October 2015 issue of the EY Eurozone Forecast (EEF). This year’s forecast is up from EY’s June prediction of three per cent, and is higher than the European Commission’s forecast of 3.6 per cent growth and the IMF’s projection of 3.1 per cent.

http://www.timesofmalta.com/articles/view/20151004/business-news/ey-predicts-malta-gdp-growth-of-39-in-2015-29-in-2016.586905

maltaway_regatta

 

MALTA il meglio in Europa: 2Q 2015 PIL +7,3% nominale e +5.2% in termini reali

MALTA il meglio in Europa: 2Q 2015 PIL +7,3% nominale e +5.2% in termini reali …. ben sopra le previsioni

Nominal GDP up 7.3% and real up 5.2% in second quarter

Con MALTA way puoi avere accesso alle opportunità di Malta, la nuova Svizzera e il miglior Nord Europa in mezzo al Mediterraneo, da una vacanza al corso di Inglese, alla ridomiciliazione della tua impresa o alla tua nuova residenza fiscale e a tutti gli strumenti di protezione del tuo patrimonio, della tua impresa, della tua famiglia 

Provisional estimates indicate that the Gross Domestic Product (GDP) for the second quarter of 2015 amounted to €2,116.1 million, an increase of 7.3 per cent over the corresponding period last year. In real terms, GDP went up by 5.2 per cent.

During the second quarter of 2015, growth in Gross Value Added (GVA) was mainly generated by professional, scientific and technical activities, administrative and support service activities which increased by 18.1 per cent; public administration and defence, education, human health and social work activities which increased by 6.9 per cent; wholesale and retail trade, repair of motor vehicles and motorcycles, transportation and storage, accommodation and food service activities which increased by 5.8 per cent; and mining and quarrying, manufacturing, electricity and water supply, sewerage, waste management and remediation activities which increased by 9.0 per cent.

Total final consumption expenditure in nominal terms increased by 4.5 per cent. In real terms, total final consumption expenditure increased by 3.4 per cent. Gross fixed capital formation increased by €116.8 million in nominal prices and by 24.3 per cent in real terms. Real exports and real imports decreased.

Compared to the corresponding quarter last year, GDP at current prices went up by €144.0 million, and is estimated to have been distributed into a €30.4 million increase in compensation of employees, a €107.3 million increase in gross operating surplus of enterprises, and a €6.2 million increase in net taxation on production and imports.

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 for the second quarter is estimated at €2,196.5 million

http://www.maltatoday.com.mt/business/business_news/56795/gdp_up_52_in_second_quarter#.VevktRHtmko

 

Malta has +10 % GDP coming from ICT, egaming and digital economy

Malta has +10 % GDP coming from ICT, egaming and digital economy…………Italy in the lower positions of the rank

http://www.maltaway.com/?s=ict

Maltaway is your gateway to access the global and Malta’s opportunity to relocate and protect Yourself, Your Family, Your Business, Your Assets

Jobs in ICT are filled by over 14 million people, reaching at least 3% of total employment in most OECD countries

http://www.keepeek.com/Digital-Asset-Management/oecd/science-and-technology/oecd-digital-economy-outlook-2015_9789264232440-en#page42

Employment-of-ICT-specialists.jpg

Global Economic Outlook Q3 2015 (DELOITTE)

Global Economic Outlook
Q3 2015 (DELOITTE)

The Eurozone economy is on the mend, the Brazilian and Russian economies are in recession, the US economy is rebounding from a bad first quarter, and the Chinese economy is growing relatively slowly. The third-quarter Global Economic Outlook offers outlooks for the United States, Eurozone, China, Japan, Russia, United Kingdom, India, and Brazil.

…but to improve your business capacity in Europe and the world, move to Malta with Maltaway

Eurozone: Combining crisis and recovery

….look at financial corporate prospects in Spain very positive and in Switzerland very negative

The second quarter in the Eurozone was dominated by escalating political tensions around the modalities of the Greek bail-out program, discussions about the future of Greece in the Eurozone, and the future of the Eurozone itself. However, beneath the surface of the intensifying Greek crisis, the recovery in the Eurozone has continued, and there are even signs that it is broadening. In the medium term, European corporates are moderately optimistic about their prospects. A possible Greek exit (or “Grexit”) from the Eurozone continues to be a risk for the Eurozone, the possible impact of which will depend to a large degree on investor perceptions.

Available data for the second quarter suggest that the recovery in the Eurozone continues.

The economic situation

Available data for the second quarter suggest that the recovery in the Eurozone continues. It does so in an unspectacular manner, in line with the trend of the last few months. From a positive viewpoint, the recovery has become more solid.

