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Central Bank issues update

The Central Bank of Malta has just published its latest Economic Update based on information available up to May 11.

In April, the Bank’s Business Conditions Index (BCI) remained broadly unchanged on a month earlier, and continued to suggest above-average conditions. However, economic sentiment fell, reflecting weaker sentiment across all sectors.

In March, retail sales and tourism activity grew at a strong pace in annual terms, while industrial production contracted at a slower pace.

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) remained unchanged at 1.3 per cent in March.

The annual rate of change of Maltese residents’ deposits decelerated to 5.7 per cent, but annual growth in credit to residents accelerated to two per cent.

Meanwhile, the cash-based Consolidated Fund recorded a larger deficit compared with March 2017.

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

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