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Background Great Britain formally acquired possession of Malta in 1814. The island staunchly supported the UK through both world wars and remained in the Commonwealth when it became independent in 1964. 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 using the euro as currency in 2008. Population 406,771 (July 2010 est.) Government type none (administered directly from Valletta); note - local councils carry out administrative orders and have some responsibility for local road and other public maintenance Administrative divisions republic Independence Independence Day, 21 September (1964); Republic Day, 13 December (1974) International organization participation two equal vertical bands of white (hoist side) and red; in the upper hoist-side corner is a representation of the George Cross, edged in red; according to legend, the colors are taken from the red and white checkered banner of Count Roger of Sicily who removed a bi-colored corner and granted it to Malta in 1091; an uncontested explanation is that the colors are those of the Knights of Saint John who ruled Malta from 1530 to 1798; in 1942, King George VI of the United Kingdom awarded the George Cross to the islanders for their exceptional bravery and gallantry in World War II; since independence in 1964, the George Cross bordered in red has appeared directly on the white field Economy - overview Market value of publicly traded shares tourism, electronics, ship building and repair, construction, food and beverages, pharmaceuticals, footwear, clothing, tobacco, aviation services, financial services, information technology services Agriculture - products NA% Industries 2.146 billion kWh (2007 est.) Industrial production growth rate 1.832 billion kWh (2007 est.) Electricity - production 0 kWh (2009 est.) Internet country code 198,800 (2008) WebCam