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News - Economic Update 2018

18/07/2018

Economic Update: Issue 7/2018

The Central Bank of Malta has just published its latest Economic Update based on information available up to 16 July 2018.

In June, the Bank's Business Conditions Index (BCI) remained unchanged over the previous month, and continued to suggest above-average conditions. Economic sentiment edged down slightly, as lower sentiment within the construction, services and retail sectors offset higher confidence within industry and among consumers.

In May, tourism activity continued to grow at a strong pace in annual terms. In contrast, industrial production and 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.

The annual rate of inflation based on the Harmonised Index of Consumer Prices (HICP) rose to 1.7% in May.

The annual rate of change of Maltese residents' deposits and the annual growth in credit to residents accelerated to 7.7% and 2.4%, respectively.

Meanwhile, the cash-based Consolidated Fund recorded a surplus in contrast to a deficit in May 2017.

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

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