Editing Malta (section)

==Economy==
{{Main|Economy of Malta}}
{{update|section|date=December 2019}}
[[File:The Quad Malta.jpg|thumb|A new and modern financial centre opened in 2021.]]
[[File:Malta - Valletta - Triq il-Papa Piju V - Central Bank of Malta 03 ies.jpg|left|thumb|Central Bank of Malta, Pope Pius V Street in Valletta, Malta]]
Malta is classified as an [[advanced economy]] according to the International Monetary Fund (IMF).<ref>{{Cite web |date=6 October 2010 |title=IMF World Economic Outlook (WEO)&nbsp;– Recovery, Risk, and Rebalancing, October 2010&nbsp;– Table of Contents |url=http://www.imf.org/external/pubs/ft/weo/2010/02/index.htm |url-status=live |archive-url=https://web.archive.org/web/20110430141938/http://www.imf.org/external/pubs/ft/weo/2010/02/index.htm |archive-date=30 April 2011 |access-date=1 June 2011 |publisher=IMF}}</ref> Malta's major resources are [[limestone]], a favourable geographic location and a productive labour force. Malta produces only about 20 percent of its food needs, has limited fresh water supplies because of the drought in the summer, and has no domestic energy sources, aside from the potential for solar energy from its plentiful sunlight. The economy is dependent on foreign trade (serving as a freight trans-shipment point), manufacturing (especially electronics and textiles), and tourism.<ref>{{Cite web |title=Economy of Malta {{!}} Development and Entry to the European Union |url=http://www.malta.com/en/about-malta/economy |access-date=8 April 2020 |website=Malta.com |archive-date=25 September 2011 |archive-url=https://web.archive.org/web/20110925180935/http://www.malta.com/en/about-malta/economy |url-status=live }}</ref> [[Films shot in Malta|Film production]] has contributed to the Maltese economy.<ref>{{Cite news |date=21 July 2010 |title=Unprecedented growth for Malta's film industry |work=The Times of Malta |url=http://www.timesofmalta.com/articles/view/20100721/local/unprecedented-growth-for-maltas-film-industry.318866 |url-status=live |access-date=1 October 2014 |archive-url=https://web.archive.org/web/20141006123230/http://www.timesofmalta.com/articles/view/20100721/local/unprecedented-growth-for-maltas-film-industry.318866 |archive-date=6 October 2014}}</ref>

Access to [[biocapacity]] in Malta is below the world average. In 2016, Malta had 0.6 global hectares of biocapacity per person within its territory, contrasted with a global average of 1.6 hectares per person.<ref name="footprintdata">{{Cite web |title=Country Trends |url=http://data.footprintnetwork.org/#/countryTrends?cn=134&type=BCpc,EFCpc |access-date=4 June 2020 |publisher=Global Footprint Network |archive-date=8 August 2017 |archive-url=https://web.archive.org/web/20170808050235/http://data.footprintnetwork.org/#/countryTrends?cn=134&type=BCpc,EFCpc |url-status=live }}</ref><ref>{{Cite journal |last1=Lin |first1=David |last2=Hanscom |first2=Laurel |last3=Murthy |first3=Adeline |last4=Galli |first4=Alessandro |last5=Evans |first5=Mikel |last6=Neill |first6=Evan |last7=Mancini |first7=MariaSerena |last8=Martindill |first8=Jon |last9=Medouar |first9=FatimeZahra |last10=Huang |first10=Shiyu |last11=Wackernagel |first11=Mathis |date=2018 |title=Ecological Footprint Accounting for Countries: Updates and Results of the National Footprint Accounts, 2012–2018 |journal=Resources |language=en |volume=7 |issue=3 |page=58 |doi=10.3390/resources7030058 |doi-access=free|bibcode=2018Resou...7...58L }}</ref> Additionally, residents of Malta exhibited an [[ecological footprint]] of consumption of 5.8 global hectares of biocapacity per person, resulting in a sizable biocapacity deficit.<ref name=footprintdata/>

[[File:BlueEurozone.svg|thumb|right|Malta is part of a [[monetary union]], the [[eurozone]] (dark blue).]]

