Malta's real GDP growth year on year in the first half of this year far outstrips that registered by other EU countries.

Although this was known, the impact of a graphic is dramatic. This is shown by a graph created by DBRS in its latest Macro Update on Europe.

In its key macroeconomic indicators, DBRS says Malta's GDP growth in Q2 was 5.7%, its unemployment rate was 3.9%, its inflation 2.1%, and its consumer credit growth 5.3%.

Its key financial indicators are 8.0% for mortgage lending growth year on year and its NPL rate as a percentage of total loans stood at 3.5%.

DBRS published the first edition of the Macroeconomic Update covering Europe. The publication provides DBRS Views and Key Trends in the Euro area and the United Kingdom in the near term.

DBRS also comments on the major macro headlines and presents a Macro Dashboard, for both the Euro area and the UK, with the latest main macroeconomic, financial and market indicators.

The publication contains DBRS Rating Update on Sovereigns, Sub-sovereigns, and Supranational institutions in Europe, as well as the list of commentaries produced by both the Sovereign team and the Financial Institutions Group team in Europe over the past six months.

DBRS sees economic growth in the Euro area remaining moderate in 2018, while labour market conditions continue to improve. Although headline inflation in the area has risen, core inflation remains subdued.

Monetary tightening is set to start in 2019, but DBRS expects only a gradual normalisation in monetary conditions. Risks to the economic outlook in the Euro area over the next six months appear to the downside.

In the UK, economic growth gained momentum in the second quarter of 2018. DBRS highlights that the CBI composite growth indicator continues to show resilience.

However, DBRS also points out that activity in the UK housing market, a key factor along with incomes affecting consumer confidence and household spending, has been mixed so far this year.