• Economy

    • Malta - the smallest economy in the euro zone - produces only about 20% of its food needs, has limited fresh water supplies, and has few domestic energy sources. Malta adopted the euro on 1 January 2008.

      Malta's economy is dependent on foreign trade, manufacturing, and tourism Malta has low unemployment relative to other European countries, and growth has recovered since the 2009 recession.

      Malta's financial services industry has grown in recent years and it has avoided contagion from the European financial crisis, largely because its debt is mostly held domestically and its banks have low exposure to the sovereign debt of peripheral European countries.

      Malta reduced its deficit below 3 percent of GDP, leading the EU to dismiss its official excessive deficit procedure against Malta in 2012