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 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. The island remains divided politically, however, over the question of joining the EU. Continued sluggishness in the global economy is holding back exports and tourism.
GDP:
purchasing power parity - $7 billion (2002 est.)
GDP - real growth rate:
2.2% (2002 est.)
GDP - per capita:
purchasing power parity - $17,000 (2002 est.)
GDP - composition by sector:
agriculture: 2.8%
industry: 25.5%
services: 71.7% (1999)
Population below poverty line:
NA%
Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%
Inflation rate (consumer prices):
2.4% (2002 est.)
Labor force:
160,000 (2002 est.)
Labor force - by occupation:
industry 24%, services 71%, agriculture 5% (1999 est.)
Unemployment rate:
7% (2002 est.)
Budget:
revenues: $1.5 billion
expenditures: $1.6 billion, including capital expenditures of $NA (2000)
Industries:
tourism; electronics, ship building and repair, construction; food and beverages, textiles, footwear, clothing, tobacco
Industrial production growth rate:
NA%
Electricity - production:
1.768 billion kWh (2001)
Electricity - production by source:
fossil fuel: 100%
hydro: 0%
other: 0% (2001)
nuclear: 0%
Electricity - consumption:
1.644 billion kWh (2001)
Electricity - exports:
0 kWh (2001)
Electricity - imports:
0 kWh (2001)
Oil - production:
0 bbl/day (2001 est.)
Oil - consumption:
20,000 bbl/day (2001 est.)
Oil - exports:
NA (2001)
Oil - imports:
NA (2001)
Agriculture - products:
potatoes, cauliflower, grapes, wheat, barley, tomatoes, citrus, cut flowers, green peppers; pork, milk, poultry, eggs
Exports:
$2 billion f.o.b. (2001)
Exports - commodities:
machinery and transport equipment, manufactures
Exports - partners:
US 20.2%, Germany 14.1%, France 10.2%, UK 8.8%, Italy 3.4% (2001)
Imports:
$2.8 billion f.o.b. (2001)
Imports - commodities:
machinery and transport equipment, manufactured and semi-manufactured goods; food, drink, and tobacco
Imports - partners:
Italy 19.9%, France 15.0%, US 11.6%, UK 10.0%, Germany 8.7% (2001)
Debt - external:
$130 million (1997)
Economic aid - recipient:
$NA
Currency:
Maltese lira (MTL)
Currency code:
MTL
Exchange rates:
Maltese liri per US dollar - 0.4336 (2002), 0.4501 (2001), 0.4382 (2000), 0.3989 (1999), 0.3885 (1998)
Fiscal year:
1 April - 31 March
NOTE: The information regarding Malta on this page is re-published from the 2003 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Guinea Geography 2003 information contained here. All suggestions for corrections of any errors about Malta Economy 2003 should be addressed to the CIA.