Overall economic sentiment indicators, such as the European Commission’s Economic Sentiment Index, are stable and in positive territory. Other economic climate indicators for the Eurozone even report an eight-year high.1 Also, consumer-related early indicators such as car and retail sales are pointing upward. At the same time, the fears of deflation that dominated the headlines earlier in the year are beginning to disappear as inflation rates have picked up. Core inflation was at a low of -0.6 percent in January but went up to 0.3 percent in May.

Similarly, investments, which have been the sorrow child of the recovery for a long time, show encouraging signs. They have been growing, albeit modestly, for the third quarter in a row. This suggests that businesses are becoming increasingly confident about the recovery. Even if is too early to proclaim a trend reversal for corporate investments, it speaks for a broader-based recovery.

From a country perspective, Spain has been the fastest-growing economy in the Eurozone in the first quarter (behind Cyprus), showing signs of a strong recovery for the rest of the year.

The corporate outlook 

General corporate sentiment in Europe for the next 12 months is characterized by modest optimism (figure 1). According to the Deloitte European CFO Survey, which is conducted among CFOs in 14 European countries, the overall sentiment is positive, even if there are wide country-specific differences.2

DUP_GEO_Q3_Eurozone_Figure1

Regarding the euro crisis, European CFOs have a fairly strong consensus on how it can be solved and how the Eurozone should look going forward.

Regarding their own financial prospects, Spanish corporates are currently the most optimistic, which speaks for the strength of the ongoing recovery. On the other end of the spectrum, French, Norwegian, and Swiss CFOs are the most pessimistic. The pessimism of the latter two can be attributed mainly to the fall in oil prices and the strong appreciation of the Swiss franc. German CFOs’ sentiment lies in the middle of a cross-country comparison, but it recovered sharply relative to last autumn, when the Ukraine crisis was at its height.

Regarding the euro crisis, European CFOs have a fairly strong consensus on how it can be solved and how the Eurozone should look going forward (figure 2). They see national structural reforms as by far the most important measure to escape the growth crisis: 93 percent see them as effective or very effective to overcoming the growth crisis. Strengthening pan-European investment spending comes in as the second-most important measure.3

DUP_GEO_Q3_Eurozone_Figure2

On the other hand, European CFOs strongly resist radical ways to solve the Euro crisis. Almost no CFO from a Eurozone country considers dissolving the Eurozone as helpful, and only a few prefer reducing the number of Eurozone members. European CFOs from outside the Eurozone (United Kingdom, Switzerland, and Russia) are much more inclined to recommend these measures. The possibility of deeper European integration is welcomed to very different degrees in Eurozone countries. While Italian and Spanish CFOs are strong supporters, German and Dutch CFOs are more hesitant. This implies that there is strong unity among European businesses about the desirability of the common currency but considerably less consensus on how the euro can be made stronger.

The Greek crisis reloaded

After the second bail-out program for Greece was extended by four months with difficulty in February, the implementation of the attached conditions has turned out to be even more difficult. The extension was conditional on the implementation of reforms in Greece. However, no mutual understanding, let alone a consensus, of reform necessities and priorities between the Greek government and its creditors has emerged. Consequently, the last tranche of the program, with the condition that Greece needs to fulfill its obligations, was not paid until the end of June. The increasing tensions and growing doubts resulted in massive capital flight from Greece, which the banking system could withstand only due to the European Central Bank’s emergency cash program, Emergency Liquidity Assistance.

At the time of writing, it is unclear whether there will be a last-minute agreement between the creditors (Eurogroup, European Central Bank, and International Monetary Fund) and Greece. If there is no agreement, Greece faces the prospect of a sovereign default and of potentially leaving the Eurozone, even if there is no formal provision in the treaties for such an exit.

Whatever the final outcome of the negotiations, the financial-market consequences of a possible Grexit will hinge on two factors. First, if investors are surprised by a Grexit, it could, in principle, lead to substantial unrest in financial markets. However, given the length of the crisis, which is now in its sixth year, it is doubtful that investors would be completely surprised. Second, the consequences would depend on whether investors perceive Greece as a special case or as the start of a broader restructuring of the Eurozone. If the latter perception prevails, contagion is a danger. If investors expect other former crisis countries to be stable and continue their current growth trajectory, consequences would be more limited.

On the other hand, if Greece stays within the Eurozone and receives the last tranche of the second bail-out program, its financing needs will only be covered in the very short term, but not long after. While the servicing costs of Greek debt as a share of GDP are lower than in many other Eurozone countries thanks to exceptionally low interest rates and long maturities, Greece will need access to external finance to guarantee repayment. If capital markets are unwilling to provide financing, a third bail-out package will very likely come up in the political agenda.

http://dupress.com/periodical/global-economic-outlook/q3-2015/