Update of Data
on the Maltese Economy
Updates to Chapter 1
Comments relating to the data on the Maltese
economy and to the contents of the book are to be
sent to the author on this email address:
linobrig@gmail.com
TABLE 1.1
Table 1.1
Shares of Sectors in the GDP of Malta (2010)
Value Added
Sector
Percentage
(€ million)
84.7
2
Agriculture and Fishing
176.7
3
Construction and Quarrying
683.3
13
Manufacturing
3309.8
61
Market Services
1191.5
22
Public Sector
5446.0
100
GDP at Basic Prices
Source Release 48/2011 and estimates by the authors (see note below)
Value Added Private and Public Sectors (€ million)
Sector
Total
Private
Public
Agriculture & Fishing
102.8
84.7
18.1
Construction & Quarrying
207.6
176.7
30.9
Manufacturing
728.4
683.3
45.2
Services
4261.9
3309.8
952.1
Electricty , gas and Water
145.2
0.0
145.2
GDP at Basic Prices
5446.0
4254.4
1191.5
Source Release 48/2011 and estimates by the authors (see note below)
Figure 1.1
Shares of Sectors in the GDP of Malta (2010)
Public Sector
22%
Agriculture and
Fishing
2%
Construction and
Quarrying
3%
Manufacturing
13%
Market Services
61%
Note:
Manufacturing excludes public sector direct involvement, which accounted for about 1 per cent of GDP. Market
services also exclude public sector direct involvement in education, health and other services provided by the
government, which accounted for about 11 per cent of GDP. The output of the public sector was calculated on the
basis of information provided by the NSO and calculations by the author.
The public sector includes value added generated by the general government as well as by public corporations. The
public sector share shown in Table 1.1 is based on calculations made by the author, and is therefore to be considered
as an approximation. The output associated with the general government is mostly in the form of services relating to
public administration, defence and compulsory social security, education, health, and other community and social
services. The public sector also includes the provision of water, electricity, transport and financial services. A small
portion of public sector direct involvement relates to agriculture and manufacturing.
This table is subject to change as more information is obtained from the NSO.
TABLE 1.2
Table 1.2
Factor Income Shares in the GDP of Malta (2010)
Value Added Percent age
Factor Income
(€ million)
Compensation of employees
2,639.5
51
2,806.4
5,446.0
GDP at Basic Prices
Source: NSO news release 48/2011 (see note below)
Gross operating surplus and mixed income
49
100
Factor Income Shares in the GDP of Malta (2004-2010)
2,004
2,005
2,006
2,007
2,008
Compensation of employees
2,123.5
2,177.8 2,286.1
2,392.3
2,572.0
Gross operating surplus and mixed income
1,763.0
1,968.3 2,082.4
2,332.9
2,589.2
GDP at Basic Prices
3,886.5
4,146.2 4,368.5
4,725.2
5,161.2
Source: NSO news release 48/2011 (see note below)
INCOME APPROACH
Figure 1.2
Factor Income Shares in the GDP of Malta (2009)
Gross operating
surplus and mixed
income
52%
Note:
The value of gross operating surplus and mixed income as given in the
NSO release is slightly different. The difference relates to taxes net of
subsidies which in the figures given here cover products only, whereas
in the NSO release these cover production and imports.
