SIMON MAMO REAL ESTATE

                             ECONOMY IN MALTA 


In 1990, Malta began the process required to eventually join the European Union. It was in 2004, after various votes and referenda, that the Maltese people formally became members of the European Union. Four years later, Malta adopted the euro, making it the smallest country in the euro area.
From 2005 to 2007, Malta recorded an average GDP growth rate of 3.7%, making it one of the fastest-growing economies in the EU.
Malta’s economy slipped into recession in 2009 when GDP contracted by 1.9%, compared to 4.1% for the euro area. Malta is highly dependent on energy and food imports, making the country’s economy extremely vulnerable to swings in the world economy. Tourism, one of Malta’s main industries, declined dramatically. Malta’s main sources of economic growth depend heavily on the economic health of its neighboring countries.
The main challenge for the Maltese economy, with its dependency on imports and its vulnerability to external shocks, is to ensure that it is wellpositioned to buffer and respond to negative economic developments in those countries with whom it has close ties. It must also ensure the sustainability of public finances.

Malta's history

During the Napoleonic Wars (1800–1815), Malta's economy prospered and became the focal point of a major trading system. In 1808, two-thirds of the cargo consigned from Malta went to Levant and Egypt.
In 1839, the Peninsular and Oriental Steam Navigation Company and East India Companies used Malta as a calling port on their Egypt and Levant runs.
n 1869, the opening of the Suez Canal benefited Malta's economy greatly as there was a massive increase in the shipping which entered in the port.

By the end of the 19th century, the economy began declining and by the 1940s, Malta's economy was in serious crisis.

In recent years, the economic situation in Malta good.


Resources

Major resources are limestone, a favorable geographic location, and a productive labor force. Malta produces only about 20% of its food needs, has limited fresh water supplies, and has few domestic energy sources. The economy is dependent on foreign trade, manufacturing (especially electronics and pharmaceuticals), and tourism.

There is a strong manufacturing base for high value-added products like electronics and pharmaceuticals and the manufacturing sector has more than 250 foreign-owned, export-oriented enterprises. Tourism generates 35% of GDP. 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 feature cinema (Gladiator,Troy, Munich, Count of Monte Cristo and World War Z, amongst others, were shot in Malta over the last few years), commercials and television series.


Energy

In Malta there are solar and wind power energy. Malta produces almost all its electricity from oil, importing 100% of it. Energy and the cost of energy, which is oft-quoted as the highest in Europe, was a key issue in the 2013 election.


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You can also check all our properties and more in our website http://www.simonmamo.com/en/home.htm.
You can contact us by our Facebook page https://www.facebook.com/simonmamorealestate?fref=ts,
by our email simon@simonmamo.com and by telephone:(+356) 2141 0907 or by mobile (+356) 9999 7777 / 9990 0033.

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