MALTA, 1Q 2016 PIL reale +5,2%

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

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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…

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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

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 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

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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

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