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Economy of Malta


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feature the Maltese Cross on €2 and €1 coins, the Maltese Coat of Arms on the €0.50, €0.20 and €0.10 coins, and the Mnajdra Temples on the €0.05, €0.02 and €0.01 coins.

Malta has produced collectors' coins with face value ranging from 10 to 50 euro. These coins continue an existing national practice of minting of silver and gold commemorative coins. Unlike normal issues, these coins are not legal tender in all the eurozone. For instance, a €10 Maltese commemorative coin cannot be used in any other country.

From 1972 until introduction of the Euro in 2008, the currency was the Maltese Lira, which had replaced the Maltese pound. The pound replaced the Maltese scudo in 1798.

Tourism

Malta is a popular tourist destination, with 1.2 million tourists every year. Three times more tourists visit than there are residents. Tourism infrastructure has increased dramatically over the years and a number of good-quality hotels are present on the island, although overdevelopment and the destruction of traditional housing is of growing concern. An increasing number of Maltese now travel abroad on holiday.

In recent years, Malta has advertised itself as a medical tourism destination, and a number of health tourism providers are developing the industry. However, no Maltese hospital has undergone independent international healthcare accreditation. Malta is popular with British medical tourists, pointing Maltese hospitals towards seeking UK-sourced accreditation, such as with the Trent Accreditation Scheme. Dual accreditation with the American-oriented Joint Commission is necessary if hospitals in Malta wish to compete with the Far East and Latin America for medical tourists from the United States.

Science and technology

Malta signed a cooperation agreement with the European Space Agency (ESA) for more-intensive cooperation in ESA projects
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