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5 INTERVIEW 3.2.2022 Assisting SMEs bringing their projects to fruition GDP up by 0.3% in the euro area and by 0.4% in the EU IN the fourth quarter 2021, seasonally adjusted GDP increased by 0.3% in the euro area and by 0.4% in the EU, com- pared with the previous quarter, ac- cording to a preliminary flash estimate published by Eurostat, the statistical of- fice of the European Union. In the third quarter of 2021, GDP had grown by 2.3% in the euro area and 2.2% in the EU. According to a first estimation of an- nual growth for 2021, based on sea- sonally and calendar adjusted quarterly data, GDP increased by 5.2% in both the euro area and the EU. ese preliminary GDP flash estimates are based on data sources that are in- complete and subject to further revi- sions. Compared with the same quarter of the previous year, seasonally adjusted GDP increased by 4.6% in the euro area and by 4.8% in the EU in the fourth quarter of 2021, after +3.9% in the euro area and +4.1% in the EU in the previous quarter. Among the Member States for which data are available for the fourth quarter 2021, Spain (+2.0%) recorded the high- est increase compared to the previous quarter, followed by Portugal (+1.6%) and Sweden (+1.4%). Declines were recorded in Austria (-2.2%), Germany (-0.7%) and in Latvia (-0.1%). e year on year growth rates were positive for all countries. e next estimates for the fourth quar- ter of 2021 will be released on 15 Febru- ary 2022. +4.6% and +4.8% respectively compared with the fourth quarter of 2020 In the fourth quarter 2021, seasonally adjusted GDP increased by 0.3% in the euro area and by 0.4% in the EU, compared with the previous quarter, according to a preliminary flash estimate published by Eurostat, the statistical office of the European Union. In the third quarter of 2021, GDP had grown by 2.3% in the euro area and 2.2% in the EU. According to a first estimation of annual growth for 2021, based on seasonally and calendar adjusted quarterly data, GDP increased by 5.2% in both the euro area and the EU. These preliminary GDP flash estimates are based on data sources that are incomplete and subject to further revisions. -14 -12 -10 -8 -6 -4 -2 0 2 4 6 8 10 12 14 2008Q1 2008Q2 2008Q3 2008Q4 2009Q1 2009Q2 2009Q3 2009Q4 2010Q1 2010Q2 2010Q3 2010Q4 2011Q1 2011Q2 2011Q3 2011Q4 2012Q1 2012Q2 2012Q3 2012Q4 2013Q1 2013Q2 2013Q3 2013Q4 2014Q1 2014Q2 2014Q3 2014Q4 2015Q1 2015Q2 2015Q3 2015Q4 2016Q1 2016Q2 2016Q3 2016Q4 2017Q1 2017Q2 2017Q3 2017Q4 2018Q1 2018Q2 2018Q3 2018Q4 2019Q1 2019Q2 2019Q3 2019Q4 2020Q1 2020Q2 2020Q3 2020Q4 2021Q1 2021Q2 2021Q3 2021Q4 Euro area EU GDP growth rates over the previous quarter % change, based on seasonally adjusted data Compared with the same quarter of the previous year, seasonally adjusted GDP increased by 4.6% in the euro area and by 4.8% in the EU in the fourth quarter of 2021, after +3.9% in the euro area and +4.1% in the EU in the previous quarter. Among the Member States for which data are available for the fourth quarter 2021, Spain (+2.0%) recorded the highest increase compared to the previous quarter, followed by Portugal (+1.6%) and Sweden (+1.4%). Declines were recorded in Austria (-2.2%), Germany (-0.7%) and in Latvia (-0.1%). The year on year growth rates were positive for all countries. Published growth rates of GDP in volume up to 2021Q4* (based on seasonally adjusted** data) Percentage change compared with the previous quarter Percentage change compared with the same quarter of the previous year 2021Q1 2021Q2 2021Q3 2021Q4 2021Q1 2021Q2 2021Q3 2021Q4 Euro area -0.2 2.2 2.3 0.3 -1.1 14.4 3.9 4.6 EU 0.0 2.1 2.2 0.4 -1.1 13.8 4.1 4.8 Belgium 1.2 1.7 2.0 0.5 0.0 15.1 4.9 5.6 