Central Bank lowers growth projections

The Central Bank is revising its economic growth projections for Malta, and although its assessment is not expected to be completed before the first week of December, it looked like GDP would be 2 percent next year, Bank Governor Michael C. Bonello said this evening.

GDP growth was 3 percent this year and the government in the Budget speech on November 3 projected growth of 2.5 percent for next year.

Mr Bonello acknowledged that economic forecasting was difficult in the current international economic scenario, saying much depended on external demand.

When replying to questions after making a presentation to the parliamentary Public Accounts Committee, Mr Bonello welcomed the fact that the main banks had given preferential interest rates on mortgages.

He also said the rate of mortgage and credit card repayments in Malta had remained regular.