Malta - Country Code 356
IDD Code: 00
Country Code: 356
ISO: MT
ISO3: MLT
Helpful Information About Malta
Time
Monday, December 23, 2024
Capital: Valletta
Time Zone
UTC+01:00
Time Difference
Valletta, Malta is ()
Daylight Savings Time
Malta does not follow DST
Weather
Country Map
Country Flag
About Malta Country NameMalta
ContinentEurope
Lat/Long35.93749600, 14.37541600
BackgroundWith a civilization that dates back thousands of years, Malta boasts some of the oldest megalithic sites in the world. Situated in the center of the Mediterranean, Malta’s islands have long served as a strategic military asset, with the islands at various times having come under control of the Phoenicians, Carthaginians, Greeks, Romans,
Population415,196 (July 2016 est.)
LanguagesMaltese (official) 90.1%, English (official) 6%, multilingual 3%, other 0.9% (2005 est.)
ReligionsRoman Catholic (official) more than 90% (2006 est.)
Ethnic GroupsMaltese (descendants of ancient Carthaginians and Phoenicians with strong elements of Italian and other Mediterranean stock)
Economy
EconomyMalta’s free market economy – the smallest economy in the euro zone – relies heavily on trade in both goods and services, principally with Europe. Malta produces less than a quarter of its food needs, has limited fresh water supplies, and has few domestic energy sources. Malta's economy is dependent on foreign trade, manufacturing, and tourism. Malta joined the EU in 2004 and adopted the euro on 1 January 2008.
Malta has weathered the euro-zone crisis better than most EU member states due to a low debt-to-GDP ratio and financially sound banking sector. It maintains one of the lowest unemployment rates in Europe, and growth has fully recovered since the 2009 recession. In 2014 through 2016, Malta led the euro zone in growth, expanding more than 4.5% per year.
Malta’s services sector continues to grow, with sustained growth in the financial services and online gaming sectors. Advantageous tax schemes remained attractive to foreign investors, though EU discussions of anti-tax avoidance measures have raised concerns among Malta’s financial services and insurance providers, as the measures could have a significant impact on those sectors. The tourism sector also continued to grow, with 2016 showing record-breaking numbers of both air and cruise passenger arrivals.
Malta’s GDP growth remains strong and is supported by a strong labor market. The government has implemented new programs, including free childcare, to encourage increased labor participation. The high cost of borrowing and small labor market remain potential constraints to future economic growth. Increasingly, other EU and European migrants are relocating to Malta for employment, though wages have remained low compared to other European countries. Inflation remains low.
Malta has weathered the euro-zone crisis better than most EU member states due to a low debt-to-GDP ratio and financially sound banking sector. It maintains one of the lowest unemployment rates in Europe, and growth has fully recovered since the 2009 recession. In 2014 through 2016, Malta led the euro zone in growth, expanding more than 4.5% per year.
Malta’s services sector continues to grow, with sustained growth in the financial services and online gaming sectors. Advantageous tax schemes remained attractive to foreign investors, though EU discussions of anti-tax avoidance measures have raised concerns among Malta’s financial services and insurance providers, as the measures could have a significant impact on those sectors. The tourism sector also continued to grow, with 2016 showing record-breaking numbers of both air and cruise passenger arrivals.
Malta’s GDP growth remains strong and is supported by a strong labor market. The government has implemented new programs, including free childcare, to encourage increased labor participation. The high cost of borrowing and small labor market remain potential constraints to future economic growth. Increasingly, other EU and European migrants are relocating to Malta for employment, though wages have remained low compared to other European countries. Inflation remains low.
GDP$10.49 billion (2016 est.)
CurrencyEuro
Communications
Internet TLD.mt
Internet Users315,000
Land Lines230,226
Mobile Phones558,000
Broadcast Media2 publicly owned TV stations, Television Malta broadcasting nationally plus an educational channel; several privately owned national television stations, 2 of which are owned by political parties; Italian and British broadcast programs are available; multi-channel cable and satellite TV services are available; publicly owned radio broadcaster operates 3 stations; roughly 20 commercial radio stations (2017)