Economy - overview Significant 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; the state-owned Malta drydocks employs about 3,800 people. In 1996, approximately 1 million tourists visited the island. Per capita GDP of $12,900 places Malta in the range of the less affluent EU countries. The island is divided politically over the question of joining the EU.

GDP purchasing power parity - $4.9 billion (1997 est.)

GDP - real growth rate 2.8% (1997 est.)

GDP - per capita purchasing power parity - $12,900 (1997 est.)

GDP - composition by sector
agriculture: 5%
industry: 34%
services: 61% (1995 est.)

Inflation rate - consumer price index 2.3% (1996)

Labor force
total: 148,085 (September 1996)
by occupation: public services 34%, other services 32%, manufacturing and construction 22%, agriculture 2% (1996)

Unemployment rate 3.7% (September 1996)

Budget
revenues: $1.3 billion
expenditures: $1.5 billion, including capital expenditures of $219 million (1997 est.)

Industries tourism; electronics, ship building and repair, construction; food and beverages, textiles, footwear, clothing, tobacco

Industrial production growth rate NA%

Electricity - capacity 250,000 kW (1994)

Electricity - production 1.45 billion kWh (1995)

Electricity - consumption per capita 3,923 kWh (1995)

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

Exports
total value: $1.7 billion (f.o.b., 1996)
commodities: machinery and transport equipment, clothing and footware, printed matter
partners: Italy 32%, Germany 16%, UK 8%

Imports
total value: $2.8 billion (c.i.f., 1996)
commodities: food, petroleum, machinery and semimanufactured goods
partners: Italy 27%, Germany 14%, UK 13%, US 9%

Debt - external $134 million (1996)

Economic aid
recipient: ODA, $NA

Currency 1 Maltese lira (LM) = 100 cents

Exchange rates Maltese liri (LM) per US$1 - 0.3960 (January 1998), 0.3857 (1997), 0.3604 (1996), 0.3529 (1995), 0.3776 (1994), 0.3821 (1993)

Fiscal year 1 April - 31 March

NOTE: The information regarding Malta on this page is re-published from the 1998 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Malta Economy 1998 information contained here. All suggestions for corrections of any errors about Malta Economy 1998 should be addressed to the CIA.