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Malta GDP shrinks over 16 pct in Q2

Christian Fernsby |
Malta's gross domestic product (GDP) shrank by over 16 percent year-on-year in volume terms in the second quarter (Q2), the country's National Statistics Office said on Friday.

Topics: MALTA   

According to the office's provisional estimates, the GDP saw a decrease of 494.3 million euros (about 588.5 million U.S. dollars) from the same period last year. That's a year-on-year decline of 16.2 percent in volume terms.

During Q2, gross value added (GVA) fell by 15.1 percent in volume terms. It fell significantly as a result of widespread contractions across all main sectors of the Maltese economy.

The services sector of the country fell by 15.7 percent, industry decreased by 12.8 percent, construction contracted by 8.6 percent and agriculture and fishing declined by 13.6 percent.

In nominal terms, Malta's GDP shrank by 14.9 percent in Q2 year-on-year.