| Economy | Malta |
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Economy - overview:
|
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 financial services industry has grown in recent years and in 2008 it escaped significant damage from the international financial crisis, in part because the sector is not fully modernized. The global economic downturn and high electricity and water prices have hurt Malta's real economy, which is dependent on foreign trade, manufacturing - especially electronics and pharmaceuticals - and tourism. Following a few years of modest growth, Malta's economy contracted in 2009 by about 4%. The government of Malta in 2009 took steps to provide direct grants to struggling local businesses, but public expenditures have fueled a budget deficit, which, at around 5% of GDP, places Malta above the EU's 3% maximum. Malta adopted the euro on 1 January 2008. |
GDP (purchasing power parity):
|
$9.65 billion (2009 est.)
$10.05 billion (2008 est.)
$9.823 billion (2007 est.)
note: data are in 2009 US dollars |
GDP - per capita (PPP):
|
$23,800 (2009 est.)
$24,900 (2008 est.)
$24,400 (2007 est.)
note: data are in 2009 US dollars |
GDP (official exchange rate):
|
$7.714 billion (2009 est.) |
GDP - real growth rate:
|
-4% (2009 est.)
2.3% (2008 est.)
4.2% (2007 est.) |
GDP - composition by sector:
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agriculture: 1.4%
industry: 18%
services: 80.6% (2007 est.) |
Investment (gross fixed):
|
11.9% of GDP (2009 est.) |
Population below poverty line:
|
NA% |
Household income or consumption by percentage share:
|
lowest 10%: NA%
highest 10%: NA% |
Distribution of family income - Gini index:
|
26 (2007) |
Inflation rate (consumer prices):
|
2.7% (2009 est.)
4.3% (2008 est.) |
Central bank discount rate:
|
3% (31 December 2008)
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:
|
5.89% (31 December 2008)
6.24% (31 December 2007) |
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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11,450 USD per capita |
Stock of quasi money:
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$8.771 billion (31 January 2008)
$7.645 billion (31 December 2007) |
Stock of quasi money - per capita:
|
21,648 USD per capita |
Stock of domestic credit:
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$16.17 billion (31 December 2008)
$10.99 billion (31 December 2007) |
Stock of domestic credit - per capita:
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39,910 USD per capita |
Labor force:
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171,000 (2008 est.) |
Labor force participation rate:
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42.21 % of population |
Labor force - by occupation:
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agriculture: 2.3%
industry: 29.6%
services: 68% (2005 est.) |
Unemployment rate:
|
6% (2009 est.)
5.975% (2008 est.) |
Budget:
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revenues: $3.068 billion
expenditures: $3.511 billion (2009 est.) |
Budget revenues per capita:
|
7,573 USD per capita |
Public debt:
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66.2% of GDP 63.1% of GDP (2008 est.) |
Industries:
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tourism, electronics, ship building and repair, construction, food and beverages, pharmaceuticals, footwear, clothing, tobacco |
Industrial production growth rate:
|
NA% |
Electricity - production:
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2.146 billion kWh (2007 est.) |
Electricity - production per capita:
|
5,297 kWh per capita |
Electricity - consumption:
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1.832 billion kWh (2007 est.) |
Electricity - consumption - per capita:
|
4,522 kWh per capita |
Electricity - exports:
|
0 kWh (2008 est.) |
Electricity - imports:
|
0 kWh (2008 est.) |
Oil - production:
|
0 bbl/day (2008 est.) |
Oil - production per capita:
|
void |
Oil - consumption:
|
19,000 bbl/day (2008 est.) |
Oil - consumption - per capita:
|
17.12 bbl/year per capita |
Oil - exports:
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0 bbl/day (2007 est.) |
Oil - imports:
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17,910 bbl/day (2007 est.) |
Oil - proved reserves:
|
0 bbl (1 January 2009 est.) |
Natural gas - production:
|
0 cu m (2008 est.) |
Natural gas - production per capita:
|
void |
Natural gas - consumption:
|
0 cu m (2008 est.) |
Natural gas - consumption - per capita:
|
void |
Natural gas - exports:
|
0 cu m (2008 est.) |
Natural gas - imports:
|
0 cu m (2008 est.) |
Natural gas - proved reserves:
|
0 cu m (1 January 2009 est.) |
Agriculture - products:
|
potatoes, cauliflower, grapes, wheat, barley, tomatoes, citrus, cut flowers, green peppers; pork, milk, poultry, eggs |
Current account balance:
|
$-527 million (2009 est.)
$-445 million (2008 est.) |
Current account balance - per capita:
|
-1,300 USD per capita |
Exports:
|
$2.459 billion (2009 est.)
$3.06 billion (2008 est.) |
Exports per capita:
|
6,070 USD per capita |
Exports - commodities:
|
machinery and transport equipment, manufactures |
Exports - partners:
|
Germany 13.5%, Singapore 13%, France 12.2%, US 9.6%, UK 8.2%, Hong Kong 6.7%, Japan 6.4%, Italy 4.7% (2008) |
Imports:
|
$3.94 billion (2009 est.)
$4.792 billion (2008 est.) |
Imports per capita:
|
9,725 USD per capita |
Imports - commodities:
|
machinery and transport equipment, manufactured and semi-manufactured goods; food, drink, tobacco |
Imports - partners:
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Italy 28.1%, UK 13.5%, France 8.2%, Germany 7.4%, Singapore 6.4% (2008) |
Reserves of foreign exchange and gold:
|
$348 million (31 December 2009 est.)
$373.4 million (31 December 2008 est.) |
Reserves of foreign exchange and gold - per capita:
|
859 USD per capita |
Debt - external:
|
$188.8 million (2005 est.) |
Debt - external - per capita:
|
466 USD per capita |
Stock of direct foreign investment - at home:
|
$NA |
Stock of direct foreign investment - at home - per capita:
|
void |
Stock of direct foreign investment - abroad:
|
$NA |
Stock of direct foreign investment - abroad - per capita:
|
void |
Market value of publicly traded shares:
|
$NA (31 December 2008)
$5.633 billion (31 December 2007)
$4.504 billion (31 December 2006) |
Market value of publicly traded shares - per capita:
|
void |
Economic aid - donor:
|
void |
Economic aid - recipient:
|
$6.19 million |
Economic aid - recipient per capita:
|
16 USD per capita |
Currency (code):
|
euro (EUR) as of 1 January 2008; Maltese lira (MTL) before then |
Exchange rates:
|
euros (EUR) per US dollar - 0.7338 (2009), 0.6827 (2008), Maltese liri per US dollar - 0.3106 (2007), 0.37 (2006), 0.34578 (2005), 0.37723 (2003) |
Fiscal year:
|
calendar year |
|
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