Introducing MALTA

Currency

Euros

Languages

Maltese

Time Zone

29/03/24
04:45 PM

Malta is home to some of the world's oldest megalithic structures and has a culture that goes back thousands of years. Located in the middle of the Mediterranean, Malta's islands have long been a strategic military advantage. The Phoenicians, Carthaginians, Greeks, Romans, Byzantines, Moors, Normans, Sicilians, Spanish, Knights of St. John, and French have all had possession of the islands at various points in history. Since 1814, Malta has been a British colony; it won independence in 1964 and proclaimed itself a republic ten years later. During its time as a British colony, the island fought with the UK in both World Wars. The island has evolved since the middle of the 1980s into a hub for the transshipment of freight, a financial hub, and a popular tourist destination while its primary industries have shifted toward more service-oriented endeavors. Malta joined the EU in May 2004 and adopted the euro as its official currency in 2008.

Southern Europe, islands in the Mediterranean Sea, south of Sicily (Italy)

total: 316 sq km land: 316 sq km water: 0 sq km

Mediterranean; mild, rainy winters; hot, dry summers

464,186 (2022 est.)

The smallest economy in the eurozone and free-market nation of Malta is strongly dependent on trade in both commodities and services, particularly with Europe. Malta has few domestic energy sources, produces less than a quarter of its own food, and has a finite amount of freshwater. Manufacturing, tourism, and international trade are all important to Malta's economy. Malta accepted the euro on January 1st, 2008 after joining the EU in 2004. Due to a low debt-to-GDP ratio and a financially healthy banking sector, Malta has weathered the euro-zone crisis better than most EU member states. With one of the lowest unemployment rates in all of Europe, it has fully recovered from the recession that began in 2009. Malta outgrew the rest of the eurozone by growing over 4.5% annually from 2014 to 2016. The financial services and online gambling industries have both experienced consistent growth in Malta's services sector. Although EU discussions of anti-tax avoidance measures have generated worries among Malta's financial services and insurance firms, as the proposals could have a large impact on those sectors, advantageous tax plans continue to be appealing to foreign investors. The travel industry expanded as well, with record-breaking numbers of passengers arriving by air and on cruise ships in 2016. The robust labor market in Malta contributes to the country's continued solid GDP growth. To promote more labor force participation, the government has launched new initiatives, such as childcare that is completely free. Future economic growth may be hampered by the high borrowing costs and the tiny labor pool. Although wages in Malta have remained low in comparison to other European nations, more and more other EU citizens and European migrants are moving here in search of employment. Low inflation persists.

Maltese

Maltese (descendants of ancient Carthaginians and Phoenicians with strong elements of Italian and other Mediterranean stock)

0.78% (2019 est.) 0.89% (2018 est.) country comparison to the world: 5

Maltese (official) 90.1%, English (official) 6%, multilingual 3%, other 0.9% (2005 est.)

Roman Catholic (official) more than 90% (2006 est.)

0-14 years: 14.38% (male 33,934/female 31,823) 15-24 years: 10.33% (male 24,445/female 22,811) 25-54 years: 41.1% (male 97,685/female 90,264) 55-64 years: 12.88% (male 29,533/female 29,353) 65 years and over: 21.3% (2020 est.) (male 44,644/female 52,775)

occasional droughts

$20.6 billion (2020 est.) $22.15 billion (2019 est.) $20.99 billion (2018 est.) note: data are in 2017 dollars country comparison to the world: 149

4.94% (2019 est.) 5.17% (2018 est.) 8.03% (2017 est.) country comparison to the world: 49

$39,200 (2020 est.) $44,000 (2019 est.) $43,300 (2018 est.) note: data are in 2017 dollars country comparison to the world: 44

$14.986 billion (2019 est.)

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