Creative Industries Malta
Population: 16,877,351 (July 2014 est.)
Internet country code: .mt
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; according to legend, the colors are taken from the red and white checkered banner of Count Roger of Sicily who removed a bi-colored corner and granted it to Malta in 1091; an uncontested explanation is that the colors are those of the Knights of Saint John who ruled Malta from 1530 to 1798; in 1942, King George VI of the United Kingdom awarded the George Cross to the islanders for their exceptional bravery and gallantry in World War II; since independence in 1964, the George Cross bordered in red has appeared directly on the white field
Republic of Malta / Repubblika ta’ Malta
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.
Malta – the smallest economy in the euro zone – produces only about 20% of its food needs, has limited fresh water supplies, and has few domestic energy sources. Malta’s geographic position between Europe and North Africa makes it a target for irregular migration, which has strained Malta’s political and economic resources. Malta’s fertility rate is below the EU average, and population growth in recent years has largely been from immigration, putting increasing pressure on the pension system. Malta adopted the euro on 1 January 2008. Malta’s economy is dependent on foreign trade, manufacturing, and tourism, and was hurt by the global economic downturn, but fared better than most other EU member states. Malta has low unemployment relative to other European countries, and growth has recovered since the 2009 recession. Malta’s financial services industry has grown in recent years and it has avoided contagion from the European financial crisis, largely because its debt is mostly held domestically and its banks have low exposure to the sovereign debt of peripheral European countries. In 2013, Malta led the Eurozone in growth, expanding by nearly 3%, but the government continued to garner scrutiny from the EU for skirting the 3% excessive deficit limit.
GDP (purchasing power parity):
$13.38 billion (2014 est.)
$13.09 billion (2013 est.)
$12.73 billion (2012 est.)
note: data are in 2014 US dollars