In October, retail sales and tourism activity grew at a slower pace in annual terms, while industrial production declined, according to an economic update published by the Central Bank of Malta.  

Labour market conditions remained favourable. The number of registered unemployed edged down further.

Price pressures picked up in October, with the annual rate of inflation based on the Harmonised Index of Consumer Prices (HICP) rising to 1.5%.

Maltese residents’ deposits rose by 15.7% when compared with a year earlier, while growth in credit to residents rose marginally to 2.7%.

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

In November, the Bank’s Business Conditions Index (BCI) signalled a slight improvement in activity levels over the previous month.

Economic sentiment also rose, as improved confidence in the retail and industry sectors and among consumers offset weaker confidence within the construction and services sectors, albeit still at a very high level.