| Economy | Malta |
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Economy - overview:
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Malta produces only about 20% of its food needs, has limited fresh water supplies, and has few domestic energy sources. Malta's geographic position between the EU and Africa makes it a target for illegal immigration, which has strained Malta's political and economic resources. Malta's fertility rate is below the EU average, and population growth in recent years has largely been from immigration, putting increasing pressure on the pension system. Malta adopted the euro on 1 January 2008. Malta's economy is dependent on foreign trade, manufacturing, and tourism, and was hurt by the global economic downturn. Malta has low unemployment relative to other European countries, and growth has recovered since the 2009 recession. Malta's financial services industry has grown in recent years and in 2008-09 it escaped significant damage from the international financial crisis, largely because the sector is centered on the indigenous real estate market and is not highly leveraged. Fiscal stimulus measures contributed to a deterioration in Malta's public finances in 2011, leading the EU to warn Malta that it would risk sanctions if it failed to bring its deficit and debt levels within EU guidelines. Moodys downgraded Malta's sovereign credit rating in September 2011. |
GDP (purchasing power parity):
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$10.91 billion (2011 est.)
$10.61 billion (2010 est.)
$10.3 billion (2009 est.)
note: data are in 2011 US dollars |
GDP - per capita (PPP):
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$25,700 (2011 est.)
$25,300 (2010 est.)
$24,800 (2009 est.)
note: data are in 2011 US dollars |
GDP (official exchange rate):
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$9.3 billion (2011 est.) |
GDP - real growth rate:
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2.5% (2011 est.)
3.1% (2010 est.)
-3.3% (2009 est.) |
GDP - composition by sector:
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agriculture: 1.9%
industry: 17.2%
services: 80.9% (2010 est.) |
Investment (gross fixed):
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15.7% of GDP (2011 est.) |
Population below poverty line:
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NA% |
Household income or consumption by percentage share:
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lowest 10%: NA%
highest 10%: NA% |
Distribution of family income - Gini index:
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26 (2007) |
Inflation rate (consumer prices):
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2.7% (2011 est.)
1.5% (2010 est.) |
Central bank discount rate:
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1.75% (31 December 2010)
1.75% (31 December 2009)
note: this is the European Central Bank's rate on the marginal lending facility, which offers overnight credit to banks in the euro area |
Commercial bank prime lending rate:
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4.9% (31 December 2011 est.)
4.617% (31 December 2010 est.) |
Stock of money:
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$4.639 billion (31 January 2008)
$4.603 billion (31 December 2007)
note: this figure represents the US dollar value of Maltese liri in circulation prior to Malta joining the Economic and Monetary Union (EMU); see entry for the European Union for money supply in the euro area; the European Central Bank (ECB) controls monetary policy for the 16 members of the EMU; individual members of the EMU do not control the quantity of money and quasi money circulating within their own borders |
Stock of money - per capita:
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11,361 USD per capita |
Stock of quasi money:
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$8.771 billion (31 January 2008 est.)
$7.645 billion (31 December 2007) |
Stock of quasi money - per capita:
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21,481 USD per capita |
Stock of domestic credit:
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$18.66 billion (31 December 2010)
$20.4 billion (31 December 2009) |
Stock of domestic credit - per capita:
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45,698 USD per capita |
Stock of narrow money:
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$7.046 billion (31 December 2010 est.)
$6.147 billion (31 December 2009 est.)
note: see entry for the European Union for money supply in the euro area; the European Central Bank (ECB) controls monetary policy for the 17 members of the EMU; individual members of the EMU do not control the quantity of money circulating within their own borders |
Stock of broad money:
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$13.56 billion (31 December 2011 est.)
$12.5 billion (31 December 2010 est.) |
Labor force:
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265,200 (2010 est.) |
Labor force participation rate:
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64.95 % of population |
Labor force - by occupation:
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agriculture: 1.3%
industry: 24.8%
services: 73.9% (2010) |
Unemployment rate:
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6.9% (2010 est.)
