Growth steady, inflation down

Economic activity continues to be sustained.

The Central Bank’s monthly economic update shows that economic activity continued to grow in April, although the growth rate was slightly below the historical average.

The performance of the tourism sector remained very sustained, while economic sentiment among households and businesses remained better than that across the European Union. This reflected positive sentiment in several sectors. The property sector also continued to perform very well, with an increase in both sales and prices.

The report indicates further employment increases while the unemployment rate remained at very low levels and lower than last year. At the same time, the inflation rate continued to fall and is now at par with the European average. When you exclude the effect of energy and food prices, the rate in Malta is much lower than in the rest of the Union.

During March, government finances continued to strengthen, reflecting lower expenditure and revenue improvements. These developments led to a reduction in the national debt between February and March. Figures compiled by the local banks also indicate that household deposits rose again during the month to reach a new record high.

Photo: Ivan Dražić

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