| Currency: |
Maltese Lira
(Lm)
2000 average exchange rate against US$ = 2.2855
2000 average exchange rate against = 2.4741 |
| Capital: |
Valletta |
| Languages: |
Maltese is the
national language; English is the second official language |
| Area of
Maltese archipelago: |
Total of 316
kmē for the 3 islands (Malta: 246 kmē, Gozo: 67 kmē, Comino:
3 kmē) |
| Population: |
0.39 million
(end 2000)
89% urban |
| Density: |
1,234 per kmē
(one of the highest in the world) |
| Official
name: |
Repubblika ta' Malta
- The Republic of Malta |
| Constitution: |
21st
September 1964
Substantially amended in 1974 to bring into effect a republican
constitution
Last amendment in 1994 |
| House
of Representatives: |
65 members |
| Local
councils: |
67 |
| GDP per capita: |
11,900 in PPS (2000)
53% of EU average (2000) |
| Association
Agreement: |
Entered into force
in April 1971 |
| Application
for EU membership: |
16th
July 1990
Frozen in 1996 and re-activated in 1998
Official opening of Accession Conference with Malta in February
2000 |
History
Malta, a crossroads between Europe and Africa and at the southern
tip of the European continent, is a melting pot of civilisations
in the heart of the Mediterranean.
Malta boosts a rich legacy from its centuries-old history, from
megalithic temples -unique in the world- to its capital Valletta,
a jewel of baroque architecture, and its massive fortifications
which witnessed the bravery of the Maltese people over the centuries.
Again, in 1942, the courage and endurance of the Maltese people
was recognised when the United Kingdom awarded to Malta the George
Cross in 1942, which is now an integral part of the national flag.
Malta has also a long tradition of hospitality. One of the most
famous "guests" of the archipelago was the apostle Paul
- the future St. Paul - who was shipwrecked on Malta in AD 60.
Resources
Natural resources are nearly non-existent, except for its famous
golden stone (globigerina), and rivers are absent. Nevertheless
farmers succeed to produce a wide variety of products in their
small terraced fields. They even export part of their crop. Bee-keeping
industry, already renowned in ancient times, is still flourishing.
Still, Malta is not only an island in the sun and an open-air
museum in the Mediterranean, it is also an island looking towards
the future. Apart the tourism and manufacturing industries by
now firmly established, Malta is currently developing its service
economy and it also aims to become a hub for communications in
the Mediterranean. For this purpose, Malta has a winning card
- its human resources - a flexible labour force easily adaptable
to new circumstances and having the great advantage to being multi-lingual.
Economy
The budget deficit rose from 4% of GDP in 1995 to over 11% in
1998 due to structural imbalances. The trend has now reversed:
6.7% in 1999 and 6.6% in 2000. The public debt experienced an
increase but growth is slowing down and reached 60.6% of GDP in
2000.
Trade
The share of imports and exports in GDP are increasing significantly.
The export base of the economy is concentrated in a few sectors,
mainly in electronics, machinery and transport equipment (which
generated about 75% of total exports in the first half of 2001).
Malta is well integrated in terms of trade with the European
Union. The latter accounted for around 33% of Malta's exports
and 60% of its imports in 2000.
The Association Agreement
The Association Agreement between the EU and Malta entered into
force in 1971. It constitutes the legal framework for EU-Malta
relations and provides for the creation of a customs union in
two five-years stages (although this objective has not yet been
achieved).
EU Financial and technical co-operation
Aimed at helping to fulfil its objectives, to promote the development
of the Maltese economy and its competitiveness, the financial
co-operation was developed in four successive financial protocols
for Malta and Cyprus between 1978 and 1999 amounting to a total
value of 130.5 Meuro. It included EIB and special loans (for infrastructure
projects), risk capital funds (for EU-Malta joint ventures), and
grants (for technical assistance and equipment related).
The Council has decided a new financial regulation relative to
pre-accession aid to Cyprus and Malta, for the period (2000-2004),
in March 2000 (Council Regulation
(EC) N° 555/2000 of 13 March 2000 (
42kb). The global amount of pre-accession aid available to the
two countries for the whole period currently proposed by the Commission
is 95 million, out of which Malta will get 38 millions. This
amount will be used for grants projects designed to facilitate
transposition, application and enforcement of the acquis communautaire
(technical assistance and institution building).
|