Malta with the fastest economic growth in the EU

Economic activity in the first 3 months of this year was 1.3% higher than in the last 3 months of 2023.

The European Union’s statistical agency, Eurostat, has confirmed that in the first quarter of this year Malta had the fastest economic growth in the Union.

In fact, economic activity in the first three months of this year was 1.3% higher than in the last three months of last year. In contrast across the European Union the growth rate was only 0.3%.

When comparing economic activity in Malta with the same period a year earlier, the growth rate is 4.6%. Across the euro area, growth was only 0.4%. This means that the Maltese economy has grown at a rate 12 times that of the rest of the monetary union. In seven countries, including Germany and the Netherlands, the economy contracted compared to a year earlier. The worst economic results were in Ireland where there was a 5.9% decrease.

When it comes to employment, Eurostat notes that jobs grew by 5.8% in Malta compared to the same three months a year earlier. Across the euro area the increase in employment was 1%, or almost six times lower than in Malta. Employment in five European countries is lower than it was a year ago, with the worst result being in Estonia where there was a 1.3% fall.

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