| Economic Indicator | Date | Malta | EU28 |
|---|---|---|---|
| Real GDP Growth GDP | 2012 2013 | +0.6% +2.4%f | -0.4% 0.1% |
| Unemployment | Mar 2014 | 6.8% | 10.5% |
| Inflation (HICP) | Apr 2014 | +0.8% | +1.1% |
| Deficit as % of GDP | 2013 | -2.8% | -3.3% |
| GDP per capita (at market prices) | 2013 | €17,000 | €25,700 |
| Economic Sectors’ Contribution to GVA | |
|---|---|
| Information and Communication | 5.2% |
| Professional, Scientific and Support Services | 10% |
| Manufacturing | 12.5% |
| Credit Ratings | Ratings |
|---|---|
| Fitch | A |
| Moody’s | A3 |
| Standard & Poor’s | BBB+/A-2 |
Advanced Manufacturing
- Shift from low-cost manufacturing to knowledge-based industries and high-end manufacturing
- Over 200 FDI operations in sectors such as precision engineering, electronic components, pharmaceuticals and medical devices, automotive components, renewable energy products, aviation and maritime services, among others
- World-class products are designed, tested and manufactured in Malta
Life Sciences
- Favourable legal framework and regulatory environment , with tax exemption for income from royalties on patents
- These include Biotechnology, Pharmaceutical and Chemical Industries.
- The Government of Malta is investing heavily to create an environment for companies operating in this sector like favourable legal framework with tax exemption for income on royalties and patents.
An example of this is the $38m investment of BioMalta Campus – Malta’s Life Sciences Centre: http://www.lifesciencespark.com
Financial Services
- Malta is one of the fastest growing centres in financial services.
- Financial services and financial intermediation account for 12% of the GDP and the figure is expected to double in the next decade.
- Examples include Banking, Taxation, Hedge Funds, Insurance and Trusts.
- Malta Financial Services (MFSA) is the single regulator for financial services activities in Malta: www.mfsa.com.mt/
ICT & Digital Media
- Excellent ICT infrastructure, with over 95% of territory with broadband connection
- Strong iGaming sector, with MGA among most reputable regulators globally
- Growing digital media industry, including gaming and software development
- Call Centre, Back Office Support and Shared Services
- CISCO, HP, Microsoft and Oracle training academies
- Dubai’s Tecom investing $300m in SmartCity Malta: http://malta.smartcity.ae/
Maritime
- 3rd largest transhipment and logistics hub in Mediterranean
- Largest international ship register in EU and one of largest globally, with flag integrity, competitive registration fees and fiscal benefits
- Yacht repair industry offers a wide spectrum of services
- Increasingly becoming leading destination for yachts and super-yachts
- Provision of supporting professional services
- Malta Freeport: http://www.maltafreeport.com.mt/
Aviation
- Strong growth of MRO sector
- Manufacture of aviation components
- Flight operations and charter, management, aircraft handling and commercial services
- R&D and innovation on UAVs
- Flight and other training
- Back Office Support and Call Centre operations
- ICT and software development for aviation industry
- Aircraft register strengthened to emulate success of maritime register
Energy
- Switching to gas power generation: cheaper, cleaner
- Strategic location, availability of key skills make it ideal for support activities for regional energy and oil & gas sectors
- Almost all-year-round sunshine increases feasibility of photovoltaic cells and solar water heaters
- Component and equipment manufacturing for renewable energy, water technology and eco-innovation
- Repair, maintenance and servicing for offshore and onshore facilities
Education & Training
- Education system based on the British model
- Over 85 private, international and public schools
- Major centre for teaching English as a foreign language
- Ideal base for companies and universities to site regional training centres targeting students in Euro-Med region and beyond
- Specialised training, such as Health and Safety or Risk Assessment for Oil and Gas Industry