Il-Ministeru għall-Finanzi u s-Servizzi Finanzjarji jilqa’ l-aħħar ċifri tal-Uffiċċju Nazzjonali tal-Istatistika dwar il-Prodott Domestiku Gross għall-ewwel kwart ta’ din is-sena li wera li minkejja l-pandemija globali, it-tkabbir ekonomiku reali ta’ Malta baqa’ fit-territorju pożittiv b’rata ta’ 0.5 fil-mija. Iċ-ċifri tal-NSO juru wkoll li f’termini nominali l-ekonomija ta’ pajjiżna kibret b’1.9 fil-mija.
Iċ-ċifri juru li Malta kellha wirja pjuttost tajba meta mqabbla mal-medja Ewropea u taż-Żona Ewro. Tabilħaqq, skont il-Eurostat, matul l-istess perjodu, l-ekonomija tal-UE ċkienet bi 2.6 fil-mija waqt li t-tkabbir ekonomiku fiż-Żona Ewro rreġistra tnaqqis ta’ 3.2 fil-mija. Ekonomiji kbar fl-UE fosthom tal-Ġermanja, l-Italja, Franza u Spanja rreġistraw tnaqqis qawwi fil-PDG tagħhom.
Minkejja l-pandemija globali, matul l-ewwel tliet xhur tas-sena, il-pagi u s-salarji żdiedu bi €78 miljun. Il-profitti tan-negozji wkoll irreġistraw żieda b’€36 miljun f’dan il-perjodu. B’kuntrast, it-tassazzjoni netta fuq il-produzzjoni u l-importazzjoni naqsu b’€55 miljun. Dan it-tnaqqis huwa riflessjoni tas-sussidji li qegħdin jingħataw lill-kumpaniji permezz tal-miżuri ġodda, bħala parti minn pakkett akbar biex isostni u jgħin lin-negozji jżommu lill-impjegati tagħhom fil-kuntest tal-miżuri restrittivi li ttieħdu u tnaqqis fix-xogħol.
It-tkabbir ekonomiku fl-ewwel kwart tas-sena kien xprunat minn żieda fil-valur miżjud gross ta’ €72 miljun hekk kif ħafna oqsma rreġistraw rati pożittivi ta’ tkabbir nominali. Fil-fatt, it-tkabbir fil-valur gross fis-settur tal-kostruzzjoni, tas-servizzi finanzjarji, assigurazzjoni u professjonali, xjentifiku u attivitajiet tekniċi, l-Arti, il-qasam tad-divertiment u dak tar-rikreazzjoni u l-manifattura, ikkumpensaw għat-tnaqqis ewlieni rreġistrat fl-oqsma tal-bejgħ u x-xiri, tal-akkomodazzjoni u tal-ikel. Il-Gvern żied l-investiment b’€77 miljun.
Matul l-ewwel kwart tal-2020, in-nefqa totali fuq il-konsum żdiedet bi 2.4 fil-mija f’termini nominali u b’0.6 fil-mija f’termini reali, hekk kif il-Gvern żied in-nefqa tiegħu biex jappoġġja n-negozji u jilqa’ għall-impatt ekonomiku li ġabet il-COVID-19 fuq il-familji. Id-domanda internazzjonali wkoll kellha impatt pożittiv fuq il-PDG hekk kif it-tnaqqis fl-importazzjoni kien ogħla minn dak tal-esportazzjoni.
Il-Ministru għall-Finanzi u s-Servizzi Finanzjarji Edward Scicluna qal li, “hekk kif imbassar mill-IMF, l-UE u l-Aġenżji tal-Klassifikazzjoni tal-Kreditu, l-ekonomija Maltija ntlaqtet mill-pandemija tal-COVID-19 fi żmien meta kienet iddiversifikata tajjeb ħafna, reżiljenti u bi spazju fiskali biżżejjed biex tiġġieled din il-kriżi b’fiduċja. Nawgura li nkomplu nimminimizzaw dan it-tnaqqis li kien inevitabbli. Il-Gvern jinsab determinat li jkompli jipprovdi l-appoġġ meħtieġ lis-setturi kollha milquta waqt li se jkompli jimbotta għal irkupru mgħaġġell u ta’ suċċess”.
Il-miżuri li daħħal il-Gvern b’rabta mal-COVID-19 ħallew ukoll l-effett tagħhom. Minħabba l-posponiment tat-taxxa li ngħatat lill-kumpaniji, l-aħħar ċifri tal-NSO dwar il-finanzi pubbliċi juru li d-dħul tal-gvern għall-perjodu ta’ bejn Jannar u April naqas b’€220 miljun waqt li n-nefqa rikurrenti żdiedet b’€170 miljun. L-ispiża fuq il-ħlasijiet tal-imgħaxijiet bejn Jannar u April naqset b’€4.4 miljun.
Malta’s growth rate stays in positive territory during first quarter
The Ministry for Finance and Financial Services welcomes the GDP data for the first quarter of this year published by the NSO, which shows that, despite the global pandemic, the Maltese real economic growth managed to remain in positive territory with a rate of 0.5 per cent. Nominally, GDP grew by 1.9 per cent.
Malta fared quite well when compared to the EU and Euro Area averages. Indeed, according to Eurostat, during the same period the EU economy shrank by 2.6 per cent while the Euro Area recorded a drop-in growth of 3.2 per cent. Large EU economies including Germany, Italy, France and Spain recorded significant drops in their GDP.
Despite the global pandemic, wages and salaries increased by €78 million during the first quarter of this year. Business profits also increased during this period by €36 million. In contrast, net taxation on production and imports decreased by €55 million. This decline reflected the subsidies being given to companies which need to be netted out of the GDP. The new measures were introduced by the government as part of a bigger package to support businesses retaining their employees in the context of restrictive measures and reduced work.
Economic growth in the first quarter was fuelled by the increase in gross value added of €72 million, as most sectors recorded positive nominal growth rates. In fact, growth in gross value added recorded by construction, real estate activities, financial, insurance, professional, scientific and technical activities, the arts, entertainment and recreation and the manufacturing sectors compensated for the main decreases recorded in the wholesale, retail, accommodation and food service sectors. The government increased investment by €77 million.
During the first quarter of 2020, total final consumption expenditure increased by 2.4 per cent in nominal terms and 0.6 per cent in volume terms as the government increased expenditure to support businesses and mitigate the economic impact of COVID-19 on families. External demand also had a positive impact on GPD growth as the decrease in imports was higher than that in exports.
“As predicted by the IMF, the EU and the Credit Rating Agencies, the Maltese economy was hit by the COVID-19 pandemic at a time when it was well diversified, resilient and with enough fiscal space to combat the crises with confidence. We augur that we will continue to minimise our inevitable losses. The government is determined to continue providing the required support to all affected sectors while pushing towards a successful and quick recovery,” commented Minister for Finance and Financial Services Edward Scicluna.
The COVID-19 measures introduced by the government did not come without expense. Indeed, due to the tax deferrals given to companies, latest public finance data on a cash basis issued by the NSO showed that revenue for the period of January to April decreased by €220 million, while recurrent expenditure increased by €170 million. Expenditure on interest payments decreased during the January to April period by €4.4 million.
Friday 29th May 2020