Economic confidence index improves by 3.5% in September

Economic confidence in Malta grew by 3.5% over the past month according to the ECI index issued by the European Union, which in turn suffered a decrease of 1% in economic confidence.

The data was issued by the European Commission in a survey of Maltese and Gozitan consumers for the month of September.

Confidence levels increased in the industry and services sectors, and marginally increased in the otherwise negative confidence areas of consumer and construction, which fell for -19.5% to -12/9% and from -22.5% to -20.5% respectively.

The government said in a statement that manufacturing trade was reported to have improved for the fourth consecutive month, and that services sectors had reported greater demand.

“Consumers have declared an improvement in their financial situation and they expect more over the next twelve months. In their majority, these families expect lower unemployment and inflation, which would increase their rate of consumption.”

According to Central Bank data, Maltese bank deposits increased by 9.1% to €727 million in August.