7% (2009 est.) |
Unemployment, youth ages 15-24:
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total: 13.3%
male: 17.7%
female: 15.4% (2009) |
Budget:
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revenues: $3.521 billion
expenditures: $3.843 billion (2011 est.) |
Budget revenues per capita:
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8,623 USD per capita |
Taxes and other revenues:
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37.9% of GDP (2011 est.) |
Budget surplus (+) or deficit (-):
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-3.5% of GDP (2011 est.) |
Public debt:
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68% of GDP (2011 est.)
67.8% of GDP (2010 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; it includes 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 government, state government, local government and social security funds |
Industries:
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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:
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NA% |
Electricity - production:
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2.113 billion kWh (2010) |
Electricity - production per capita:
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5,175 kWh per capita |
Electricity - consumption:
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1.991 billion kWh (2010) |
Electricity - consumption - per capita:
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4,876 kWh per capita |
Electricity - exports:
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0 kWh (2009 est.) |
Electricity - imports:
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0 kWh (2009 est.) |
Oil - production:
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0 bbl/day (2010 est.) |
Oil - production per capita:
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void |
Oil - consumption:
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19,000 bbl/day (2010 est.) |
Oil - consumption - per capita:
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16.98 bbl/year per capita |
Oil - exports:
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0 bbl/day (2009 est.) |
Oil - imports:
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18,420 bbl/day (2009 est.) |
Oil - proved reserves:
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0 bbl (1 January 2011 est.) |
Natural gas - production:
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0 cu m (2009 est.) |
Natural gas - production per capita:
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void |
Natural gas - consumption:
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0 cu m (2009 est.) |
Natural gas - consumption - per capita:
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void |
Natural gas - exports:
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0 cu m (2009 est.) |
Natural gas - imports:
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0 cu m (2009 est.) |
Natural gas - proved reserves:
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0 cu m (1 January 2011 est.) |
Agriculture - products:
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potatoes, cauliflower, grapes, wheat, barley, tomatoes, citrus, cut flowers, green peppers; pork, milk, poultry, eggs |
Current account balance:
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-$401.1 million (2011 est.)
-$416 million (2010 est.) |
Current account balance - per capita:
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-982 USD per capita |
Exports:
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$3.474 billion (2011 est.)
$3.088 billion (2010 est.) |
Exports per capita:
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8,508 USD per capita |
Exports - commodities:
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electrical machinery, mechanical appliances, fish and crustaceans, pharmaceutical products, printed material |
Exports - partners:
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Germany 18.4%, France 15.7%, UK 9.1%, Italy 6.6%, Libya 6%, US 5.7% (2010) |
Imports:
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$4.763 billion (2011 est.)
$4.317 billion (2010 est.) |
Imports per capita:
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11,665 USD per capita |
Imports - commodities:
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mineral fuels and oils, electrical machinery, non-electrical machinery, aircraft and other transport equipment, plastic and other semi-manufactured goods; food, drink, tobacco |
Imports - partners:
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Italy 24.1%, UK 8.6%, Germany 8.5%, France 8.2%, Singapore 4.1% (2010) |
Reserves of foreign exchange and gold:
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$547.7 million (31 December 2011 est.)
$540.2 million (31 December 2010 est.) |
Reserves of foreign exchange and gold - per capita:
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1,342 USD per capita |
Debt - external:
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$48.79 billion (30 June 2011)
$5.978 billion (31 December 2010) |
Debt - external - per capita:
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119,486 USD per capita |
Stock of direct foreign investment - at home:
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$16.63 billion (31 December 2010)
$8.24 billion (31 December 2009) |
Stock of direct foreign investment - at home - per capita:
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40,727 USD per capita |
Stock of direct foreign investment - abroad:
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$1.213 billion (2010 est.) |
Stock of direct foreign investment - abroad - per capita:
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2,971 USD per capita |
Market value of publicly traded shares:
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$2.399 billion (31 December 2010)
$1.982 billion (31 December 2009)
$3.572 billion (31 December 2008) |
Market value of publicly traded shares - per capita:
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5,876 USD per capita |
Currency (code):
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euro (EUR) as of 1 January 2008; Maltese lira (MTL) before then |
Exchange rates:
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euros (EUR) per US dollar -
0.7107 (2011 est.)
0.755 (2010 est.)
0.7198 (2009 est.)
0.6827 (2008 est.)
0.7345 (2007 est.) |
Fiscal year:
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calendar year |
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