June’s unemployment rate was the lowest on record – Economic analysis


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The unemployment rate in June was the lowest on record, according to the Central Bank’s August economic update.

The unemployment rate fell slightly to 3% from May and also remained below last year’s rate.

“The rate seen in June 2022 was, in fact, the lowest on record,” the update said.

Data from Jobsplus, according to the update, showed the number of people on the unemployment register stood at 954 in June 2022, down from 961 in May and 1,711 a year earlier – when the job market was slack. still affected by pandemic restrictions.

The number of registered unemployed has now been below pre-pandemic levels since mid-2021.

The European Commission’s confidence survey shows that economic sentiment in Malta fell slightly in July compared to the previous month, but remained at its long-term average, estimated since November 2002.

Compared to June, sentiment has deteriorated in all sectors covered by the survey, with the exception of retail trade.

Additional survey information shows that, compared to June, price expectations have fallen in the services sector and among consumers, but have increased in the other sectors.

The European Commission’s uncertainty indicator for Malta has fallen compared to June, signaling less uncertainty. This development is explained by the development of services and industry as uncertainty increased among consumers and, to a lesser extent, in the retail sector.

In June, industrial production contracted in annual terms, but at a slower pace compared to May. At the same time, retail trade volume grew at a slower pace than the previous month.

Increase in housing permits

Residential permits rose in June from their levels a year ago, while commercial permits fell. In July, the number of promises of sale and final deeds of sale fell year-on-year.

The annual inflation rate based on the harmonized index of consumer prices stood at 6.8% in July, compared to 6.1% the previous month. Inflation based on the retail price index also increased, reaching 6.8% in July against 6.2% a month earlier.

In June 2022, the consolidated fund deficit narrowed considerably compared to a year earlier, as government revenues increased while government expenditures decreased.

Annual growth in resident deposits remained strong in June, rising 9.8%. Meanwhile, annual credit growth to Maltese residents increased slightly to 7%.

At the end of the month, 622 facilities were approved and remain outstanding under the Development Bank of Malta’s COVID-19 guarantee scheme, corresponding to total sanctioned amounts of €482.6 million.

As of June, three loan facilities had been approved under a new MDB subsidized loan program for importers and wholesalers of wheat and animal feed, covering a total of sanctioned loans of 15.6 million euros.

In June, the MDB launched the Liquidity Support Guarantee Program to provide additional liquidity support in response to the Ukraine crisis. This scheme consists of two measures: LSGS-A provides bank financing support to all companies affected by the crisis, while LSGS-B is specific to importers of fuel and oil. No facilities were approved in June.

The full economic update can be read here.

Originally published by Times of Malta on 25 August 2022

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