Malta Economy Profile 2009

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 the 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)

$9.962 billion (2008 est.)
$9.705 billion (2007 est.)
$9.337 billion (2006 est.)
note: data are in 2008 US dollars

GDP (official exchange rate)

$8.338 billion (2008 est.)

GDP - real growth rate

2.7% (2008 est.)
3.9% (2007 est.)
3.3% (2006 est.)

GDP - per capita (PPP)

$24,700 (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.)

Population below poverty line

NA%

Labor force

173,000 (2008)

Labor force - by occupation

agriculture: 2.3%
industry: 29.6%
services: 68% (2005 est.)

Unemployment rate

5.9% (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)

16.2% of GDP (2008 est.)

Budget

revenues: $3.378 billion
expenditures: $3.77 billion (2008 est.)

Inflation rate (consumer prices)

4.3% (2008 est.)
1.3% (2007 est.)

Central bank discount rate

NA%

note: this is the European Central Bank's rate on the marginal lending facility, which offers overnight credit to banks in the euro area

Commercial bank prime lending rate

NA% (31 December 2008)
6.24% (31 December 2007)

Stock of money

$4.639 billion (31 January 2008)
$4.603 billion (31 December 2007)
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

Stock of quasi money

$8.771 billion (31 January 2008 est.)
$7.645 billion (31 December 2007)

Stock of domestic credit

$10 billion (31 December 2008 est.)
$10.99 billion (31 December 2007)

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 - production by source

fossil fuel: 100%
hydro: 0%
nuclear: 0%
other: 0% (2001)

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 - imports

18,910 bbl/day (2005)

Oil - exports

0 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

-$504 million (2008 est.)
-$468 million (2007 est.)

Agriculture - products

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

Exports

$3.06 billion (2008 est.)
$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

$4.832 billion (2008 est.)
$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)

Reserves of foreign exchange and gold

$373.4 million (31 December 2008 est.)
$3.798 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

$NA (31 December 2008)
$5.633 billion (31 December 2007)
$4.504 billion (31 December 2006)

Economic aid - recipient

$6.19 million (2004)

Currency (code)

MTL

Currency (code)

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

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)

Fiscal year

calendar year