"The unemployment rate fell marginally to 3 percent when compared with May and also stood below last year's rate. The rate observed in June 2022 was, in fact, the lowest ever recorded," the bank said in its August economic update.
It said its business conditions index for July indicated that "annual growth in business activity was at its long-term average estimated since January 2000."
The bank said that "according to the European Commission's Confidence Survey, economic sentiment in Malta edged down in July when compared with a month earlier, but stood at its long-term average."
When compared with June, sentiment deteriorated in all sectors covered by the survey except in the retail sector.
Additional survey information shows that, compared to June, price expectations fell in the services sector and among consumers, but rose in the remaining sectors.
"The European Commission's Uncertainty Indicator for Malta decreased when compared with June, signaling lower uncertainty," the bank said. "This was driven by developments in services and industry, as uncertainty rose among consumers, and to a smaller extent in the retail sector."
In June, industrial production contracted in annual terms, though at a smaller rate compared with May.
The bank reported that "residential permits rose in June relative to their year-ago levels, while commercial permits declined."
The annual inflation rate based on the harmonized index of consumer prices (HICP) stood at 6.8 percent in July, up from 6.1 percent in June.
Inflation based on the retail price index (RPI) also rose to 6.8 percent in July from 6.2 percent a month earlier.
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