Compensation of
employees
48%
2,009
2,626.7
2,446.5
5,073.2
2,010
2,639.5
2,806.4
5,446.0
TABLE 1.3
Table 1.3
Maltese GDP by Category of Expenditures (2010)
PercentExpenditure
€ million
age
Consumption expenditure
3,787.4
33.2
1,287.0
11.3
Government current expenditure
Capital expenditure
1,022.5
9.0
Exports of goods and services
5,304.4
46.5
Total final expenditure
11,401.3
100.0
Imports of goods and services
5,155.5
45.2
GDP at market prices
6,245.8
54.8
Source: NSO news release 48/2011
Maltese GDP by Category of Expenditures (2004-2010)
EXPENDITURE APPROACH
2,004
2,005
2,006
2,007
Personal consumption expenditure
3,047.1
3,224.9
3,342.1
3,424.9
Government current expenditure
933.5
940.8
1,011.7
1,041.9
Gross capital formation
684.7
912.4
1,034.1
1,207.0
Exports of goods and services
3,552.8
3,700.3
4,388.7
4,892.8
Total final expenditure
8,218.1
8,778.5
9,776.5 10,566.7
Imports of goods and services
3,727.8
3,957.0
4,707.0
5,104.2
4,490.3
4,821.4
5,069.6
5,462.5
GDP at market prices
Taxes on products
635.6
713.2
753.2
800.2
Subsidies on products
31.9
37.9
52.2
62.9
GDP at Basic Prices
3,886.5
4,146.2
4,368.5
4,725.2
Source: NSO news release 48/2011
Figure 1.3a
Components of the Maltese Total Final Expenditure (2010)
Consumption
expenditure
33%
Exports of goods
and services
47%
Capital
expenditure
9%
Government
current
expenditure
11%
Figure 1.3b
Import Content of Total Final Expenditure (2010)
GDP at market
prices
55%
Imports of goods
and services
45%
2,008
2,009
2,010
3,690.0
3,704.4
3,787.4
1,216.4
1,239.4
1,287.0
1,200.1
945.2
1,022.5
5,020.4
4,540.9
5,304.4
11,126.9 10,429.9 11,401.3
5,223.1
4,579.2
5,155.5
5,903.8
5,850.7
6,245.8
828.6
797.5
820.4
86.0
20.1
20.5
5,161.2
5,073.2
5,446.0
TABLE 1.4
Table 1.4
Three Methods of Measuring Personal Income (2010 - € million)
Measured Directly
Measured Indirectly
How Allocated
Income from
employment
2,640
Net National Income
4
Consumption Expenditure
3787
Other household
factor income (selfemployment, rents,
interest and dividends)
931
Less retained income
by corporations and by
government
590
Income tax and national
insurance contributions
584
Transfers from local
and foreign sources
1129
Transfers from local
and foreign sources
1129
Savings
329
4,700
Personal Income
543
Personal Income
4,700
Personal Income
Sources:
Income from employment and consumption expenditure: NSO news release 48/2011
Savings, Income tax and transfers are assumed by the author using plausible estimates
Other household factor income and retained income are residuals
Note:
Data for personal income and its
components are not published by
the NSO. Table 1.4 contains
figures relating to personal income
tax, transfers, retained corporate
income and savings, which are
assumed by the present author on
the basis of plausible estimates.
Figure 1.4
Personal Income and National Income
5,000
4,000
3,000
2,000
Transfers
Retained
income
Other
household
factor income
Other
household
factor income
Income
from
employment
Income
from
employment
1,000
0
Personal Income
National Income
(€ million)
Income from
employment
Other household factor
income
Tranfers /
retained income
Transfers
Personal Income
National Income
2,640
2,640
931
931
1129
590
Retained income
TABLE 1.5
Table 1.5
Nominal and Real GDP (€ million) with base year = 2004
GDP at Current
GDP at constant Annual growth Annual growth rate
GDP deflater
Prices
2004 Prices
rate of GDP in
of GDP in real
(base 2004)
(€ million)
(€ million)
nominal terms (%)
terms
(%)
Year
2004
4490.3
100.0
4,490.3
2005
4821.4
102.5
4,702.1
2006
5069.6
105.6
4,800.5
2007
5462.5
108.9
5,013.8
2008
5903.8
111.9
5,277.3
2009
5850.7
114.8
5,098.6
2010
6245.8
118.2
5,284.7
Source: NSO news release 48/2011. Deflator is adjusted (see note)
-
-
7.4
4.7
5.1
2.1
7.8
4.4
8.1
5.3
-0.9
-3.4
6.8
3.7
Nominal and Real GDP (€ million) with base year = 2000
GDP at Current GDP deflater GDP at constant
Prices
(base 2000)
2000 Prices
2004
4490.3
111.0
2005
4821.4
113.9
2006
5069.6
117.3
2007
5462.5
121.0
2008
5903.8
124.2
2009
5850.7
127.4
2010
6245.8
131.2
Source: NSO news release 48/2011 .
4044.0
4234.8
4323.4
4515.5
4752.8
4591.9
4759.5
GDP deflater
(base 2004)
GDP at constant
2004 Prices
100.0
102.5
105.6
108.9
111.9
114.8
118.2
4490.3
4702.1
4800.5
5013.8
5277.3
5098.6
5284.7
Figure 1.6
GDP at Current and Constant Prices
6500
6000
5500
5000
4500
4000
2004
2005
GDP at Current Prices
2006
(€ million)
2007
2008
2009
GDP at constant 2004 Prices
2010
(€ million)
Note:
The NSO news release presents a
GDP deflator with base year 2000.
