Identity card Malta

Identity card Malta

- Population: approximately 450 inhabitants.
- Area: 246 km² Density Capital city : Valletta (about 5 inhabitants Boss of Dice index Religions: 97% dear Official languages ​​: Maltese and English.
- Change : the euro.
- Unesco World Heritage Sites: Valletta, the hypogeum of Hal Saflieni, as well as the megalithic temples, grouping those of Ġgantija (island of Gozo), Ħaġar Qim, Mnajdra, Tarxien, Ta'Haġrat and Skorba (island of Malta).


Economic situation

By virtue of its size, its volumes of imports and exports, the Maltese economy is extremely sensitive to geopolitics and global economic activity.

Malta's trade balance is structurally in deficit, since the archipelago depends almost entirely on its imports in industrial products, consumer goods and, more importantly, energy. The global financial crisis was felt more weakly in the archipelago, in particular because the Maltese banks are traditionally cautious, and consequently little concerned by the risky practices which plagued the large international structures ...

In 2018, the growth rate reached 6,6% (one of the best in the euro zone!), Around 5% in 2019 (according to estimates), while the unemployment rate remained around 4,6, 2019% and is expected to decline in XNUMX.
However, as in other European countries, soaring property prices and growing inequalities have led to a deterioration in living conditions for some of the Maltese.

In addition, given the slowdown in its trade with European countries, Malta is seeking to diversify its partnerships outside Europe, among others to North Africa.

The different sectors

This is not theagriculture which can participate in the increase in growth: with less than a third of fertile soils and a constant hydraulic deficit, the island cannot bet on "nourishing land", producing only 20% of its needs. The sector, in decline, represents only 1,1% of the GDP.
La fishing either does not weigh much despite the establishment of breeding farms in the open sea. On the other hand, theindustry (10% of GDP) and especially services (almost 89% of GDP), including tourism, online gambling and betting and financial services, are the pillars of the Maltese economy and help to balance the trade balance.

Diversification is essential, but the shipbuilding and textile are sectors in full uncertainty. Rest thepharmaceutical industry, which continues to expand, as does the production of fiduciary paper, plastic and rubber.

- financial services play an important role, it is one of the few sectors that continued to grow (strongly) during the crisis. They contribute up to 15% of the GDP. Malta is not a tax haven in the strict sense of the term, but a country with very favorable taxation.

- virtual casinos, online games and betting that are flourishing on the Internet, as well as cryptocurrencies have also contributed to maintaining growth!
Malta has also become the European leader in blockchain technology (secure database that works with a cryptocurrency, without a control body, a bit like the Internet)!

Le tourism established itself as an essential resource in the aftermath of independence. With 2,6 million visitors in 2018 (+ 14% compared to 2017), not counting cruise passengers, it represents 27% of GDP and employment. But uncertainty remains as to the repercussions of Brexit, the British alone representing ¼ of tourist spending.

European funds have made it possible to improve both the island's infrastructure and the environment (water management, waste treatment). These assets should enhance this tourist destination and provide the Maltese with a more pleasant living environment.

Europe's first fleet

The destiny of Malta has always been linked to the form of exchanges between East and West, the island still lives to the rhythm of the boats which cross offshore (70% of Mediterranean traffic passes between Sicily and Malta) or which linger in the shipyard.

Today the archipelago, on paper at least, is the 1st merchant fleet in Europe and the 6th in the world (in tonnage).

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