Economy

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 joined the European Union (E.U.) in 2004.

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