Issue link: https://maltatoday.uberflip.com/i/723651
maltatoday, WEDNESDAY, 7 SEPTEMBER 2016 11 Business Today www.creditinfo.com.mt info@creditinfo.com.mt Tel: 2131 2344 Your Local Partner for Credit Risk Management Solutions Supporting you all the way Gross domestic product up by 4.7% in second quarter of 2016 Provisional estimates indi- cate that the Gross Domestic Product (GDP) for the second quarter of 2016 amounted to €2,277.6 million, an increase of €102.7 million when com- pared to the corresponding period last year. This marks a 4.7% rise. In real terms, GDP went up by 3%. During the second quarter of 2016, Gross Value Added (GVA) increased by €86.4 million when compared to the same quarter last year. The main contributors to this were professional, scientific and technical activities and administrative and support service activities which increased by €19.5 million, 8.5% rise. Public administration and defence, education, and human health and social work activities also increased by €19.5 million, a 5.3% rise. Information and communication also increased by €11.2 million, a 10.1% increase. A slight drop was registered in construction. Total final consumption expenditure in nominal terms increased by 3.5% and by 2.4% in real terms. Gross fixed capital formation increased by 1.2% in nominal prices and decreased by 2.1% in real terms. Real exports increased by 0.2 and real imports decreased by 0.03. Compared to the corresponding quarter last year, the increase in GDP at current prices of €102.7 million is estimated to have been distributed into a €57 million increase in compensation of employees, a €39.7 million increase in gross operating surplus of enterprises, and a €6 million increase in net taxation on production and imports. Considering the effects of income and taxation paid and received by residents to and from the rest of the world, Gross National Income (GNI) at market prices for the second quarter of 2016 is estimated at €2,225.3 million. Prime Minister, Opposition leader to attend EY conference Prime Minister Joseph Muscat and Opposition leader Simon Bu- suttil have confirmed the deliv- ery of keynote speeches for 'The Future is Today, EY's annual na- tional conference to launch the Malta Attractiveness Survey' on 7 October. The conference, focusing on foreign investment, will feature over 60 speakers – Malta's top decision makers in the public and private sectors as well as high- profile international keynote speakers. Last year over 500 delegates took part. This year's international keynote speaker is the world- renowned BBC journalist and programme presenter, Jeremy Paxman. A number of other foreign and local speakers have also confirmed their participation and will also be contributing to the various sectoral discussion panels. The support and participation of various top level private sector, regulatory and government representatives, as well as members of the diplomatic corps is also testament of the importance of this event. During the event, the results of a survey carried out amongst existing FDI companies in Malta is unveiled and discussed in a series of plenary sessions and sectoral break-out sessions. The delegates also benefit from significant networking opportunities with their local and foreign counterparts. The survey results and post- event report are subsequently widely distributed globally and showcase Malta as a forward looking investment destination. This survey has become the benchmark consulted by prospective investors around the world. The event is supported by The Malta Chamber of Commerce, Enterprise & Industry, GO plc, HSBC Bank Malta plc, Malta Gaming Authority (MGA), ICON Studios Ltd, FinanceMalta, Konnekt Search & Selection Ltd, The Westin Dragonara Resort, Malta Hotels and Restaurants Association, Malta Freeport Corporation, Malta Stock Exchange plc, Valletta Cruise Port plc, Mizzi Motors Ltd, Malta Investment Management Co Ltd (Mimcol), Studio Seven Co. Ltd, Ministry for Justice, Culture and Local Government, Malta Industrial Parks Ltd, Bank of Valletta plc and Malta Enterprise. Joseph Muscat Simon Busuttil