In preparation for Malta's membership in the [[European Union]], which it joined on 1 May 2004, it [[Privatization|privatised]] some state-controlled firms and liberalised markets.<ref>{{Cite web |title=Malta Post |url=https://privatisation.gov.mt/en/past-projects/Pages/MaltaPost.aspx |access-date=3 April 2020 |website=privatisation.gov.mt |language=en |archive-date=17 November 2015 |archive-url=https://web.archive.org/web/20151117124614/https://privatisation.gov.mt/en/past-projects/Pages/MaltaPost.aspx  }}</ref><ref>{{Cite web |title=Maltacom |url=https://privatisation.gov.mt/en/past-projects/Pages/Maltacom.aspx |access-date=3 April 2020 |website=privatisation.gov.mt |language=en |archive-date=9 June 2016 |archive-url=https://web.archive.org/web/20160609211301/http://privatisation.gov.mt/en/past-projects/Pages/Maltacom.aspx  }}</ref><ref>{{Cite web |title=Malta Freeport |url=https://privatisation.gov.mt/en/past-projects/Pages/malta-freeport.aspx |access-date=3 April 2020 |website=privatisation.gov.mt |language=en |archive-date=17 November 2015 |archive-url=https://web.archive.org/web/20151117111406/https://privatisation.gov.mt/en/past-projects/Pages/malta-freeport.aspx  }}</ref><ref>{{Cite web |title=Malta International Airport |url=https://privatisation.gov.mt/en/past-projects/Pages/Malta-International-Airport.aspx |access-date=3 April 2020 |website=Privatisation.gov.mt |language=en |archive-date=9 June 2016 |archive-url=https://web.archive.org/web/20160609201831/http://privatisation.gov.mt/en/past-projects/Pages/Malta-International-Airport.aspx  }}</ref> Malta has a financial regulator, the [[Malta Financial Services Authority]] (MFSA), with a strong business development mindset, and the country has been successful in attracting gaming businesses, aircraft and ship registration, credit-card issuing banking licences and also fund administration. Malta has made strong headway in implementing EU Financial Services Directives including UCITs IV and Alternative Investment Fund Managers (AIFMs). As a base for alternative asset managers who must comply with new directives, Malta has attracted a number of key players including IDS, Iconic Funds, Apex Fund Services and TMF/Customs House.<ref>{{Cite web |date=5 May 2010 |title=Malta funds |url=http://www.financemalta.org/funds  |archive-url=https://web.archive.org/web/20130304201347/http://www.financemalta.org/funds |archive-date=4 March 2013 |access-date=12 March 2013 |website=Financemalta.org}}</ref>

As of 2015, Malta did not have a property tax. Its property market, especially around the harbour area, was booming, with the prices of apartments in some towns like [[St. Julian's, Malta|St Julian's]], [[Sliema]] and [[Gżira|Gzira]] skyrocketing.<ref>{{Cite web |date=10 February 2016 |title=Apartments.com.mt |url=http://apartments.com.mt/location/sliema/  |archive-url=https://web.archive.org/web/20151110232735/http://apartments.com.mt/location/sliema/ |archive-date=10 November 2015 |access-date=10 February 2016 |website=Apartments.com.mt}}</ref>

According to [[Eurostat]] data, Maltese GDP per capita stood at [[Economy of the European Union#Richest and poorest NUTS regions (GDP PPP 2010)|88 per cent of the EU average]] in 2015 with €21,000.<ref name="Eurostat 2012">{{Cite web |last=Eurostat |date=1 December 2016 |title=GDP per capita in PPS |url=http://ec.europa.eu/eurostat/tgm/table.do?tab=table&init=1&language=en&pcode=tec00114&plugin=1 |url-status=live |archive-url=https://web.archive.org/web/20150524215819/http://ec.europa.eu/eurostat/tgm/table.do?tab=table&init=1&language=en&pcode=tec00114&plugin=1 |archive-date=24 May 2015 |access-date=9 February 2017 |website=Europa web portal}}</ref>

The National Development and Social Fund from the Individual Investor Programme, a [[Immigrant investor programs|citizenship by investment programme]] also known as the "citizenship scheme", became a significant income source for the government of Malta, adding 432,000,000 euro to the budget in 2018.<ref>{{Cite news |date=28 September 2018 |title=Passport sale fund rakes in more than €400m |work=Times Malta |url=https://timesofmalta.com/articles/view/passport-sale-fund-rakes-in-more-than-400m.690224 |url-status=live |access-date=10 December 2019 |archive-url=https://web.archive.org/web/20190925155616/https://timesofmalta.com/articles/view/passport-sale-fund-rakes-in-more-than-400m.690224 |archive-date=25 September 2019}}</ref>

