Issue link: https://maltatoday.uberflip.com/i/661117
47 Events maltatoday, SUNDAY, 3 APRIL 2016 Central Bank's economic update for March ECONOMIC activity in Malta continued to expand robustly in the fourth quarter of 2015, with real gross domestic product (GDP) increasing by 5.7% on a year earlier. Growth was driven by domes- tic demand. Tourism indicators point to further ex- pansion in January 2016. Buoy- ant economic activity is being ref lected in the labour market, with employment expanding and the unemploy- ment rate re- maining at historically low lev- els. Price pressures were moder- ate. The annual rate of inf lation, based on the Harmonised Index of Consumer Prices (HICP), edged up to 1.0% in February. Maltese residents' deposits con- tinued to expand at a rapid an- nual rate in January, while the annual rate of growth of credit to residents edged up to 5.9%. As regards fiscal developments, the general government deficit nar- rowed substantially in the third quarter of 2015, while the deficit on the Consolidated Fund also decreased during the first eleven months of the year. In January, the Consolidated Fund deficit widened on the same month a year earlier, mainly due to the timing of grant receipts. On the external side, the surplus on the current account of the balance of payments increased in the fourth quarter of 2015. Economic activity in Malta continued to grow strongly dur- ing the fourth quarter of 2015, with real GDP rising at an an- nual rate of 5.7%, following an upwardly revised growth rate of 6.5% in the previous quarter. Over 2015 as a whole, the Maltese economy expanded by 6.3% in real terms, following 3.7% growth in 2014. This accel- eration largely ref lected faster growth in private consumption and investment, which rose by 4.9% and 21.4%, respectively. In contrast, net exports had a nega- tive impact on GDP growth dur- ing the year as whole, as imports outpaced exports. During the quarter under re- view, growth was driven mainly by domestic demand, which rose by 4.3% on a year earlier and which contributed 4.0 per- centage points to the increase in GDP. In turn, the main driv- ers were a rise in private con- sumption and in government consumption, which both rose strongly when compared with the last quarter of 2014. In con- trast, changes in inventories had a negative impact on growth.2 Private consumption expanded at an annual rate of 5.2% in the fourth quarter, ref lecting con- tinued growth in compensation of employees. It added 2.8 per- centage points to GDP growth. Government consumption increased at an annual rate of 12.3% in the final quarter of 2015, following a year-on-year drop in the third quarter. Gross fixed capital formation rose less steeply compared with the previous quarter, but main- tained a high growth rate. In the fourth quarter it increased by 9.2% on a year earlier. This mostly ref lected higher spend- ing on machinery and trans- port equipment and dwelling investment. 'Other' investment, which includes investment in software, also contributed to the increase. In contrast, non- residential investment declined. Overall, investment contributed 1.8 percentage points to real GDP growth. Nominations open for Best Mum and Best Dad awards NOMINATIONS are now open for the Best Mum and Best Dad awards, with the public being encouraged to nominate some- one that inspires them and goes the extra mile in their role as a parent. Now in its sixth edition, The Best Mum and Best Dad awards organised by The Malta Baby & Kids Directory will award one deserving mum and dad a num- ber of prizes, along with their award, in July at Girgenti Palace. Prizes include two nights on a bed and breakfast basis in a deluxe sea view room at the luxury five Star Corinthia Ho- tel St. George's Bay ; A meal for two adults and two children at the winner of The Definitive(ly) Good Guide Best Children Friendly Restaurant Award IP- lace, Marsaxlokk; a cake by Busy Bee and a hamper of Nestle products. This year during the awards ceremony The Malta Baby & Kids Directory will once again be raising money for The Mari- gold Foundation under the pa- tronage of Mrs Michelle Muscat by holding their annual Chil- dren's Fashion show. So if you know of a special someone who deserves recogni- tion, has a touching story and is an inspiration to family and friends register on www.mal- tababyandkids.com and send us your nomination on the contact form. Tell us in less than 200 words why you think they should win the award. Nominations should reach us by 30 April 2016. AWARDS 2016 maltaBabyandKids.com Gourmet Today chef Sean Gravina is Maggi brand ambassador LOCAL celebrity chef Sean Gravina has been appointed Brand Ambassador for the Mag- gi range of cooking delights. As brand ambassador, Sean will be meeting consumers at key su- permarkets as well as interact- ing with followers on Facebook. As a chef who has a passion for food and who loves doing things dif- ferently, Sean will be using an array of Maggi produc t s to create different r e c i p e s that con- s u m e r s can ac- cess on Fa- cebook and reproduce. On Facebook, con- sumers can also ask for cooking tips and advice which will be provided free of charge from one of the most renowned chefs in Malta. Speaking about his appoint- ment as Maggi Brand Ambas- sador, Sean said, "It is an honour for me to be appointed Brand Ambassador of one of the most distinguished cooking flavor brands in the world. I am look- ing forward to work with this brand to produce creative reci- pes which local consumers can use with their family or whilst entertaining," Sean Gravina has ten years of experience in the culinary world working in local and in- ternational top restau- rants, including the Dorchester and Maze by Gor- don Ramsay. Sean gradu- ated from the world's top school Le Cor- don Bleu in London and also p a r t i c i p a t e d in Master chef Professionals UK in 2014 and placed at the quarterfinals. Sean has been the resident chef of Gour- met Today for the past two years and is eager to continue his local TV career. Sean also runs a Fa- cebook page that is continuously growing. He has tamed his style of cooking to accommodate the home chef, meaning that the recipes are simpler yet still in- novative.