Economy of Malta

Mother Earth Travel > Country Index > Malta > Map Economy History

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 freshwater 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. However, the island is divided politically over the question of joining the EU. The sizable budget deficit remains a key concern.

GDP: purchasing power parity - $5.6 billion (2000 est.)
GDP - real growth rate: 3.4% (2000 est.)
GDP - per capita: purchasing power parity - $14,300 (2000 est.)
GDP - composition by sector:
agriculture:  2.8%
industry:  25.5%
services:  71.7% (1999)
Inflation rate (consumer prices): 2.5% (2000 est.)
Labor force: 145,901 (1999)
Labor force - by occupation: industry 24%, services 71%, agriculture 5% (1999 est.)
Unemployment rate: 4.5% (3rd Quarter 2000)
Budget:
revenues:  $1.6 billion
expenditures:  $1.73 billion, including capital expenditures of $265.4 million (1999)
Industries: tourism; electronics, ship building and repair, construction; food and beverages, textiles, footwear, clothing, tobacco
Electricity - production: 1.65 billion kWh (1999)
Electricity - production by source:
fossil fuel: 100%
hydro: 0%
nuclear: 0%
other: 0% (1999)
Electricity - consumption: 1.534 billion kWh (1999)
Agriculture - products: potatoes, cauliflower, grapes, wheat, barley, tomatoes, citrus, cut flowers, green peppers; pork, milk, poultry, eggs
Exports: $2 billion (f.o.b., 1999)
Exports - commodities: machinery and transport equipment, manufactures
Exports - partners: United States 21.4%, France 15.2%, Germany 12.6%, UK 9.3%, Italy 4.9% (1999)
Imports: $2.6 billion (f.o.b., 1999)
Imports - commodities: machinery and transport equipment, manufactured goods; food, drink, and tobacco
Imports - partners: Italy 16.7%, UK 10.9%, Germany 10.0%, United States 8.5% (1999)
Debt - external: $130 million (1997)
Currency: Maltese lira (MTL)

SOURCE: The World Factbook

Mother Earth Travel > Country Index > Malta > Map Economy History