Malta Economy - 2004

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 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. The island remains divided politically, however, over the question of joining the EU. Continued sluggishness in the global economy is holding back exports, tourism, and overall growth.

GDP:
purchasing power parity - $7.082 billion (2003 est.)

GDP - real growth rate:
0.8% (2003 est.)

GDP - per capita:
purchasing power parity - $17,700 (2003 est.)

GDP - composition by sector:
agriculture: 3%
industry: 23%
services: 74% (2002 est.)

Population below poverty line:
NA%

Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%

Inflation rate (consumer prices):
0.8% (2003 est.)

Labor force:
160,000 (2002 est.)

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

Unemployment rate:
7% (2003 est.)

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:
1.768 billion kWh (2001)

Electricity - production by source:
fossil fuel: 100%
hydro: 0%
other: 0% (2001)
nuclear: 0%

Electricity - consumption:
1.644 billion kWh (2001)

Electricity - exports:
0 kWh (2001)

Electricity - imports:
0 kWh (2001)

Oil - production:
0 bbl/day (2001 est.)

Oil - consumption:
20,000 bbl/day (2001 est.)

Oil - exports:
NA

Oil - imports:
NA

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

Exports:
$2.175 billion f.o.b. (2003 est.)

Exports - commodities:
machinery and transport equipment, manufactures

Exports - partners:
Singapore 17.3%, US 11.4%, UK 9.4%, Germany 9.2%, France 7.3%, China 6.5%, Italy 5.9% (2002)

Imports:
$2.761 billion f.o.b. (2003 est.)

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

Imports - partners:
Italy 18.2%, France 12%, South Korea 11.3%, UK 7.5%, Germany 5.3%, Singapore 5.3%, Japan 4.9%, US 4.6%, Spain 4.2% (2002)

Debt - external:
$130 million (1997)

Economic aid - recipient:
$NA

Currency:
Maltese lira (MTL)

Currency code:
MTL

Exchange rates:
Maltese liri per US dollar - 0.38 (2003), 0.43 (2002), 0.45 (2001), 0.44 (2000), 0.4 (1999)