===Banking and finance===
{{see also|List of banks in Malta}}
[[File:Malta - St. Julian's (Triq it-Torri (Sliema)) 03 ies.jpg|thumb|right|[[Portomaso Business Tower]], the second tallest building in Malta]]
The two largest commercial banks are [[Bank of Valletta]] and [[HSBC Bank Malta]]. [[Digital banking|Digital banks]] such as [[Revolut]] have also increased in popularity.<ref name="mtdigital">{{Cite news |last=Pace |first=Yannick |date=1 August 2019 |title=Revolut rampage: 100,000 Maltese are now using the digital bank |work=[[Malta Today]] |url=https://www.maltatoday.com.mt/business/business_news/96651/revolut_rampage_100000_maltese_are_now_using_the_digital_bank_ |url-status=live |access-date=22 November 2019 |archive-url=https://web.archive.org/web/20190802185132/https://www.maltatoday.com.mt/business/business_news/96651/revolut_rampage_100000_maltese_are_now_using_the_digital_bank_ |archive-date=2 August 2019}}</ref> The [[Central Bank of Malta]] (Bank Ċentrali ta' Malta) has two key areas of responsibility: the formulation and implementation of monetary policy and the promotion of a sound and efficient financial system. The Maltese government entered [[ERM II]] on 4 May 2005, and adopted the euro as the country's currency on 1 January 2008.<ref>{{Cite news |date=10 July 2007 |title=Cyprus and Malta to adopt euros |work=BBC News Business |url=http://news.bbc.co.uk/2/hi/business/6288084.stm |url-status=live |access-date=12 October 2007 |archive-url=https://web.archive.org/web/20070919073627/http://news.bbc.co.uk/2/hi/business/6288084.stm |archive-date=19 September 2007}}</ref>

===Currency===
{{Main|Maltese euro coins|Euro gold and silver commemorative coins (Malta)}}
[[Maltese euro coins]] feature the [[Maltese cross]] on €2 and €1 coins, the [[coat of arms of Malta]] on the €0.50, €0.20 and €0.10 coins, and the [[Mnajdra]] Temples on the €0.05, €0.02 and €0.01 coins.<ref>{{Cite web |date=12 June 2006 |title=Maltese Cross on the Euro coins |url=http://www.dailymalta.com/wt/2006/06/maltese-cross-on-euro-coins.shtml  |archive-url=https://web.archive.org/web/20080410170038/http://www.dailymalta.com/wt/2006/06/maltese-cross-on-euro-coins.shtml |archive-date=10 April 2008 |access-date=12 October 2007 |website=Malta Media}}</ref>

Malta has produced collectors' coins with face value ranging from 10 to 50 euros. These coins continue an existing national practice of minting of silver and gold commemorative coins. Unlike normal issues, these coins are not accepted in all the eurozone.

From its introduction in 1972 until the introduction of the Euro in 2008, the currency was the [[Maltese lira]], which had replaced the Maltese pound. The pound replaced the [[Maltese scudo]] in 1825.

===Tourism===
{{main|Tourism in Malta}}
[[File:Mellieha Bay beach Malta 1.jpg|thumb|Mellieħa Bay beach]]

Malta is a popular tourist destination, with 1.6&nbsp;million tourists per year,<ref>{{Cite web |title=UNWTO Tourism Highlights, 2015 Edition |url=http://mkt.unwto.org/en/publication/unwto-tourism-highlights-2014-edition  |archive-url=https://web.archive.org/web/20150315072518/http://mkt.unwto.org/en/publication/unwto-tourism-highlights-2014-edition |archive-date=15 March 2015 |access-date=4 March 2015 |website=unwto.org}}</ref> three times more tourists visit than there are residents. Tourism infrastructure has increased dramatically over the years and a number of hotels are present on the island, although overdevelopment and the destruction of traditional housing is of growing concern. In 2019, Malta had a record year in tourism, recording over 2.1 million tourists in one single year.<ref>{{Cite web|date=7 November 2019|title=Malta braced for record number of tourists in 2019|url=https://bay.com.mt/malta-braced-for-record-number-of-tourists-in-2019/|access-date=3 August 2021|website=89.7 Bay|language=en-US|archive-date=3 August 2021|archive-url=https://web.archive.org/web/20210803221720/https://bay.com.mt/malta-braced-for-record-number-of-tourists-in-2019/}}</ref>

