Malta Economy 2008

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 fresh water supplies, and has few domestic energy sources. The economy is dependent on foreign trade, manufacturing (especially electronics and pharmaceuticals), and tourism. Economic recovery of the European economy has lifted exports, tourism, and overall growth. Malta adopted the euro on 1 January 2008.

GDP (purchasing power parity):
$9.342 billion (2007 est.)

GDP (official exchange rate):
$5.816 billion (2007 est.)

GDP - real growth rate:
3.4% (2007 est.)

GDP - per capita (PPP):
$23,200 (2007 est.)

GDP - composition by sector:
agriculture: 2.7%
industry: 22.3%
services: 74.9% (2003 est.)

Labor force:
164,000 (2006 est.)

Labor force - by occupation:
agriculture: 3%
industry: 22%
services: 75% (2005 est.)

Unemployment rate:
6.8% (2005 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:
28 (2005)

Inflation rate (consumer prices):
0.9% (2007 est.)

Investment (gross fixed):
10.7% of GDP (2007 est.)

Budget:
revenues: $3.316 billion
expenditures: $3.368 billion (2007 est.)

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

Industrial production growth rate:
NA%

Electricity - production:
2.106 billion kWh (2005)

Electricity - consumption:
1.959 billion kWh (2005)

Electricity - exports:
0 kWh (2005)

Electricity - imports:
0 kWh (2005)

Oil - production:
0 bbl/day (2005 est.)

Oil - consumption:
18,600 bbl/day (2005 est.)

Oil - exports:
0 bbl/day (2004)

Oil - imports:
18,210 bbl/day (2004)

Oil - proved reserves:
0 bbl (1 January 2006 est.)

natural gas - production:
0 cu m (2005 est.)

natural gas - consumption:
0 cu m (2005 est.)

natural gas - exports:
0 cu m (2005 est.)

natural gas - imports:
0 cu m (2005)

natural gas - proved reserves:
0 cu m (1 January 2006 est.)

Current account balance:
-$411 million (2007 est.)

Exports:
$3.403 billion f.o.b. (2007 est.)

Exports - commodities:
machinery and transport equipment, manufactures

Exports - partners:
France 15.3%, Singapore 13.2%, US 13%, Germany 12.5%, UK 9.5%, Japan 4.9%, Hong Kong 4.2% (2006)

Imports:
$4.212 billion f.o.b. (2007 est.)

Imports - partners:
Italy 28%, UK 10.5%, France 8.7%, Germany 7.6%, Singapore 6.8%, US 5.6% (2006)

Economic aid - recipient:
$6.19 million (2004)

Reserves of foreign exchange and gold:
$3.522 billion (31 December 2007 est.)

Debt - external:
$188.8 million (2005)

Stock of direct foreign investment - at home:
$NA

Stock of direct foreign investment - abroad:
$NA

Market value of publicly traded shares:
$4.097 billion (2005)

Currency (code):
Maltese lira (MTL)

Exchange rates:
Maltese liri per US dollar - 0.3106 (2007), 0.37 (2006), 0.34578 (2005), 0.34466 (2004), 0.37723 (2003)