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 and is expected to complete EU accession negotiations in 2002. The island is divided politically, however, over the question of joining the EU.

GDP purchasing power parity - $5.95 billion (2001 est.)

GDP - real growth rate 4% (2001 est.)

GDP - per capita purchasing power parity - $15,000 (2001 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) 2.8% (2001 est.)

Labor force 147,700 (2000)

Labor force - by occupation industry 24%, services 71%, agriculture 5% (1999 est.)

Unemployment rate 4.5% (2000)

Budget
revenues: $1.5 billion
expenditures: $1.6 billion, including capital expenditures of $NA (2000)

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

Industrial production growth rate NA%

Electricity - production 1.75 billion kWh (2000)

Electricity - production by source
fossil fuel: 100%
hydro: 0%
other: 0% (2000)
nuclear: 0%

Electricity - consumption 1.628 billion kWh (2000)

Electricity - exports 0 kWh (2000)

Electricity - imports 0 kWh (2000)

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

Exports $2.5 billion (f.o.b., 2000)

Exports - commodities machinery and transport equipment, manufactures

Exports - partners US 27.3%, Germany 9.6%, France 8%, UK 7.3%, Italy 3.4% (2000)

Imports $3.1 billion (f.o.b., 2000)

Imports - commodities machinery and transport equipment, manufactured and semi-manufactured goods; food, drink, and tobacco

Imports - partners France 19.2%, Italy 16.3%, US 10.7%, UK 8.1%, Germany 8.1% (2000)

Debt - external $130 million (1997)

Economic aid - recipient $NA

Currency Maltese lira (MTL)

Currency code MTL

Exchange rates Maltese liri per US dollar - 0.4542 (January 2002), 0.4499 (2001), 0.4376 (2000), 0.3994 (1999), 0.3885 (1998), 0.3857 (1997)

Fiscal year 1 April - 31 March

NOTE: The information regarding Malta on this page is re-published from the 2002 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Malta Economy 2002 information contained here. All suggestions for corrections of any errors about Malta Economy 2002 should be addressed to the CIA.