Czechia -0.4 1.3 1.6 c -2.4 8.5 3.3 c Germany -1.7 2.2 1.7 -0.7 -2.8 10.4 2.9 1.4 Spain -0.7 1.2 2.6 2.0 -4.3 17.7 3.4 5.2 France 0.1 1.3 3.1 0.7 1.7 19.0 3.5 5.4 Italy 0.3 2.7 2.6 0.6 -0.3 17.3 4.0 6.4 Latvia 0.3 2.3 0.5 -0.1 -0.2 10.3 5.0 3.1 Lithuania 2.1 2.0 0.0 0.5 0.8 8.9 6.0 4.8 Austria -0.4 4.2 3.8 -2.2 -4.1 12.8 5.6 5.4 Portugal -3.0 4.3 2.9 1.6 -5.4 16.4 4.5 5.8 Sweden 1.3 1.1 2.1 1.4 0.0 9.6 4.6 6.1 c: confidential until 1 February 2022 * See "Methods and definitions" ** Growth rates to the previous quarter and to the same quarter of the previous year presented in this table are generally both based on seasonally and calendar adjusted figures since unadjusted data are usually not transmitted for the compilation of GDP flash estimate. Source dataset: namq_10_gdp The next estimates for the fourth quarter of 2021 will be released on 15 February 2022. -16 -14 -12 -10 -8 -6 -4 -2 0 2 4 6 8 10 12 14 2008Q1 2008Q2 2008Q3 2008Q4 2009Q1 2009Q2 2009Q3 2009Q4 2010Q1 2010Q2 2010Q3 2010Q4 2011Q1 2011Q2 2011Q3 2011Q4 2012Q1 2012Q2 2012Q3 2012Q4 2013Q1 2013Q2 2013Q3 2013Q4 2014Q1 2014Q2 2014Q3 2014Q4 2015Q1 2015Q2 2015Q3 2015Q4 2016Q1 2016Q2 2016Q3 2016Q4 2017Q1 2017Q2 2017Q3 2017Q4 2018Q1 2018Q2 2018Q3 2018Q4 2019Q1 2019Q2 2019Q3 2019Q4 2020Q1 2020Q2 2020Q3 2020Q4 2021Q1 2021Q2 2021Q3 2021Q4 Euro area EU GDP growth rates over the same quarter of the previous year % change, based on seasonally adjusted data BANK of Valletta announced the launch of the latest tranche of the BOV JAIME Financing Package as it continues to rec- ognise the importance of SMEs to the lo- cal economy whilst assisting businesses to surmount the challenges posed by the COVID-19 pandemic. "SMEs have undergone big changes in a dynamic economic scenario particu- larly during the challenging times of the pandemic" said Albert Frendo, Chief Business Banking Officer at Bank of Val- letta. e BOV JAIME Financing Pack- age is now being upgraded with several added value features that can help local businesses take the needed strategic leap. "With this product upgrade we are creat- ing an opportunity for SMEs to bring new investment projects to fruition." e BOV JAIME Financing Package is a financing tool that can assist SMEs in obtaining capital investment and working capital with reduced collateral obligations and several benefits such as a maximum lending amount of €500,000, a maximum term of 12 years and an interest rate of 3%. is financing solution can help your business to improve the performance of your operations through capital in- vestment and working capital, to invest in R&D&I which will contribute to the launch of new products and services and to tap into new export markets by ex- panding your local-based operations. e BOV JAIME Financing Package is supported by the Maltese Government via the European Investment Bank (EIB) and is available to SMEs operating in di- verse sectors of the local economy. "At Bank of Valletta we firmly believe that SMEs are the heart of our economy show- casing a major source of entrepreneurial skills, innovation and employment. With the right tailor-made financing solutions, these entities have the capability to not only survive these unprecedented chal- lenges but to also grow and expand their horizons in the post-COVID economy" concluded Mr Frendo. For more information on the BOV JAIME Financing Package customers can contact the BOV SME Finance Unit by calling on 2275 7607, by sending an email on businessdevelopment.bb@bov.com or by visiting their preferred BOV Branch / Business Centre. More details on the BOV JAIME Financing Package are avail- able on https://www.bov.com/content/ bov-jaime-financing-package-page.

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