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Brief profile of the Republic of Malta

Accra, July 25, GNA – The ancient Greeks
called the island “Melite” meaning “honey-sweet” from the
Greek word “meli” meaning “honey,” which refers to the
island’s honey production.

Malta runs a Parliamentary type of Government
with its capital; Valletta.

She attained independence on 21st September
1964 (from the UK) and became a Republic on December 13th, 1974.

National
holiday
:
Independence Day, 21st September; Republic Day, 13 December.

Malta has 68 Administrative Divisions:
(Il-lokalita); Attard, Balzan, Birgu, Birkirkara, Birzebbuga, Bormla, Dingli,
Fgura, Floriana, Fontana, Ghajnsielem, Gharb, Gharghur, Ghasri, Ghaxaq, Gudja,
Gzira, Hamrun, Iklin, Imdina, Imgarr, Imqabba, Imsida, Imtarfa, Isla, Kalkara,
Kercem, Kirkop, Lija, Luqa, Marsa, Marsaskala, Marsaxlokk, Mellieha, Mosta,
Munxar, Nadur, Naxxar, Paola, Pembroke, Pieta, Qala, Qormi, Qrendi, Rabat,
Rabat (Ghawdex), Safi, San Giljan/Saint Julian, San Gwann/Saint John, San
Lawrenz/Saint Lawrence, Sannat, San Pawl il-Bahar/Saint Paul’s Bay, Santa
Lucija/Saint Lucia, Santa Venera/Saint Venera, Siggiewi, Sliema, Swieqi,
Tarxien, Ta’ Xbiex, Valletta, Xaghra, Xewkija, Xghajra, Zabbar, Zebbug, Zebbug
(Ghawdex), Zejtun, and Zurrieq.

The Mediterranean country’s GDP growth remains
strong and is supported by a strong labor market.

The government has implemented new programmes
including free childcare to encourage increased labor participation.

The high cost of borrowing and small labor
market remains 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.

Amendments: proposals (Acts of Parliament)
require at least two-thirds majority vote by the House of Representatives;
passage of “Acts” requires majority vote by referendum, followed by
final majority vote by the House and assent by the president of the republic; amended
many times, last in 2016 (2017).

Malta’s free market economy relies heavily on
trade in both goods and services, principally with Europe. Malta’s economy is
dependent on foreign trade, manufacturing, and tourism. Malta joined the EU in
2004 and adopted the euro on 1st 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
percent 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 labour market. The government has implemented new
programs, including free childcare, to encourage increased labor participation.
The high cost of borrowing and small labor market remains 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.

Credit: CIA

GNA

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