Overview: Significant 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. Consequently, the economy is highly dependent on foreign trade and services. Manufacturing and tourism are the largest contributors to the economy. Manufacturing accounts for about 30% of GDP, with the textile and clothing industry a major contributor. In 1987 inflation was held to a modest 0.4% rate and unemployment dropped to 4.4%. Per capita GDP at $4,310 places Malta in the middle-income range of the world's nations.

GDP: $1.6 billion, per capita $4,310; real growth rate 6.0% (1987)

Inflation rate (consumer prices): 0.4% (1987)

Unemployment rate: 4.4% (1987)

Budget: revenues $639 million; expenditures $762 million, including capital expenditures of $65 million (1987 est.)

Exports: $600 million (f.o.b., 1987); @m5commodities--clothing, textiles, footwear, ships; @m5partners--FRG 31%, UK 14%, Italy 14%

Imports: $1,130 million (c.i.f., 1987); @m5commodities--food, petroleum, nonfood raw materials; @m5partners--FRG 19%, UK 17%, Italy 17%, US 11%

External debt: $90 million, medium and long-term (December 1987)

Industrial production: growth rate 6.2% (1987)

Electricity: 328,000 kW capacity; 1,010 million kWh produced, 2,740 kWh per capita (1988)

Industries: tourism, ship repair yard, clothing, construction, food manufacturing, textiles, footwear, clothing, beverages, tobacco

Agriculture: overall, 20% self-sufficient; main products--potatoes, cauliflower, grapes, wheat, barley, tomatoes, citrus, cut flowers, green peppers, hogs, poultry, eggs; generally adequate supplies of vegetables, poultry, milk, pork products; seasonal or periodic shortages in grain, animal fodder, fruits, other basic foodstuffs

Aid: NA

Currency: Maltese lira (plural--liri); 1 Maltese lira (LM) = 100 cents

Exchange rates: Maltese liri (LM) per US$1--0.3359 (January 1989), 0.3306 (1988), 0.3451 (1987), 0.3924 (1986), 0.4676 (1985)

Fiscal year: 1 April-31 March

NOTE: The information regarding Malta on this page is re-published from the 1989 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Malta Economy 1989 information contained here. All suggestions for corrections of any errors about Malta Economy 1989 should be addressed to the CIA.