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2 NEWS 31.8.2023 THE Central Bank of Malta's Business Conditions Index indicates that in July, annual growth in business activity re- mained broadly unchanged when com- pared to the previous month, remaining above its long-term average. is emerged from the CBM's August economic update which shows that an- nual growth in business activity remained broadly unchanged and still above its long-term average. e Bank's Business Conditions Index indicates that in July, annual growth in business activity remained broadly un- changed when compared to the previous month, remaining above its long-term average. e European Commission's econom- ic confidence indicator rose when com- pared to June, while the employment ex- pectations indicator fell. Both remained above their long-term average. In July, price expectations stood below their year-ago level in the retail sector, and to a lesser degree, in industry. By con- trast, price expectations in services and construction were significantly above the July 2022 level. Price expectations among consumers also edged up compared with a year earlier, albeit to a lesser extent. While activity indicators were mixed, those for the labour market were very positive. Both Maltese residents' deposits and credit expanded at a marginally faster an- nual rate in June. Residential building permits declined slightly in June compared with month- ago levels but were higher in annual terms. In July, the number of promise-of- sale agreements rose on a year-on-year basis, while the number of final deeds of sales fell. e annual inflation rate based on the Harmonised Index of Consumer Prices (HICP) and the Retail Price Index (RPI) declined further in July, to stand at 5.6% and 4.7%, respectively. In June, the Consolidated Fund record- ed a higher deficit compared to a year earlier. e European Commission's econom- ic confidence indicator rose when com- pared to June, while the employment ex- pectations indicator fell. Both remained above their long-term average. In July, price expectations stood below their year-ago level in the retail sector, and to a lesser degree, in industry. By contrast, price expectations in servic- es and construction were significantly above the July 2022 level. Price expec- tations among consumers also edged up compared with a year earlier, albeit to a lesser extent. While activity indicators were mixed, those for the labour market were very positive. Both Maltese residents' deposits and credit expanded at a marginally faster annual rate in June. Residential building permits declined slightly in June compared with month- ago levels but were higher in annual terms. In July, the number of promise-of- sale agreements rose on a year-on-year basis, while the number of final deeds of sales fell. e annual inflation rate based on the Harmonised Index of Consumer Prices (HICP) and the Retail Price Index (RPI) declined further in July, to stand at 5.6% and 4.7%, respectively. In June, the Consolidated Fund record- ed a higher deficit compared to a year earlier. Annual growth in business activity remains unchanged Targeted fiscal incentives at core of Gozo Business Chamber's Budget proposals FROM PAGE 1 e site, located in Barriera Wharf in Valletta, has immense scenic value as it abuts on the Valletta fortifications and thus enjoys unique spectacular views of the Grand Harbour, Fort St. Angelo and the ree Cities. It consists of the Fish Market Building (Il-Pixkerija), the former quarantine hos- pital, and three Pinto stores, which are all classified as Grade 1. It also includes the building that presently houses the Min- istry for Energy, Enterprise, and Sustain- able Development and the area fronting the buildings and seashore. All the buildings except for the Min- istry building, are in great need of res- toration. Bids had to be submitted by 9.30am today. At 10am, four bids were opened. Carmelo Stivala Group sumbitted a bid for €38,508,600. Bonnici Brotehrs Ltd submitted three bids: one for €242,435 and two listed for nil value. When the call for tenders was issued, Malta Strategic Partnership Projects Limited, the government-owned com- pany that was entrusted with this pro- ject, had said that environmental con- siderations, during both planning and operational phases are an important part of the requirements within the request for proposals. "is project forms part of Govern- ment's commitment to regenerate Val- letta through the reconciliation of the conservation and maintenance of Val- letta's historical fabric with the trans- formation of sites into a truly sustain- able and living environment," MSPP said. Printed hoarding will be required to minimise the visual impact of works and applicants were invited to pro- pose environmental, cultural and social measures and actions to be funded by the applicants themselves with the ob- jective of ameliorating the lower part of Valletta. Direct revenue for the government from the ground rent and concession fee, amongst others, amounts to circa €615,000 per year, which includes an annual ground rent, fixed at €357,565, apart from the fixed annual permit fee payable to Transport Malta and a con- cession fee set at €208,250. €2 million of annual tax revenues are estimated to be generated directly, ris- ing to €4.6 million inclusive of multipli- er effects.

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