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• GDP: US$5.5 billion (2006).
• Main imports: Machinery and transport equipment, manufactured goods, food, drink and tobacco.
• Main exports: Potatoes, machinery and transport equipment.
• Main trade partners: Italy, France, UK, Germany and Singapore.
• Main imports: Machinery and transport equipment, manufactured goods, food, drink and tobacco.
• Main exports: Potatoes, machinery and transport equipment.
• Main trade partners: Italy, France, UK, Germany and Singapore.
Economy
Malta's agricultural sector is small, with potatoes being the only major export commodity. Despite being an island, the country's fishing industry is also relatively insignificant. With few natural resources, governments have sought to develop the economy through tourism and export-dedicated manufacturing. Tourism now accounts for over a quarter of Malta's foreign exchange earnings.
The industrial sector includes textiles, footwear and clothing, plastics, printing, electronic components and electrical equipment. The old naval dockyards used by the British have now converted to operate as a commercial shipyard.
Malta's membership to the EU was endorsed in March 2003 by popular referendum. Negotiations progressed fairly smoothly and Malta joined the EU in May 2004. The country joined the eurozone on 1 January 2008.
Growth hovered around 2.9% in 2006, while inflation was at 2.8%. Unemployment was estimated to be at 6.8% in 2005.
The industrial sector includes textiles, footwear and clothing, plastics, printing, electronic components and electrical equipment. The old naval dockyards used by the British have now converted to operate as a commercial shipyard.
Malta's membership to the EU was endorsed in March 2003 by popular referendum. Negotiations progressed fairly smoothly and Malta joined the EU in May 2004. The country joined the eurozone on 1 January 2008.
Growth hovered around 2.9% in 2006, while inflation was at 2.8%. Unemployment was estimated to be at 6.8% in 2005.
Business Etiquette
English is widely spoken in business circles and, on the whole, Maltese businesspeople have a conservative approach to business protocol. Punctuality is expected and appreciated and dress must be smart. The best months for business visits are October to May.
Office hours: Mon-Fri 0830-1245 and 1430-1730, Sat 0830-1200. Some smaller offices close 1300-1600, opening again later.
Office hours: Mon-Fri 0830-1245 and 1430-1730, Sat 0830-1200. Some smaller offices close 1300-1600, opening again later.
Business Contacts
Ministry of Foreign Affairs
Palazzo Parisio, Merchants' Street, Valletta, Malta
Tel: 2124 2191.
Website: www.foreign.gov.mt
Malta Chamber of Commerce
Exchange Buildings, Republic Street, Valletta VLT 05, Malta
Tel: 2123 3873.
Website: www.chamber.org.mt
Conference and Incentive Travel Division of the Malta Tourism Authority
Auberge d’Italie, Merchants Street, Valletta, VLT 1170, Malta
Tel: 2291 5000.
Website: www.visitmalta.com/business-travel
Palazzo Parisio, Merchants' Street, Valletta, Malta
Tel: 2124 2191.
Website: www.foreign.gov.mt
Malta Chamber of Commerce
Exchange Buildings, Republic Street, Valletta VLT 05, Malta
Tel: 2123 3873.
Website: www.chamber.org.mt
Conference and Incentive Travel Division of the Malta Tourism Authority
Auberge d’Italie, Merchants Street, Valletta, VLT 1170, Malta
Tel: 2291 5000.
Website: www.visitmalta.com/business-travel