Malta

Malta’s economy is highly industrialized, service-based. Malta’s economic growth rate ranks second in the EUROPEAN Union. One of the european countries with the lowest unemployment rates has remained around 4%-5%, well below the percentage for the EU average.In 2019, Malta’s gross domestic product (GDP) was about 13.2 billion euros, with a GDP growth rate of 4.4%. Malta ranks 31st in the world ranking of GDP per capita. It has been named an advanced country by the International Monetary Fund, a high-income country by the World Bank, and an innovation-driven country by the World Economic Forum. The economy depends on foreign trade, manufacturing, especially electronics, tourism and financial services. Its fully developed open market economy and superior geographical location have promoted the rapid development of the national economy.