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The Maltese Islands:
Key Economic Statistics

     

Malta

 

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Selected Statistics

 

 

GDP growth at current market prices (Dec. 2002)

2.8%

 

GDP per capita at current market prices (Dec. 2002)

US$9,771

 

GDP per head in PPS relative to the EU-15 average (2002)

69%
 

Ratio of gross government debt to GDP (2003)

68.9%
 

Ratio of government deficit to GDP (2003)

6.4%
 

Retail price inflation

1.1%
 

Ratio of exports of goods and services to GDP (Dec. 2002)

86%
 

Ratio of current account deficit to GDP (Dec. 2002)

2.1%
 

Employment rate (June 2003)

54.6%
 

Unemployment rate (June 2003)

7.5%

Domestic Market

Malta's domestic market is small, only 385,000 people, but is surrounded by an extended market of 400 million people. Malta enjoys duty free access to European markets.

Business Services

CCA is a widely esteemed and respected internationally outward-looking legal and business-consulting firm providing the highest standards in legal and business services.

Financial Markets

Malta's financial system is well developed and regulated to EU standards. The banking system consists of a central bank and two large commercial banks supported by a range of smaller banks and financial institutions, merchant banks, brokerages, corporate finance, investment houses and insurance companies.

Competitiveness of Location

Malta is one of the most trade dependent economies in the world. Favourable fiscal and non-fiscal incentives make Malta a very competitive location compared to many European locations.

Investment Incentives

Through Malta Enterprise a comprehensive package of financial incentives towards start-up costs, capital investment, employment and Research & Development are available.

Workforce

Malta's multi-lingual labour force is highly educated, diligent, flexible, quality-conscious, and adaptable. Investors enjoy industrial stability and low wage costs.

Transportation and logistics

Malta is connected to practically every major port in the Far East, Europe, North America and North Africa. Supplementing this, is a ro-ro service to mainland Italy via which all cargo trailers leave the island, for delivery by road to mainland Europe. Malta has daily flights to most major European capitals and international hubs.

Taxation & Treaties

Malta offers favourable corporate and personal tax rates. Coupled with double taxation agreements with 37 countries.

>> Malta's Tax System

Transportation and logistics

Malta is connected to practically every major port in the Far East, Europe, North America and North Africa. Supplementing this, is a ro-ro service to mainland Italy via which all cargo trailers leave the island, for delivery by road to mainland Europe. Malta has daily flights to most major European capitals and international hubs.

Tourism

Malta's economy is greatly dependent on tourism, although successive governments have worked with varying degrees of success to set up a manufacturing base and a centre for international financial services. Before Independence in 1964, Malta was a Fortress economy, with a 150-year tradition of reliance on the British armed forces. The majority of the Maltese workforce was either employed directly by the British forces or in industries servicing the military machine. The government of the day was then faced with the task of creating an economy for the island from scratch, with no natural resources to fall back upon. The decision to invest in tourism and manufacturing initially brought success in the early years, and though efforts to diversify the economy by encouraging the development of sectors like financial services and IT have been largely successful over the last decade, the major contributors to Malta's economy remain tourism (contributing some 25% of GDP) and manufacturing.

Attractive manufacturing base for high value products

Malta is perfectly placed to take advantage of the EU's focus on the Mediterranean and developing African markets, and US and Asian interest in the EU. With low labour costs and an incentive scheme aimed at value-added export manufacturing, over 200 international companies have already located manufacturing sites in Malta. Malta's industrial estates are equipped with essential services such as water and electricity supply, telephone and fax lines and good roads. Two new industrial estates will soon be made available for marine industries and aviation services. To-date, there are around 700 factories located in 12 industrial estates from small businesses to high-tech. All the industrial areas are administered by the MDC (now Malta Enterprise) which provides hands-on support.

 

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