Economy Of Malta
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Economy overview
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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 no domestic energy sources. The economy is dependent on foreign trade, manufacturing (especially electronics and textiles), and tourism. Malta is privatizing state-controlled firms and liberalizing markets in order to prepare for membership in the European Union. The island remains divided politically, however, over the question of joining the EU. Continued sluggishness in the global economy is holding back exports, tourism, and overall growth.
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GDP
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purchasing power parity - $7.082 billion (2004 est.)
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GDP - real growth rate
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0.8% (2004 est.)
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GDP - per capita
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purchasing power parity - $17,700 (2004 est.)
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GDP - composition by sector
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agriculture: 3%
industry: 23%
services: 74% (2003 est.)
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Investment gross fixed
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23.1% of GDP (2004 est.)
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Population below poverty line
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NA
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Household income or consumption by percentage share
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lowest 10%: NA
highest 10%: NA
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Distribution of family income - Gini index
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Inflation rate consumer prices
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0.4% (2004 est.)
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Labor force
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160,000 (2002 est.)
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Labor force by occupation
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agriculture 5%, industry 24%, services 71% (1999 est.)
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Unemployment rate
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7% (2003 est.)
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Budget
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revenues: $2.086 billion
expenditures: $2.367 billion, including capital expenditures of NA (2004 est.)
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Public debt
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Agriculture products
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potatoes, cauliflower, grapes, wheat, barley, tomatoes, citrus, cut flowers, green peppers; pork, milk, poultry, eggs
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Industries
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tourism; electronics, ship building and repair, construction; food and beverages, textiles, footwear, clothing, tobacco
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Industrial production growth rate
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NA
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Electricity production
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1.768 billion kWh (2001)
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Electricity production by source
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fossil fuel: 100%
hydro: 0%
other: 0% (2001)
nuclear: 0%
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Electricity consumption
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1.644 billion kWh (2001)
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Electricity exports
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0 kWh (2001)
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Electricity imports
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0 kWh (2001)
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Oil production
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0 bbl/day (2004 est.)
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Oil consumption
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20,000 bbl/day (2001 est.)
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Oil exports
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NA (2001)
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Oil imports
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NA (2001)
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Oil proved reserves
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Natural gas production
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Natural gas consumption
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Natural gas exports
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Natural gas imports
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Natural gas proved reserves
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Current account balance
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$-250 million (2004 est.)
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Exports
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$2.175 billion f.o.b. (2004 est.)
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Exports commodities
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machinery and transport equipment, manufactures
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Exports partners
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Singapore 17.4%, US 11.6%, UK 9.4%, Germany 8.8%, France 7.5%, China 7% (2003)
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Imports
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$2.761 billion f.o.b. (2003 est.)
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Imports commodities
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machinery and transport equipment, manufactured and semi-manufactured goods; food, drink, and tobacco
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Imports partners
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Italy 19.3%, France 13.7%, UK 8.5%, Germany 6.6%, Singapore 6.1%, Japan 5.7%, South Korea 5.5%, US 4.1% (2003)
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Reserves of foreign exchange gold
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$2.429 billion (2004 est.)
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Debt external
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$130 million (1997)
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Economic aid recipient
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NA
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Currency
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Maltese lira (MTL)
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Currency code
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MTL
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Exchange rates
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Maltese liri per US dollar - 0.3772 (2003), 0.4336 (2002), 0.4501 (2001), 0.4382 (2000), 0.3989 (1999)
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Fiscal year
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1 April - 31 March
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Applied Language Solutions offer English to Maltese Translation , English Translation .
This information was reproduced in part from the CIA World Fact book.
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