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Malta Economy 2020

SOURCE: 2020 CIA WORLD FACTBOOK AND OTHER SOURCES











Malta Economy 2020
SOURCE: 2020 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on January 27, 2020

Economy - overview:
Malta’s free market economy – the smallest economy in the euro-zone – relies heavily on trade in both goods and services, principally with Europe. Malta produces less than a quarter of its food needs, has limited fresh water supplies, and has few domestic energy sources. Malta's economy is dependent on foreign trade, manufacturing, and tourism. Malta joined the EU in 2004 and adopted the euro on 1 January 2008.

Malta has weathered the euro-zone crisis better than most EU member states due to a low debt-to-GDP ratio and financially sound banking sector. It maintains one of the lowest unemployment rates in Europe, and growth has fully recovered since the 2009 recession. In 2014 through 2016, Malta led the euro zone in growth, expanding more than 4.5% per year.

Malta’s services sector continues to grow, with sustained growth in the financial services and online gaming sectors. Advantageous tax schemes remained attractive to foreign investors, though EU discussions of anti-tax avoidance measures have raised concerns among Malta’s financial services and insurance providers, as the measures could have a significant impact on those sectors. The tourism sector also continued to grow, with 2016 showing record-breaking numbers of both air and cruise passenger arrivals.

Malta’s GDP growth remains strong and is supported by a strong labor market. The government has implemented new programs, including free childcare, to encourage increased labor participation. The high cost of borrowing and small labor market remain potential constraints to future economic growth. Increasingly, other EU and European migrants are relocating to Malta for employment, though wages have remained low compared to other European countries. Inflation remains low.

GDP (purchasing power parity):
$19.26 billion (2017 est.)
$18.05 billion (2016 est.)
$17.16 billion (2015 est.)
note: data are in 2017 dollars
country comparison to the world (CIA rank, may be based on non-current data): 152
[see also: GDP country ranks ]

GDP (official exchange rate):
$12.58 billion (2017 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
6.7% (2017 est.)
5.2% (2016 est.)
9.5% (2015 est.)
country comparison to the world (CIA rank, may be based on non-current data): 28
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$41,900 (2017 est.)
$40,100 (2016 est.)
$39,000 (2015 est.)
note: data are in 2017 dollars
country comparison to the world (CIA rank, may be based on non-current data): 43
[see also: GDP - per capita country ranks ]

Gross national saving:
33.5% of GDP (2017 est.)
31.8% of GDP (2016 est.)
31.2% of GDP (2015 est.)
country comparison to the world (CIA rank, may be based on non-current data): 22
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 45.2% (2017 est.)
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 15.3% (2017 est.)
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 21.1% (2017 est.)
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 0.3% (2017 est.)
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 136.1% (2017 est.)
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -117.9% (2017 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 1.1% (2017 est.)
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 10.2% (2017 est.)
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 88.7% (2017 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

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

Industries:
tourism, electronics, ship building and repair, construction, food and beverages, pharmaceuticals, footwear, clothing, tobacco, aviation services, financial services, information technology services

Industrial production growth rate:
-3.3% (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 189
[see also: Industrial production growth rate country ranks ]

Labor force:
206,300 (2017 est.)
country comparison to the world (CIA rank, may be based on non-current data): 169
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 1.6%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 20.7%
[see also: Labor force - by occupation - industry country ranks ]
services: 77.7% (2016 est.)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
4.6% (2017 est.)
5.3% (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 67
[see also: Unemployment rate country ranks ]

Population below poverty line:
16.3% (2015 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: NA
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: NA
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Distribution of family income - Gini index:
28.1 (2015)
27.7 (2014)
country comparison to the world (CIA rank, may be based on non-current data): 141
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: 5.076 billion (2017 est.)
[see also: Budget - revenues country ranks ]
expenditures: 4.583 billion (2017 est.)
[see also: Budget - expenditures country ranks ]

