Malta
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A decade later Malta became a republic. Since about the mid-1980s, the island has transformed itself into a freight transshipment point, a financial center, and a tourist destination. Malta became an EU member in May 2004 and began to use the euro as currency in 2008. Major resources are limestone, a favorable geographic location, and a productive labor force. Malta produces only about 20% of its food needs, has limited fresh water supplies, and has few domestic energy sources. The economy is dependent on foreign trade, manufacturing (especially electronics and pharmaceuticals), and tourism. Economic recovery of the European economy has lifted exports, tourism, and overall growth. Malta adopted the euro on 1 January 2008. Source: The Places Factbook, CIA. |
Great
Britain formally acquired possession of Malta in 1814. The island staunchly
supported the UK through both Places Wars and remained in the Commonwealth when
it became independent in 1964.