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Economic Update: Issue 10/2016

The Central Bank of Malta has just published its latest Economic Update, based on information available up to 4 November 2016.

Overall economic sentiment was unchanged in October, as an improved assessment in the services sector and among consumers offset weaker sentiment in other sectors.

As regards economic activity, in September industrial production went up marginally on a year earlier, while activity in the tourism sector rose and retail sales increased.

The labour market continued to perform solidly, with the annual growth rate of the gainfully occupied population rising to 4.3% in April. Unemployment fell further in September.

Price pressures remained moderate. In September, the annual rate of inflation based on the Harmonised Index of Consumer Prices and the Retail Price Index stood at 0.9% and 0.8%, respectively.

Maltese residents’ deposits and credit to residents expanded at a slower rate in September than they did in August.

As regards fiscal developments, the deficit on the Consolidated Fund narrowed in the first nine months of 2016, mainly due to an increase in tax revenue.

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