Banks register a record €8.4 billion in local deposits

A scientific study by the European Commission on Maltese and Gozitan consumers and holders shows how faith in the Maltese economy in July 2014 has risen to an index of 112. This is an increase of 2.3% from June and a 10% increase from the final month of the previous administration.

The majority of the Maltese and Gozitan people interviewed in this survey said that their financial situations had improved throughout the last year and that they expect it to keep on improving in the future.

These positive predictions mean that people are consuming more than they have in the past. Moreover, statistics from the Central Bank indicate that deposits of Maltese and Gozitan families in local banks have reached a record level of €8.4 billion, reflecting an increase of almost €700 million more since the start of the current administration.

Such results show that this increase in consumption is also accompanied by an improvement in the financial assets of Maltese and Gozitan families.

Local industrial holders have witnessed a substantial increase in production in the past month. Their orders for the coming months are also registering “substantial” improvement. As a result more jobs are expected to open up within the sector.

More than a quarter of holders in the Maltese service sector predict that their sales will continue to rise. Operators in the retail sector are also generally optimistic about their economic prospects.