Short facts about the economy in Malta
| 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) |
| Population
below poverty line: |
NA% |
| Household
income or consumption by percentage share: |
lowest 10%: NA%
highest 10%:
NA% |
| 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 |
| Industrial
production growth rate: |
NA% |
| 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) |
| Electricity
- exports: |
0 kWh
(1999) |
| Electricity
- imports: |
0 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: |
US 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 and semi-manufactured goods; food, drink, and
tobacco |
| Imports -
partners: |
France 19.1%, Italy 16.7%, UK 10.9%,
Germany 10.0%, US 8.5% (1999) |
| Debt -
external: |
$130 million
(1997) |
| Economic aid
- recipient: |
$NA |
| Currency: |
Maltese lira
(MTL) |
| Exchange
rates: |
Maltese liri per US dollar - 0.4370
(January 2001), 0.4376 (2000), 0.3994 (1999), 0.3885 (1998), 0.3857 (1997),
0.3604 (1996) |
| Fiscal
year: |
1 April - 31 March | Source: World Factbook |
