Malta – economy and business provides an overview of the production system, distribution and consumption of the residents of Malta along with the commercial growth of the country.
Since it is known that a good economy is based on the optimum use of resources, therefore the most-available resources of Malta require mention. Mainly Malta – economy and business is dependent on an advantageous geographic location, availability of efficient labor force, and limestone.
Though with the course of time Malta is working hard in order to turn the economy upward but it is true that the economy and business in Malta is highly dependent on foreign trade. Besides, the country is also strong in manufacturing textiles and electronics goods. Tourism business has also contributed a lot to the economic benefits of the country.
Currently there are several privatized state-controlled firms as well as liberalizing markets that are running their operations successfully to prepare for membership in the European Union. The major industries that contribute to Malta business and economy include the following:
- Ship building and repair
- Food and beverages
- Shoes
- Dress
- Tobacco
- Construction business
Besides the above mentioned industries, Malta also extracts good amount of profit from the following agricultural products
- Potatoes
- Cut flowers
- Green peppers
- Pork
- Milk
- Poultry
- Eggs
- Wheat
- cauliflower
- Grapes
- Barley
- Tomatoes
- Citrus
For a long time, Malta is enjoying financial aid from the foreign companies. This is due to the high efficiency of the Maltese people and their learning potentiality. Though for the last couple of years Malta is facing a huge trade deficit due to the lack of domestic exports. However, presently with its unquestionable effort, the financial condition of Malta is undergoing a process of steady development.