Malta Reports 4th Largest Economic Growth In The EU This Quarter
Eurostat, recently released data indicating Malta’s economic performance during the second quarter of this year. Among the European Union countries, Malta experienced the fourth highest surge in its economic growth.
According to Eurostat’s findings, Malta’s Gross Domestic Product (GDP) observed an increase of 1.1% between April to June this year, bringing the total increase to 3.9% when compared to the same period last year. This significant growth in Malta’s economy, however, was not the highest. Lithuania led the charge with an exceptional growth rate of 2.9%. Following closely were Greece and Croatia with growths of 1.3% and 1.1%, respectively.
On a broader perspective, the Eurozone’s average economic growth during the same period saw a increase of 0.1%. In comparison to the first quarter of the year, the growth remained steady across the European Union.
However, it wasn’t all positive news. Poland, Sweden, and Austria witnessed economic contractions, with Poland leading the downtrend with a 2.2% decrease, while Sweden and Austria experienced declines of 0.8% and 0.7% respectively.
Eurostat’s report also highlighted employment statistics for the second quarter. It was revealed that Malta, Lithuania, and Portugal experienced the most significant employment growth rates among the twenty-seven EU nations. Malta’s employment growth rate stood at a remarkable 1.3%, outpacing the Euro Zone’s average by a staggering five times, which was at 0.2%.
Conversely, some countries faced employment challenges. Estonia had the largest decrease in employment, dropping by 1.5%, with Romania and Croatia following suit with decreases of 0.8% and 0.7%, respectively.
In terms of sheer numbers, Eurostat’s estimates from the second quarter of the previous year highlight that over 216 million individuals secured employment across European nations.
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