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MALTA
Economy

Cities in MALTA

Valletta

Economy

General

Portomaso business tower, MaltaPhoto:Frank Vicentz Creative Commons Attribution-Share Alike 3.0 Unported no changes made

Malta was considered a developing country until the 1980s, but then experienced spectacular economic growth. The island economy is not very strong, but fairly stable. This is mainly due to tourism. The government is the largest employer. Since 1987, efforts have been made to attract foreign investors through very favorable tax conditions and develop Malta into an international financial center. Malta's central location between Africa, Europe and the Middle East is of course extremely suitable for this. The EU and Italy are providing financial support to Malta.

Economic growth rate in 2017 was 6.7% and the GDP per capita was $ 41,900. The unemployment rate was 4.6% in 2017.

Agriculture, livestock and fishing

Vineyard MaltaPhoto:Florival fr Creative Commons Attribution-Share Alike 3.0 Unported no changes made

Most farms are small and for most farmers it is an extra income. Not more than half of the total land area is suitable for arable farming and livestock farming. Total agricultural production (including fishing) represented only 1.1% of GDP in 2017. Crops that are exported are potatoes, onions, cut flowers and plants. Furthermore, many wine grapes are grown, but not enough for the local wine industry. Vegetable, fruit and livestock farming do not yield enough for local consumption. The fishing industry employs 1000 people, in whole or in part, but has only a small share in the Maltese economy.

Industry and energy supply

Malta Dry DocksPhoto:Boguslaw Garbacz Creative Commons Attribution 3.0 Unported no changes made

The largest private employer in Malta is the Malta Drydocks, the former shipyards and drydocks of the UK fleet base with over 5,000 employees. In the early 1970s, the dockyards were privatized by the Maltese government. Malta also has shipyards specializing in the construction and repair of yachts. There are also a number of small businesses that manufacture cigars, textiles, glass and pottery. For its energy supply, Malta is completely dependent on imports of petroleum from the Middle East. The continental shelf surrounding the islands contains petroleum and natural gas.

Trade

Export MaltaPhoto:Alexander Simoes, Cesar Hidalgo et alCCAttribution-Share Alike 3.0 Unportedno changes

The trade balance is always in deficit. The main imports ($ 5 billion in 2017) are food, semi-finished goods, vehicles, machinery, chemicals, alcoholics, petroleum and petroleum products. The largest suppliers are: France, Great Britain, Italy and Germany. The main exports ($ 3.3 billion in 2017) are textiles, clothing, footwear, machinery, plastics, potatoes, onions and tobacco products. The main customers are Italy, Germany, Great Britain, France.

Traffic

Air MaltaPhoto:MX8 Creative Commons Attribution 3.0 Unported no changes made

Malta has an airport, Luqa, which was radically modernized not long ago. Founded in 1973, the state airline Air Malta maintains services to Europe and North Africa. The Grand Harbor is served by many merchant ships. Ferry services with Sicily and Southern Italy are maintained. The road network is reasonably maintained. Malta has not had a railway since 1931; public transport (buses and taxis) is in the hands of small private entrepreneurs.

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Sources

Boulton, S. / Malta
Kosmos

Cutajar, D. / Malta en Gozo
Publications Ltd.

Encarta Encyclopedie

Leeuwen, G. van / Malta
ANWB

Strijbos, E. / Malta en Gozo
Gottmer

CIA - World Factbook

BBC - Country Profiles Minbuza

Last updated September 2021
Copyright: Team Landenweb