Economy of Malta
Economy of Malta
The Economy of Malta is a highly industrialized, service-based economy. It is classified as an advanced economy by the International Monetary Fund and is considered a high-income country by the World Bank and an innovation-driven economy by the World Economic Forum.
Overview
The economy is dependent on foreign trade, manufacturing (especially electronics and textiles), and tourism. Malta has a low unemployment rate, and it was ranked the 40th most "economically free" country in the world by the Heritage Foundation.
History
Malta's economy has evolved over the years from one based on agriculture to a more diversified economy with a focus on trade, manufacturing and tourism. Since the 1980s, the economy has transitioned to a high value-added economy that relies on knowledge-based services, including the financial sector.
Sectors
Tourism
Tourism infrastructure has increased dramatically over the years and it now accounts for a significant part of the economy.
Manufacturing
The manufacturing sector in Malta, including electronics and textiles, is also a significant part of the economy.
Financial Services
The financial services sector in Malta has grown significantly and now represents a significant portion of the economy.
See also
References
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