Malta Economy Profile 2008

Economy - overview

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 few domestic energy sources. The economy is dependent on foreign trade, manufacturing (especially electronics and pharmaceuticals), and tourism. Economic recovery of the European economy has lifted exports, tourism, and overall growth. Malta adopted the euro on 1 January 2008.

GDP (purchasing power parity)

$9.342 billion (2007 est.)

GDP (official exchange rate)

$6.45 billion (2007 est.)

GDP - real growth rate

3.4% (2007 est.)

GDP - per capita (PPP)

$23,200 (2007 est.)

GDP - composition by sector

agriculture: 2.7%
industry: 22.3%
services: 74.9% (2003 est.)

Population below poverty line

NA%

Household income or consumption by percentage share

lowest 10%: NA%
highest 10%: NA%

Inflation rate (consumer prices)

0.9% (2007 est.)

Investment (gross fixed)

10.7% of GDP (2007 est.)

Labor force

164,000 (2006 est.)

Labor force - by occupation

agriculture: 3%
industry: 22%
services: 75% (2005 est.)

Unemployment rate

6.8% (2005 est.)

Distribution of family income - Gini index

28 (2005)

Budget

revenues: $3.316 billion
expenditures: $3.368 billion (2007 est.)

Industries

tourism, electronics, ship building and repair, construction, food and beverages, pharmaceuticals, footwear, clothing, tobacco

Industrial production growth rate

NA%

Electricity - production

2.106 billion kWh (2005)

Electricity - consumption

1.959 billion kWh (2005)

Electricity - exports

0 kWh (2005)

Electricity - imports

0 kWh (2005)

Oil - production

0 bbl/day (2005 est.)

Oil - consumption

18,600 bbl/day (2005 est.)

Oil - imports

18,210 bbl/day (2004)

Oil - exports

0 bbl/day (2004)

Oil - proved reserves

0 bbl (1 January 2006 est.)

Natural gas - production

0 cu m (2005 est.)

Natural gas - consumption

0 cu m (2005 est.)

Natural gas - exports

0 cu m (2005 est.)

Natural gas - imports

0 cu m (2005)

Natural gas - proved reserves

0 cu m (1 January 2006 est.)

Current Account Balance

-$411 million (2007 est.)

Agriculture - products

potatoes, cauliflower, grapes, wheat, barley, tomatoes, citrus, cut flowers, green peppers; pork, milk, poultry, eggs

Exports

$3.403 billion f.o.b. (2007 est.)

Exports - commodities

machinery and transport equipment, manufactures

Exports - partners

France 15.3%, Singapore 13.2%, US 13%, Germany 12.5%, UK 9.5%, Japan 4.9%, Hong Kong 4.2% (2006)

Imports

$4.212 billion f.o.b. (2007 est.)

Imports - commodities

machinery and transport equipment, manufactured and semi-manufactured goods; food, drink, tobacco

Imports - partners

Italy 28%, UK 10.5%, France 8.7%, Germany 7.6%, Singapore 6.8%, US 5.6% (2006)

Reserves of foreign exchange and gold

$3.522 billion (31 December 2007 est.)

Debt - external

$188.8 million (2005)

Stock of direct foreign investment - at home

$NA

Stock of direct foreign investment - abroad

$NA

Market value of publicly traded shares

$4.097 billion (2005)

Economic aid - recipient

$6.19 million (2004)

Currency (code)

euro (EUR) as of 1 January 2008; Maltese lira (MTL) before then

Exchange rates

euros per US dollar - 0.6795 (January 2008), Maltese liri per US dollar - 0.3106 (2007), 0.37 (2006), 0.34578 (2005), 0.34466 (2004), 0.37723 (2003)

Fiscal year

calendar year