16/08/2018

Economic Update: Issue 8/2018

The Central Bank of Malta has just published its latest Economic Update based on information available up to 8 August 2018.

In July, the Bank's Business Conditions' Index (BCI) rose over the previous month and continued to suggest above-average conditions. With the exception of consumers, amongst which economic confidence remained stable at a high level, economic sentiment increased, as higher confidence was recorded across all other sectors.

In June, tourism activity continued to grow at a strong pace in annual terms.  Industrial production increased on a year earlier, while retail trade contracted.

Labour market conditions remained favourable, with the number of registered unemployed declining further and the unemployment rate falling to a new historical low.

In June, the annual rate of inflation based on the Harmonised Index of Consumer Prices (HICP) rose to 2.0%. 

The annual rate of change of Maltese residents' deposits eased to 4.5%, while the annual growth in credit to residents accelerated to 3.0%. 

As regards fiscal developments, the cash-based Consolidated Fund registered a smaller deficit compared with that recorded in June 2017. 

The Economic Update is available on the website of the Central Bank of Malta.

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