Malta Economy:
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. Continued sluggishness in the European economy is holding back exports, tourism, and overall growth.
GDP (purchasing power parity):
$7.22 billion (2004 est.)
GDP — real growth rate:
1% (2004 est.)
GDP — per capita:
purchasing power parity: $18,200 (2004 est.)
GDP — composition by sector:
agriculture: 3%
industry: 23%
services: 74%
(2003)
Labor force:
160,000 (2002 est.)
Labor force — by occupation:
agriculture: 5%, industry: 24%, services: 71% (1999 est.)
Unemployment rate:
7% (2003 est.)
Population below poverty line:
NA
Household income or consumption by percentage share:
lowest 10%: NA
highest 10%: NA
Inflation rate (consumer prices):
2.9% (2004 est.)
Investment (gross fixed):
26.4% of GDP (2004 est.)
Budget:
revenues: $2.27 billion
expenditures: $2.55 billion including capital expenditures of NA (2004 est.)
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, textiles, footwear, clothing, tobacco
Industrial production growth rate:
NA
Electricity — production:
2.15 billion kWh (2002 est.)
Electricity — consumption:
2 billion kWh (2002 est.)
Electricity — exports:
0 kWh (2002 est.)
Electricity — imports:
0 kWh (2002 est.)
Oil — production:
0 bbl/day (2004 est.)
Oil — consumption:
20,000 bbl/day (2001 est.)
Oil — exports:
NA
Oil — imports:
NA
Current account balance:
$-241 million (2004 est.)
Exports:
$2.63 billion (f.o.b. 2004 est.)
Exports — commodities:
machinery and transport equipment, manufactures,
Exports — partners:
US 15.7%, France 15.5%, Singapore 14.5%, UK 11.2%, Germany 10.8%, (2004)
Imports:
$3.41 billion (f.o.b. 2004 est.)
Imports — commodities:
machinery and transport equipment, manufactured and semi-manufactured goods, food, drink, tobacco, ,
Imports — partners:
Italy 25.4%, France 13.1%, UK 12%, Germany 8.9%, US 5.2%, Singapore 4.1% (2004)
Reserves of foreign exchange and gold:
$2.87 billion (2004 est.)
Debt — external:
$130 million (1997 est.)
Economic aid — recipient:
NA
Currency:
Maltese lira (MTL)
Exchange rates:
Maltese liri per US$: 0.34 (2004 est.), 0.38 (2003 est.), 0.43 (2002 est.), 0.45 (2001 est.), 0.44 (2000 est.)
Fiscal year:
1 April - 31 March
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