Republic of Malta
About Republic of Malta
Background:
Great Britain formally acquired possession of Malta in 1814. The island staunchly supported the UK through both World Wars and remained in the Commonwealth when it became independent in 1964. A decade later Malta became a republic. Since about the mid-1980s, the island has transformed itself into a freight transshipment point, a financial center, and a tourist destination. Malta became an EU member in May 2004 and began using the euro as currency in 2008.
PEOPLE
Population:
405,165 (July 2009 est.)
country comparison to the world: 173
Nationality:
noun: Maltese (singular and plural)
adjective: Maltese
Ethnic groups:
Maltese (descendants of ancient Carthaginians and Phoenicians with strong elements of Italian and other Mediterranean stock)
Religions:
Roman Catholic 98%
Languages:
Maltese (official) 90.2%, English (official) 6%, multilingual 3%, other 0.8% (2005 census)
GOVERNMENT
Country Name:
conventional long form: Republic of Malta
conventional short form: Malta
local long form: Repubblika ta' Malta
local short form: Malta
Government type:
republic
Capital:
name: Valletta
geographic coordinates: 35 53 N, 14 30 E
time difference: UTC+1 (6 hours ahead of Washington, DC during Standard Time)
daylight saving time: +1hr, begins last Sunday in March; ends last Sunday in October
Independence:
21 September 1964 (from the UK)
Flag description:
two equal vertical bands of white (hoist side) and red; in the upper hoist-side corner is a representation of the George Cross, edged in red
ECONOMY
Economy - overview:
Malta produces only about 20% of its food needs, has limited fresh water supplies, and has few domestic energy sources. Malta's geographic position between the EU and Africa makes it a target for illegal immigration, which has strained Malta's political and economic resources. Malta's financial services industry has grown in recent years and in 2008-09 it escaped significant damage from the international financial crisis, largely because the sector is centered on the indigenous real estate market and not highly leveraged. Locally, the restricted damage from the financial crisis has been attributed to the stability of the Maltese banking system and to its prudent risk-management practices. The global economic downturn and high electricity and water prices have hurt Malta's real economy, which is dependent on foreign trade, manufacturing - especially electronics and pharmaceuticals - and tourism. Following a few years of modest growth, Malta's economy contracted in 2009 by 3.3%. The government of Malta in 2009 took steps to provide direct grants to struggling local businesses, but in 2008 public expenditures fueled a budget deficit, which, at around 4.7% of GDP, places Malta above the EU's 3% maximum. Malta adopted the euro on 1 January 2008.
GDP (purchasing power parity):
$9.65 billion (2009 est.)
country comparison to the world: 149
$10.05 billion (2008 est.)
$9.823 billion (2007 est.)
note: data are in 2009 US dollars
GDP - per capita (PPP):
$23,800 (2009 est.)
country comparison to the world: 53
$24,900 (2008 est.)
$24,400 (2007 est.)
note: data are in 2009 US dollars
Budget:
revenues: $3.068 billion
expenditures: $3.511 billion (2009 est.)
Inflation rate (consumer prices):
2.7% (2009 est.)
country comparison to the world: 85
4.3% (2008 est.)
Industries:
tourism, electronics, ship building and repair, construction, food and beverages, pharmaceuticals, footwear, clothing, tobacco, aviation services, financial services, information technology services
Exports:
$2.459 billion (2009 est.)
country comparison to the world: 124
$3.06 billion (2008 est.)
Imports:
$3.94 billion (2009 est.)
country comparison to the world: 120
$4.792 billion (2008 est.)
Exchange rates:
euros (EUR) per US dollar - 0.7338 (2009), 0.6827 (2008), Maltese liri per US dollar - 0.3106 (2007), 0.37 (2006), 0.34578 (2005), 0.37723 (2003)