In recent years, Malta has advertised itself as a [[medical tourism]] destination,<ref>{{Cite web |title=M for Malta and medical tourism |url=http://www.independent.com.mt/news.asp?newsitemid=61027  |archive-url=https://web.archive.org/web/20091216064632/http://www.independent.com.mt/news.asp?newsitemid=61027 |archive-date=16 December 2009 |access-date=7 January 2008}}</ref> and a number of [[health tourism provider]]s are developing the industry. However, no Maltese hospital has undergone independent [[international healthcare accreditation]]. Malta is popular with British medical tourists,<ref>{{Cite web |date=2 May 2008 |title=Malta popular with UK medical tourists |url=http://www.treatmentabroad.net/medical-tourism/news/november-2007/malta-popular-with-uk-medical-tourists  |archive-url=https://web.archive.org/web/20091216023654/http://www.treatmentabroad.net/medical-tourism/news/november-2007/malta-popular-with-uk-medical-tourists/ |archive-date=16 December 2009 |access-date=31 March 2009 |website=Treatmentabroad.net}}</ref> pointing Maltese hospitals towards seeking UK-sourced accreditation, such as with the [[Trent Accreditation Scheme]].

Tourism in Malta contributes around 11.6 percent of the country's gross domestic product.<ref>{{Cite web|title=Malta Contribution of travel and tourism to GDP (% of GDP), 1995-2019 - knoema.com|url=https://knoema.com//atlas/Malta/topics/Tourism/Travel-and-Tourism-Total-Contribution-to-GDP/Contribution-of-travel-and-tourism-to-GDP-percent-of-GDP|access-date=3 August 2021|website=Knoema|language=en-US|archive-date=25 June 2022|archive-url=https://web.archive.org/web/20220625082341/https://knoema.com//atlas/Malta/topics/Tourism/Travel-and-Tourism-Total-Contribution-to-GDP/Contribution-of-travel-and-tourism-to-GDP-percent-of-GDP|url-status=live}}</ref>

===Science and technology===
Malta signed a co-operation agreement with the [[European Space Agency]] (ESA) for more-intensive co-operation in ESA projects.<ref name="Malta signs Cooperation Agreement with ESA">{{cite web|url=http://www.esa.int/esaCP/SEMH012YRYG_index_0.html|title= Malta signs Cooperation Agreement with ESA|archive-url=https://web.archive.org/web/20120226030046/http://www.esa.int/esaCP/SEMH012YRYG_index_0.html |archive-date=26 February 2012 |website=Esa.int|access-date= 7 June 2012}}</ref>
The Malta Council for Science and Technology (MCST) is the civil body responsible for the development of science and technology on an educational and social level. Most science students in Malta graduate from the [[University of Malta]] and are represented by S-Cubed (Science Student's Society), UESA (University Engineering Students Association) and ICTSA (University of Malta ICT Students' Association).<ref>{{Cite web |title=SCubed – Science Student Society |url=http://www.scubed.org.mt/  |archive-url=https://web.archive.org/web/20150702053422/http://www.scubed.org.mt/ |archive-date=2 July 2015 |access-date=1 July 2015}}</ref><ref>{{Cite web |title=ICTSA |url=http://www.ictsamalta.org/  |archive-url=https://web.archive.org/web/20150702151353/http://www.ictsamalta.org/ |archive-date=2 July 2015 |access-date=1 July 2015 |website=ictsamalta.org}}</ref> Malta was ranked 29th in the [[Global Innovation Index]] in 2024.<ref>{{Cite book |author=[[World Intellectual Property Organization]] |year=2024 |title=Global Innovation Index 2024: Unlocking the Promise of Social Entrepreneurship |url=https://www.wipo.int/web-publications/global-innovation-index-2024/en/ |access-date=6 October 2024 |website=www.wipo.int |page=18 |publisher=World Intellectual Property Organization |language=en |doi=10.34667/tind.50062 |isbn=978-92-805-3681-2}}</ref>