Editing Economy of Malta (section)

==Modern economy==
The Maltese economy is dependent on foreign trade, manufacturing (especially electronics and pharmaceuticals), and tourism. Malta adopted the [[Euro]] currency on 1 January 2008.

Tourist arrivals and foreign exchange earnings derived from tourism have steadily increased since 1987.<ref>{{Cite web |title=The World Financial Review |date=4 June 2022 |url=https://worldfinancialreview.com/malta-turned-into-an-unreliable-investment-destination/}}</ref> Following the [[September 11 attacks]], the tourist industry suffered a temporary setback. With the help of a favorable international economic climate, the availability of domestic resources, and industrial policies that support foreign export-oriented investment, the economy has been able to sustain a period of rapid growth.{{Citation needed|date=April 2020}} Growing public and private sector demand for [[credit]] has led — in the context of interest rate controls — to [[credit rationing]] to the private sector and the introduction of non-interest charges by banks. Despite these pressures, consumer price [[inflation]] has remained low (2.2% according to the Central Bank of Malta in 2007), reflecting the impact of a fixed exchange rate policy (100% hard peg to the euro, in preparation for currency changeover) and lingering [[price controls]].

There is a strong manufacturing base for high value-added products like [[Consumer electronics|electronics]] and [[Medication|pharmaceuticals]], and the manufacturing sector has more than 250 foreign-owned, export-oriented enterprises. Tourism generates around 15% of GDP. [[List of films shot in Malta|Film production in Malta]] is another growing industry (approx. 35 million euros between 1997 and 2011), despite stiff competition from other film locations in [[Eastern Europe]] and [[North Africa]], with the Malta Film Commission providing support services to foreign film companies for the production of [[List_of_films_shot_in_Malta|feature cinema]], commercials and television series.<ref>{{cite web|url=http://www.culturalpolicies.net/web/malta.php?aid=426|title=Malta : 4.2 Specific policy issues and recent debates : 4.2.6 Media pluralism and content diversity|access-date=3 March 2015|archive-date=2 April 2015|archive-url=https://web.archive.org/web/20150402110147/http://www.culturalpolicies.net/web/malta.php?aid=426|url-status=dead}}</ref>

From 2001 to 2005 the mean GDP real growth was 0.4%<ref>{{cite web|url=http://www.gfmag.com/gdp-data-country-reports/223-malta-gdp-country-report.html|title=Malta|work=Global Finance Magazine|access-date=3 March 2015|archive-date=19 May 2013|archive-url=https://web.archive.org/web/20130519230738/http://www.gfmag.com/gdp-data-country-reports/223-malta-gdp-country-report.html|url-status=dead}}</ref> due to Malta losing pace in tourism and other industries. Unemployment was down to 4.4%, its lowest level in 3 years. Many formerly state-owned companies are being privatised—and the market liberalised.

Fiscal policy has been directed toward bringing down the budget deficit after public debt grew from a negative figure in 1988 to 56% in 1999 and 69.1% in 2009.<ref name=autogenerated1>{{cite web|url=http://www.timesofmalta.com/articles/view/20100422/local/2009-deficit-down-to-218-2-million|title=2009 deficit down to €218.2 million|work=Times of Malta|date=22 April 2010 |access-date=3 March 2015}}</ref> By 2007, the deficit-to-GDP ratio was comfortably below 3% as required for [[eurozone]] membership, but due to pre-election spending has gone up to 4.4% in 2008 and 3.8% in 2009.<ref name=autogenerated1 />

