Economic Update: Issue 1/2017
The Central Bank of Malta has just published its latest Economic Update, based on information available up to 10 January 2017.
The Bank’s Business Conditions Index (BCI) signalled above normal activity levels in December. Overall economic sentiment rose marginally during the month.
In November, retail sales and tourism activity were higher in annual terms, but industrial production declined.
Labour market conditions remained favourable, with the registered unemployment falling further during the month.
Price pressures remained moderate, with the annual rate of inflation based on the Harmonised Index of Consumer Prices (HICP) and the Retail Price Index (RP) at 0.8% and 0.7%, respectively.
Maltese residents’ deposits rose at a faster rate in November, while the annual rate of growth of credit to residents eased.
As regards fiscal developments, the deficit on the cash-based Consolidated Fund narrowed in the first eleven months of the year, mainly due to higher tax revenue.
The Economic Update is available on the website of the Central Bank of Malta www.centralbankmalta.org.