Main article: Economy of Malta
The Grand Harbour
Until 1800 Malta had very few industries except the cotton, tobacco and shipyards industry. The dockyard was later used by the British for military purposes. At times of war Malta's economy prospered due to its strategic location. This could be seen during the Crimean War of 1854. This benefited those who had a military role, as well as the craftsmen.
In 1869 the opening of the Suez Canal benefited Malta's economy greatly, as there was a massive increase in the shipping which entered the port. Entrepôt trade saw many ships stopping at Malta's docks for refuelling, which brought great benefits to the population. Towards the end of the 19th century the economy began declining, and by the 1940s Malta's economy was in serious crisis. This was partially due to the longer range of newer merchant ships which required less frequent refuelling stops.
Presently, Malta’s major resources are limestone, a favourable geographic location and a productive labour force. Malta produces only about 20% of its food needs, has limited freshwater supplies and has no domestic energy sources. The economy is dependent on foreign trade (serving as a freight trans-shipment point), manufacturing (especially electronics and textiles) and tourism. Tourism infrastructure has increased dramatically over the years and a number of good-quality hotels are present on the island. An increasing number of Maltese now travel abroad on holiday.[30] Although they are still a net importer of tourism, the ratio of inbound tourists to outbound tourists is decreasing. Film production is a growing contributor to the Maltese economy, with several big-budget foreign films shooting in Malta each year. The country has increased the exports of many other types of services such as banking and finance.
The government is investing heavily in the country's provision of education. As all education is free, Malta is currently producing a pool of qualified persons which heavily contribute to the country's growing economy.
Malta has recently privatised some state-controlled firms and liberalised markets in order to prepare for membership in the European Union, which it joined on May 1, 2004. For example, the government announced on January 8, 2007 that it is selling its 40% stake in Maltapost, in order to complete a privatisation process which has been ongoing for the past five years. Malta and Tunisia are currently discussing the commercial exploitation of the continental shelf between their countries, particularly for petroleum exploration.
The Maltese government entered ERM II on May 4, 2005, and adopted the euro as the country's currency on January 1, 2008.[31] Maltese euro coins feature the Maltese Cross on €2 and €1 coins, the Maltese Coat of Arms on the €0.50, €0.20 and €0.10 coins, and the Mnajdra Temples on the €0.05, €0.02 and €0.01 coins.
The Grand Harbour
Until 1800 Malta had very few industries except the cotton, tobacco and shipyards industry. The dockyard was later used by the British for military purposes. At times of war Malta's economy prospered due to its strategic location. This could be seen during the Crimean War of 1854. This benefited those who had a military role, as well as the craftsmen.
In 1869 the opening of the Suez Canal benefited Malta's economy greatly, as there was a massive increase in the shipping which entered the port. Entrepôt trade saw many ships stopping at Malta's docks for refuelling, which brought great benefits to the population. Towards the end of the 19th century the economy began declining, and by the 1940s Malta's economy was in serious crisis. This was partially due to the longer range of newer merchant ships which required less frequent refuelling stops.
Presently, Malta’s major resources are limestone, a favourable geographic location and a productive labour force. Malta produces only about 20% of its food needs, has limited freshwater supplies and has no domestic energy sources. The economy is dependent on foreign trade (serving as a freight trans-shipment point), manufacturing (especially electronics and textiles) and tourism. Tourism infrastructure has increased dramatically over the years and a number of good-quality hotels are present on the island. An increasing number of Maltese now travel abroad on holiday.[30] Although they are still a net importer of tourism, the ratio of inbound tourists to outbound tourists is decreasing. Film production is a growing contributor to the Maltese economy, with several big-budget foreign films shooting in Malta each year. The country has increased the exports of many other types of services such as banking and finance.
The government is investing heavily in the country's provision of education. As all education is free, Malta is currently producing a pool of qualified persons which heavily contribute to the country's growing economy.
Malta has recently privatised some state-controlled firms and liberalised markets in order to prepare for membership in the European Union, which it joined on May 1, 2004. For example, the government announced on January 8, 2007 that it is selling its 40% stake in Maltapost, in order to complete a privatisation process which has been ongoing for the past five years. Malta and Tunisia are currently discussing the commercial exploitation of the continental shelf between their countries, particularly for petroleum exploration.
The Maltese government entered ERM II on May 4, 2005, and adopted the euro as the country's currency on January 1, 2008.[31] Maltese euro coins feature the Maltese Cross on €2 and €1 coins, the Maltese Coat of Arms on the €0.50, €0.20 and €0.10 coins, and the Mnajdra Temples on the €0.05, €0.02 and €0.01 coins.
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