=== Energy ===
{{Main|Energy in Malta}}
{{Outdated as of|2014}}
Despite a great potential for solar and wind power,<ref>"MALTA – Renewable Energy Fact Sheet". ''Europa.'' January 2007. <{{cite web |url=http://ec.europa.eu/energy/energy_policy/doc/factsheets/renewables/renewables_mt_en.pdf |title=Archived copy |access-date=2009-01-08 |url-status=dead |archive-url=https://web.archive.org/web/20090207124857/http://ec.europa.eu/energy/energy_policy/doc/factsheets/renewables/renewables_mt_en.pdf |archive-date=7 February 2009}}></ref> Malta produces almost all its electricity from oil, importing 100% of it.<ref>"MALTA – Energy Mix Fact Sheet". ''Europa.'' January 2007. <{{cite web |url=http://ec.europa.eu/energy/energy_policy/doc/factsheets/mix/mix_mt_en.pdf |title=Archived copy |access-date=2008-09-25 |url-status=dead |archive-url=https://web.archive.org/web/20081002203232/http://ec.europa.eu/energy/energy_policy/doc/factsheets/mix/mix_mt_en.pdf |archive-date=2 October 2008}}></ref> Energy and the cost of energy, which is oft-quoted as the highest in Europe, was a key issue in the 2013 election.<ref>{{cite web|url=http://www.timesofmalta.com/articles/view/20130120/opinion/The-great-energy-debate.453993|title=The great energy debate|work=Times of Malta|date=20 January 2013 |access-date=3 March 2015}}</ref>

===Industry===
{|class="wikitable" style="float:center; font-size:85%; margin-left:15px;"
|+Average annual employment and average annual earnings in manufacturing industry (2007)<ref name="Malta in Figures">[http://www.nso.gov.mt/statdoc/document_file.aspx?id=2326 Malta in Figures] {{Webarchive|url=https://web.archive.org/web/20160305122040/http://www.nso.gov.mt/statdoc/document_file.aspx?id=2326 |date=5 March 2016 }} - National Statistics Office, Malta,
2008 {{ISBN|978-99909-73-64-8}}</ref>
|-
!Sector
!Average annual<br>employment
!Average annual<br>earnings per capita<br>in euros
|-
|Food and beverages; tobacco
|2,873
|13,441
|-
|Textiles and textile products
|422
|15,512
|-
|Wearing apparel and clothes
|733
|11,698
|-
|Leather and leather products
|185
|9,308
|-
|Wood and wood products
|78
|12,000
|-
|Paper and paper products
|265
|15,698
|-
|Publishing and printing
|1,669
|17,615
|-
|Chemicals and chemical products
|1,038
|19,052
|-
|Rubber and plastic products
|1,578
|15,254
|-
|Other non-metallic mineral products
|766
|11,928
|-
|Fabricated metal products
|596
|14,451
|-
|Machinery and equipment n.e.c.
|446
|13,518
|-
|Electrical machinery and apparatus
|1,409
|16,515
|-
|Radio, TV and communication equipment
|3,168
|18,673
|-
|Medical, precision and optical instruments
|877
|15,582
|-
|Motor vehicles, trailers and semitrailers
|50
|10,220
|-
|Other transport equipment
|258
|20,938
|-
|Furniture and manufacturing n.e.c.
|1,597
|15,753
|-
|Total
|18,008
|15,812
|}

=== Banking ===
{{Main|List of banks in Malta}}
{| class="wikitable sortable" align="left"
|+Largest banks in Malta, 2022<ref>{{Cite web |title=Malta (Major Banks) |url=https://thebanks.eu/countries/Malta/major_banks |access-date=2022-03-29 |website=thebanks.eu |language=en}}</ref>
!Rank
!Company
!Founded
!Market %
|-
|1
|[[Bank of Valletta]]
|1974
|44.67 %
|-
|2
|[[HSBC Bank Malta]] p.l.c.
|1999
|20.48 %
|-
|3
|[[APS Bank|APS BANK]] P.L.C.
|1910
|8.41 %
|-
|4
|[[MeDirect Bank Malta|MeDirect Bank]] (Malta) plc
|2004
|6.87 %
|-
|5
|FIMBank plc
|1995
|5.70 %
|-
|6
|[[Lombard Bank]] Malta plc
|1955
|3.85 %
|-
|7
|[[Banif Financial Group|BNF Bank]] plc
|2008
|3.13 %
|}
{{clear}}