Increase in Maltese residents’ deposits - CBM

Maltese residents’ deposits rose by 12.4% in January when compared with a year earlier, while credit to residents increased by 2.5%, the Central Bank of Malta said in its first Economic Update for the year.

The Economic Update is based on information available up to 16 January 2018.

“In December, the Bank’s Business Conditions Index (BCI) was unchanged over the previous month, with activity remaining significantly above normal levels. Economic sentiment rose to the highest level on record, as weaker confidence in the industry and retail sectors was offset by improved confidence in services and construction, and among consumers,” the CBM said.

In November, retail sales and tourism activity grew at a faster pace in annual terms. Industrial production expanded moderately. Labour market conditions remained favourable, with the number of registered unemployed edging down further and the unemployment rate remaining at the lowest level on record.

Price pressures stabilised in November as the annual rate of inflation based on the Harmonised Index of Consumer Prices (HICP) stood unchanged at 1.5%.

As regards fiscal developments, the cash-based Consolidated Fund registered a surplus in the first eleven months of 2017.

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