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Activities in Malta, Gozo and Comino. Visit our day tours, cruises and excursions. Included are lunch, transfer from and to your accommodation and ...

Economy

Online since: 09. April 2013

Docks in the Grand Harbour of Malta

In 2012, Malta’s economy grew by 1.2 % (in 2011 by 2.1 % and in 2010 by 2.5 %).

Malta has a very open-market economy in import and export. The largest part consists of the real estate sector, followed by the producing sector, then the wholesale and retail trade, as well as other public or private service providers, including the booming sector of online gambling. According to estimations, in 2012 the merchandise imports to Malta accounted for USD 4.648 Bn., while export accounted for USD 3.67 Bn. The economic growth was mainly boosted by the sector of other public and private services. The unemployment rate, compared to other European countries, is fairly low as well. In 2012, it was 6.1 % (estimations). In 2011, the female activity rate was 40.6 %; an increase of approx. 4 % compared to 2007. This is, however, still one of Europe’s lowest female activity rates. The average is usually around 58 %. In 2012, the inflation rate in Malta was 2.5 % and since 1 January 2008 the Euro has been the statutory currency in Malta.

Tourism

Most jobs in Malta depend on tourism. This means, the fewer tourists come, the more jobs are in danger. In the last few years, however, an increase in tourist numbers has been noticed. In 2012, for example, more visitors than ever before came to Malta, especially by way of cruise liners, the number of which has increased considerably in the past few years. Malta is also a popular destination for students wanting to learn English. The Malta Tourism Authority also has an office in Germany. The office in the city of Frankfurt am Main provides information to everyone who wants to travel to Malta.

Finance Services

In Malta, just like in every other country , there is a regulating authority called the “Malta Financial Services Authority” for finance service providers. They are also responsible for entries in the commercial register. The most significant bank in Malta is HSBC. Its head office is located in Great Britain. The Bank of Valetta is another bank on the island. In 2004, Malta became a member of the EU. Subsequently, the number of financial institutes increased significantly by a total of 65 %. Several German companies have established subsidiaries in Malta, too.

Shipping

Malta is one of the biggest flag states within the EU. With 44 Mio. gross register tons, it is actually the seventh biggest flag state in the world. Since 2006, the free port for containers has continuously increased its turnover, and in the following years several million Euros will be invested in new workplaces. In 2010, 2.37 Mio. TEUs (twenty-foot equivalent unit) were turned over. At the moment, ships with up to 16 000 TEUs can anchor in the harbour. This year (2013), the harbour is supposedly to be expanded, in order to accommodate ships with up to 18 000 TEUs. The Malta Freeport is located in the South of Malta, close to Birzebuggia.

S. Wagner & H. Stopp



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