The GDP deflator with base year
2004 was computed by the present
author, retaining the proportional
changes of the deflator with 2000 as
base year
Figure 1.5
Figure 1.5
The Circular Flow of Income (2010 - € million)
Personal income
Personal tax and NI contributions
Disposable income
Savings
Consumption expenditure
Government expenditure
Investment expenditure
Exports of goods and services
Total final expenditure
Imports of goods and services
GDP at market prices
Net expenditure taxes
GDP at basic prices
Net factor income from abroad
GNI at basic prices
Depreciation
Net national income at basic prices
Retained income by corporations
Factor income earned by households
Transfers to households
Personal income
2010
4700.4
584.0
4116.4
329.0
3787.4
1287.0
1022.5
5304.4
11401.3
5155.5
6245.8
0.8
6245.0
-433.9
5811.1
851.3
4959.8
590.0
4369.8
1129.0
5498.8
Source
EST
EST
EST
EST
NSO
NSO
NSO
NSO
NSO
NSO
NSO
NSO
NSO
NSO
NSO
NSO
NSO
EST
EST
EST
EST
Sources:
Data marked as NSO: NSO news release 48/2001
Data marked as EST: Estimated by the author
The flow
Personal
savings
€329m
Injections
Leakages
Gross investment
expenditure
€1022m
Government
current
expenditure
Exports of goods
and services
€5304m
€1287m
Personal
income tax
€584m
Disposable
personal income
€4076m
€4116m
Consumer expenditure
(market prices(
€3787m
Total final
expenditure
Imports
€5155m
€11401m
Personal income
Gross
factor
income
generated
in
Wages
Malta
(€
andMillion)
salaries=
2,531
Sectoral
shares
of
GDP
Agriculture
Construction
andand
Fishing
Quarrying
=(€75million)
= 128
€4700m
Transfers to
households
€1129m
Gross factor income
Other factor
income=
Wages
and2,441
salaries
Total = 4972
Other factor income
Factor income to
households
Total
GDP at market prices
€ 5,446 m
€3571m
Retained company income,
€590m
taxed at 35% = €206.5m
Net National
€3784mm
income
GNI at basic
prices
€4161m
€5012m
Depreciation
€851
€6246m
€ 2,640 m
€ 2806 m
Net investment and
employment income from
abroad
– €434m
GDP at basic
prices
€5446m
Net
expenditure taxes
€800m
Sectoral shares in GDP
Agriculture and Fishing
Construction/quarrying
Manufacturing
Services
Government
Total
€ 85
€ 177
€ 683
€ 3,309
€ 1,192
€ 5,446
GDP, GNI AND NNI
The Relation between GDP and GNI (€ million)
From GDP to NNI
Gross domestic product at market prices
2004
4,490.3
2005
4,821.4
2006
5,069.6
2007
5,462.5
2008
5,903.8
2009
5,850.7
2010
6,245.8
Net factor income from abroad (see below)
Gross national income (market prices)
-55.9
4,434.4
-217.9
4,603.5
-186.0
4,883.5
-218.7
5,243.8
-239.5
5,664.3
-421.3
5,429.4
-433.9
5,811.9
Depreciation (Fixed Capital Consumption)
Net national income (market prices)
666.4
656.3
722.8
750.3
792.1
828.4
851.3
3,768.0
3,947.3
4,160.8
4,493.5
4,872.2
4,601.0
4,960.6
Net Expenditure taxes
Net national income (basic prices)
603.8
675.3
701.1
737.3
742.6
777.4
799.9
3,164.2
3,272.0
3,459.7
3,756.2
4,129.6
3,823.5
4,160.8
Source: NSO news release 48/2011
Net Factor Income from Abroad (€ million)
2004
24.9
2005
26.8
2006
28.1
2007
36.0
2008
36.3
2009
35.9
2010
35.7
Comp. of employees paid to the rest of the world
12.7
17.5
31.0
32.7
31.0
24.8
25.1
Taxes on production & imports paid to EU Institutions
13.9
22.6
21.9
24.9
27.5
20.6
20.4
3.0
4.3
9.2
8.2
6.0
10.8
19.7
Property income received from the rest of the world
756.3
947.1
1,434.3
1,937.5
2,174.9
1,616.9
1,611.0
Property income paid to the rest of the world
813.5
1,156.0
1,604.8
2,142.9
2,398.2
2,039.5
2,054.9
Total
-55.9
-217.9
-186.0
-218.7
-239.5
-421.3
-433.9
Comp. of employees received from rest of the world
Subsidies received from the Institutions of the EU
Source: NSO news release 48/2011