The Central Bank of Malta’s April Economic Update found that economic activity remained strong, with annual business activity growth above its long-term average in March and services outperforming manufacturing. Harmonised Index of Consumer Prices inflation held at 2.3% despite higher global energy prices, while inflation excluding food and energy was 2.4%. Retail Price Index inflation rose to 2.7%. Industrial production contracted 3.4% year on year in February, but retail trade growth accelerated to 11.4% and tourist spending increased 16.9%. Economic sentiment remained above its long-term average, property market indicators were buoyant and labor demand stayed high, although unemployment held at 3.5% and exceeded its year-earlier level. Residents’ deposit growth accelerated to 6.6% in February, while credit growth moderated to 7.7%.
Central Bank of Malta2026-04-30
Central Bank of Malta reports above-average business activity and stable 2.3% inflation
The Central Bank of Malta reported above-average business activity and stable HICP inflation of 2.3%, with services, tourism and retail trade outperforming manufacturing. Economic sentiment and labor demand remained strong, while residents’ deposit growth accelerated and credit growth moderated.