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Malta Economy 1996

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 24% of GDP, with the electronics and textile industries major contributors and with the state-owned Malta drydocks employing about 4,300 people. In 1994, over 1,000,000 tourists visited the island. Per capita GDP of $10,760 places Malta in the range of the less affluent EU countries.

National product:

GDP - purchasing power parity - $3.9 billion (1994 est.)

National product real growth rate:

4.4% (1994 est.)

National product per capita:

$10,760 (1994 est.)

Inflation rate (consumer prices):

5% (1994 est.)

Unemployment rate:

4.5% (March 1994)

Budget:

revenues:

$1.4 billion

expenditures:

$1.4 billion, including capital expenditures of $215 million (FY94/95 est.)

Exports:

$1.3 billion (f.o.b., 1993)

commodities:

machinery and transport equipment, clothing and footware, printed matter

partners:

Italy 32%, Germany 16%, UK 8%

Imports:

$2.1 billion (c.i.f., 1993)

commodities:

food, petroleum, machinery and semimanufactured goods

partners:

Italy 27%, Germany 14%, UK 13%, US 9%

External debt:

$603 million (1992)

Industrial production:

growth rate 5.4% (1992); accounts for 27% of GDP

Electricity:

capacity:

250,000 kW

production:

1.1 billion kWh

consumption per capita:

2,749 kWh (1993)

Industries:

tourism, electronics, ship repairyard, construction, food manufacturing, textiles, footwear, clothing, beverages, tobacco

Agriculture:

accounts for 3% of GDP and 2% of the work force (1992); 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

Illicit drugs:

transshipment point for hashish from North Africa to Western Europe

Economic aid:

recipient:

US commitments, including Ex-Im (FY70-81), $172 million; Western (non-US) countries, ODA and OOF bilateral commitments (1970-89), $336 million; OPEC bilateral aid (1979-89), $76 million; Communist countries (1970-88), $48 million

Currency:

1 Maltese lira (LM) = 100 cents

Exchange rates:

Maltese liri (LM) per US$1 - 0.3656 (January 1995), 0.3776 (1994), 0.3821 (1993), 0.3178 (1992), 0.3226 (1991), 0.3172 (1990)

Fiscal year:

1 April - 31 March

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