Economy - overview:
Malta produces only about 20% of its food needs, has limited fresh water supplies, and has few domestic energy sources. Malta's geographic position between the EU and Africa makes it a recipient of illegal immigration, which has strained Malta's political and economic resources. The financial services industry has grown in recent years, but is not fully modernized. Malta's economy is dependent on foreign trade, manufacturing - especially electronics and pharmaceuticals - and tourism all of which have been negatively affected by global economic downturn. Malta adopted the euro on 1 January 2008. The Maltese government in 2009 will be challenged to contain the budget deficit, which ballooned in 2008 to about 4.1% of GDP, placing it above the euro zone's 3% maximum.
GDP (purchasing power parity):
$9.801 billion (2008 est.)
$9.695 billion (2007)
$9.329 billion (2006)
note: data are in 2008 US dollars
GDP (official exchange rate):
$8.584 billion (2008 est.)
GDP - real growth rate:
2.5% (2008 est.)
3.9% (2007 est.)
3.2% (2006 est.)
GDP - per capita (PPP):
$24,200 (2008 est.)
$24,100 (2007 est.)
$23,300 (2006 est.)
note: data are in 2008 US dollars
GDP - composition by sector:
agriculture: 1.4%
industry: 18%
services: 80.6% (2007 est.)
Labor force:
173,000 (2008)
Labor force - by occupation:
agriculture: 2.3%
industry: 29.6%
services: 68% (2005 est.)
Unemployment rate:
6.4% (2007)
Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%
Distribution of family income - Gini index:
26 (2007)
Investment (gross fixed):
20% of GDP (2008 est.)
Budget:
revenues: $3.457 billion
expenditures: $3.653 billion (2008 est.)
Inflation rate (consumer prices):
4.4% (2008 est.)
Central bank discount rate:
NA
Commercial bank prime lending rate:
6.24% (31 December 2007)
Stock of money:
$4.639 billion
note: this figure represents the US dollar value of Maltese liri in circulation prior to Malta joining the Economic and Monetary Union (EMU); see entry for the European Union for money supply in the euro area; the European Central Bank (ECB) controls monetary policy for the 16 members of the EMU; individual members of the EMU do not control the quantity of money and quasi money circulating within their own borders (31 December 2008)
Stock of quasi money:
$8.771 billion (31 December 2008 est.)
Stock of domestic credit:
$10 billion (31 December 2008 est.)
Market value of publicly traded shares:
$5.633 billion (31 December 2007)
Agriculture - products:
potatoes, cauliflower, grapes, wheat, barley, tomatoes, citrus, cut flowers, green peppers; pork, milk, poultry, eggs
Industries:
tourism, electronics, ship building and repair, construction, food and beverages, pharmaceuticals, footwear, clothing, tobacco
Industrial production growth rate:
NA%
Electricity - production:
2.146 billion kWh (2007 est.)
Electricity - consumption:
1.85 billion kWh (2006 est.)
Electricity - exports:
0 kWh (2007 est.)
Electricity - imports:
0 kWh (2007 est.)
Oil - production:
0 bbl/day (2007 est.)
Oil - consumption:
18,680 bbl/day (2006 est.)
Oil - exports:
0 bbl/day (2005)
Oil - imports:
18,910 bbl/day (2005)
Oil - proved reserves:
0 bbl (1 January 2006 est.)
Natural gas - production:
0 cu m (2007 est.)
Natural gas - consumption:
0 cu m (2007 est.)
Natural gas - exports:
0 cu m (2007 est.)
Natural gas - imports:
0 cu m (2007 est.)
Natural gas - proved reserves:
0 cu m (1 January 2006 est.)
Current account balance:
-$538 million (2008 est.)
Exports:
$3.491 billion f.o.b. (2008 est.)
Exports - commodities:
machinery and transport equipment, manufactures
Exports - partners:
Singapore 14.4%, Germany 13.7%, France 12.6%, US 11.3%, UK 10%, Hong Kong 6.1%, Japan 4.9%, Italy 4% (2007)
Imports:
$4.963 billion f.o.b. (2008 est.)
Imports - commodities:
machinery and transport equipment, manufactured and semi-manufactured goods; food, drink, tobacco
Imports - partners:
Italy 26%, UK 15%, France 9.5%, Germany 8.8%, Singapore 5.2% (2007)
Reserves of foreign exchange and gold:
$4.15 billion (31 December 2008 est.)
Debt - external:
$188.8 million (2005)
Stock of direct foreign investment - at home:
$NA
Stock of direct foreign investment - abroad:
$NA
Exchange rates:
euros (EUR) per US dollar - 0.6827 (2008 est.), Maltese liri per US dollar - 0.3106 (2007), 0.37 (2006), 0.34578 (2005), 0.34466 (2004), 0.37723 (2003)
