The Central Bank of Malta has just published its Annual Report in which it describes Malta's economy as resilient and better than the Eurozone. The Central Bank report showed that the Maltese economy continued to outperform the Euro area with the Gross Domestic Product (GDP) standing at 3.5%, up from the previous year's mark of 2.7%.
The report highlighted the fact that during the first nine months of 2014,employment in Malta was on average 2.2 % higher than a year earlier, according to a Labour Force Survey. Enflation was down below 1%, standing at 0.8%, largely thanks to lower energy tariffs.
The Report observes that the global economy showed resilience throughout 2014, though the pace of recovery differed across the major economies. The euro area returned to positive growth, as GDP rose by 0.9%, compared with a decline of 0.5% in 2013. Still, the recovery in the euro area remains weak compared with other advanced economies. Inflation in the euro area turned negative towards the end of 2014, standing at -0.2% in December. This disinflationary trend was driven by lower energy prices, although inflation excluding energy also declined. With oil prices declining and against the backdrop of a modest recovery, there is the risk of inflation falling further below the ECB's price stability objective.
The Annual Report 2014 is available on the Central Bank of Malta's website at http://www.centralbankmalta.org/