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Malta's Economy

Malta is very industrialized and it is often classified as being an advanced economy. The island of Malta officially adopted the Euro on the 1st of January 2008 and ever since then the economy has thrived. Malta is based in a very strategic location. It can be found in the middle of the Mediterranean Sea and it's also between the Middle East and North Africa. The market for Malta is very open and the labor force is very productive. It has a low corporate tax and the finance and ICT sector is very well developed.

The Maltese economy is centered on foreign trade. The main focus is on electronics and pharmaceuticals however tourism certainly plays a large part in the island's economy. Ever since 1987, the trade for Malta has significantly increased and the foreign export strategy has given them a sustainable level of growth. Malta has experienced growth over such a long period of time, unemployment in the area is very low and there have also been pressures from the labor market as skilled labor shortages have become more and more common. This alone has encouraged those in the population to train for the industry, which continues to add more and more jobs every single year.

An interesting fact about Malta is that it has a lot of potential when it comes to both wind power and solar power. The island could utilize this efficiently and they would be in a good standpoint when it comes to forcing change. Malta, however, is so dependent on trade that they import oil, which covers most of their electricity. This has been constantly raised in elections but nothing has been done about it yet, but if change were to happen, this certainly would impact the economy in a positive way