Taxes and other revenues:
40.4% (of GDP) (2017 est.)
country comparison to the world (CIA rank, may be based on non-current data): 38
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
3.9% (of GDP) (2017 est.)
country comparison to the world (CIA rank, may be based on non-current data): 9
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
50.7% of GDP (2017 est.)
56.3% of GDP (2016 est.)
note: Malta reports public debt at nominal value outstanding at the end of the year, according to guidelines set out in the Maastricht Treaty for general government gross debt; the data include the following categories of government liabilities (as defined in ESA95): currency and deposits (AF.2), securities other than shares excluding financial derivatives (AF.3, excluding AF.34), and loans (AF.4); general government comprises the central, state, and local governments, and social security funds
country comparison to the world (CIA rank, may be based on non-current data): 99
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
1.3% (2017 est.)
0.9% (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 69
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
-0.35% (31 December 2016 est.)
-0.2% (31 December 2015)
note: this is the European Central Bank's rate on the marginal lending facility, which offers overnight credit to banks in the euro area
country comparison to the world (CIA rank, may be based on non-current data): 162
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
3.7% (31 December 2017 est.)
5.06% (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 167
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$17.93 billion (31 December 2017 est.)
$14.28 billion (31 December 2016 est.)
note: see entry for the EU for money supply for the entire euro area; the European Central Bank controls monetary policy for the 18 members of the Economic and Monetary Union (EMU); individual members of the EMU do not control the quantity of money circulating within their own borders
country comparison to the world (CIA rank, may be based on non-current data): 71
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$17.93 billion (31 December 2017 est.)
$14.28 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 72
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$13.97 billion (31 December 2017 est.)
$11.99 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 101
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$4.632 billion (31 December 2016 est.)
$4.468 billion (31 December 2015 est.)
$3.353 billion (31 December 2014 est.)
country comparison to the world (CIA rank, may be based on non-current data): 84
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
$1.712 billion (2017 est.)
$788 million (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 44
[see also: Current account balance country ranks ]

Exports:
$3.272 billion (2017 est.)
$2.493 billion (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 125
[see also: Exports country ranks ]

Exports - partners:
Germany 17.3%, France 10.2%, Italy 9.4%, Singapore 5.9%, Hong Kong 5.8%, US 5.7%, Japan 4.9%, Libya 4.5% (2017)

Exports - commodities:
machinery and mechanical appliances; mineral fuels, oils and petroleum products; pharmaceutical products; books and newspapers; aircraft/spacecraft and parts; toys, games, and sports equipment

Imports:
$4.996 billion (2017 est.)
$4.965 billion (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 129
[see also: Imports country ranks ]

Imports - commodities:
mineral fuels, oils and products; electrical machinery; aircraft/spacecraft and parts thereof; machinery and mechanical appliances; plastic and other semi-manufactured goods; vehicles and parts

Imports - partners:
Italy 23%, Germany 7.9%, UK 7.7%, Spain 5%, Canada 4.5%, US 4.3%, France 4.2% (2017)

Reserves of foreign exchange and gold:
$833 million (31 December 2017 est.)
$677.1 million (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 139
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$90.98 billion (September 2016 est.)
$99.02 billion (31 December 2015 est.)
country comparison to the world (CIA rank, may be based on non-current data): 53
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$166.1 million (1 June 2016 est.)
$155.5 million (1 June 2015 est.)
country comparison to the world (CIA rank, may be based on non-current data): 134
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$65.49 million (June 2015 est.)
$64.77 million (31 June 2014 est.)
country comparison to the world (CIA rank, may be based on non-current data): 112
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
euros (EUR) per US dollar -
0.885 (2017 est.)
0.903 (2016 est.)
0.9214 (2015 est.)
0.885 (2014 est.)
0.7634 (2013 est.)


NOTE: 1) The information regarding Malta on this page is re-published from the 2020 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Malta Economy 2020 information contained here. All suggestions for corrections of any errors about Malta Economy 2020 should be addressed to the CIA or the source cited on each page.
2) The rank that you see is the CIA reported rank, which may have the following issues:
  a) They assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
  b) The CIA sometimes assigns counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order.






This page was last modified 27-Jan-20
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