Malta: Economy Overview
20 November 2009by Ina Dimireva -- last modified 26 January 2010
Malta's economy is dependent on foreign trade, manufacturing - especially electronics and pharmaceuticals - and tourism all of which have been negatively affected by the global economic downturn. Malta adopted the euro on 1 January 2008.
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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. 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):
$9.933 billion (2008 est.)
country comparison to the world: 149
$9.707 billion (2007 est.)
$9.317 billion (2006 est.)
note: data are in 2008 US dollars
GDP (official exchange rate):
$8.37 billion (2008 est.)
GDP - real growth rate:
2.3% (2008 est.)
country comparison to the world: 152
4.2% (2007 est.)
3.5% (2006 est.)
GDP - per capita (PPP):
$24,600 (2008 est.)
country comparison to the world: 52
$24,200 (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% (2008 est.)
Labor force:
173,000 (2008 est.)
country comparison to the world: 170
Labor force - by occupation:
agriculture: 2.3%
industry: 29.6%
services: 68% (2007 est.)
Unemployment rate:
6% (2008 est.)
country comparison to the world: 74
Investment (gross fixed):
16.2% of GDP (2008 est.)
country comparison to the world: 135
Budget:
revenues: $3.378 billion
expenditures: $3.77 billion (2008 est.)
Inflation rate (consumer prices):
4.3% (2008 est.)
country comparison to the world: 72
1.3% (2007 est.)
Commercial bank prime lending rate:
5.89% (31 December 2008)
country comparison to the world: 130
6.24% (31 December 2007)
Stock of domestic credit:
$16.17 billion (31 December 2008)
country comparison to the world: 64
$10.99 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%
Oil - production:
0 bbl/day (2007 est.)
country comparison to the world: 161
Natural gas - production:
0 cu m (2007 est.)
country comparison to the world: 151
Current account balance:
$-445 million (2007 est.)
country comparison to the world: 103
$-468 million (2007 est.)
Exports:
$3.06 billion (2008 est.)
country comparison to the world: 122
$3.305 billion (2007 est.)
Exports - commodities:
machinery and transport equipment, manufactures
Exports - partners:
Germany 13.5%, Singapore 13%, France 12.2%, US 9.6%, UK 8.2%, Hong Kong 6.7%, Japan 6.4%, Italy 4.7% (2008)
Imports:
$4.792 billion (2008 est.)
country comparison to the world: 118
$4.655 billion (2007 est.)
Imports - commodities:
machinery and transport equipment, manufactured and semi-manufactured goods; food, drink, tobacco
Imports - partners:
Italy 28.1%, UK 13.5%, France 8.2%, Germany 7.4%, Singapore 6.4% (2008)
Debt - external:
$188.8 million (31 December 2008)
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)
Source: CIA - The World Factbook