In 2002, Malta was a small island nation with a population of around 400,000 people. The economy was largely based on tourism, financial services and manufacturing. The main export commodities were electronics and textiles. In terms of infrastructure, the country had good access to roads, telecommunications networks and ports which had facilitated economic growth in the country. Education was also relatively advanced with nearly 95% of the population being literate. According to computerannals, Malta had been making steady progress in recent years in terms of economic growth and poverty reduction. The government had implemented several economic reform measures such as reducing trade tariffs and increasing foreign investment which had helped to boost the country’s economy. In addition, efforts were being made to improve health care services and access to education for all citizens. As a result of these initiatives, Malta had achieved a higher standard of living than many other developing countries in the region at that time.
Malta. According to Countryaah website, national day of Malta is every September 21. The country can become a member of the EU on 1 May 2004, as decided by the EU summit in Copenhagen in December. A referendum on membership will be held in Malta in spring 2003.
While the ruling Nationalist Party is running a Yes campaign, Labor is opposed to an EU accession. Prime Minister Eddie Fenech Adami has said he will resign if the yes side loses. General elections will be held in September 2003.
Malta has been hit hard by the decline in tourism following the terrorist attacks against the United States on September 11, 2001.
Former President and Secretary of State Agatha Barbara passed away on February 4, at the age of 78. She was one of the country’s most influential politicians.
|Gross domestic product (GDP)||$ 19,260,000,000|
|GDP growth rate||6.70%|
|GDP per capita||$ 41,900|
|GDP by sector|
|Proportion of the population below the national poverty line||15.1%|
|Distribution of household income|
|Top 10%||k. A.|
|Lower 10%||k. A.|
|Industrial production growth rate||5.90%|
|Investment volume||13.4% of GDP|
|National debt||50.70% of GDP|
|Foreign exchange reserves||$ 671,100,000|