Family finances on an upward trajectory

Despite rising household consumption, data shows a strong saving trend.

Across the European Union, April retail sales dipped slightly by 0.1% compared to the same month last year, according to Eurostat data. Malta, however, defied the trend and saw a positive increase of 2.5% in sales. In contrast, 10 European countries experienced a decline in sales, with Germany and Italy facing drops of 0.8% and 1.2%, respectively.

In comparison to 2021, retail sales across Europe have not fully recovered. Malta is a standout performer, with sales 14% higher than last year. This is the strongest growth observed in the eurozone. Ten European countries are still struggling to recover from the pandemic’s impact on retail sales.

Despite rising household consumption, data from the Central Bank of Malta shows a strong saving trend. Household deposits with local banks surpassed €17.2 billion for the first time in April. This represents a doubling of Maltese household bank deposits since 2013. Moreover, deposits have grown significantly in recent years, with a €609 million increase over the past year and a staggering €4 billion surge since January 2020.

Photo: Andrea Piacquadio

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