Malta

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Economics

Economy - overview

Malta produces only about 20% of its food needs, has limited fresh water supplies, and has few domestic energy sources. Malta's geographic position between the EU and Africa makes it a target for illegal immigration, which has strained Malta's political and economic resources. Malta adopted the euro on 1 January 2008. Malta's financial services industry has grown in recent years and in 2008-09 it escaped significant damage from the international financial crisis, largely because the sector is centered on the indigenous real estate market and is not highly leveraged. Locally, the restricted damage from the financial crisis has been attributed to the stability of the Maltese banking system and to its prudent risk-management practices. The global economic downturn and high electricity and water prices hurt Malta's real economy, which is dependent on foreign trade, manufacturing - especially electronics and pharmaceuticals - and tourism, but growth bounced back as the global economy recovered in 2010. Following a 1.2% contraction in 2009, GDP grew 2% in 2010. In early 2011, the EU ended excessive deficit procedures against Malta, after Malta had taken measures to correct an excessive deficit in 2010 and appeared likely to reach its deficit target of 2.8% of GDP in 2011.

GDP (purchasing power parity):

$10.41 billion (2010 est.)

country comparison to the world: 151

$10.04 billion (2009 est.)

$10.39 billion (2008 est.)

note: data are in 2010 US dollars

 

GDP (official exchange rate):

$8.288 billion (2010 est.)

 

GDP - real growth rate:

3.7% (2010 est.)

country comparison to the world: 104

-3.4% (2009 est.)

5.3% (2008 est.)

 

GDP - per capita (PPP):

$25,600 (2010 est.)

country comparison to the world: 53

$24,800 (2009 est.)

$25,800 (2008 est.)

note: data are in 2010 US dollars

 

GDP - composition by sector:

agriculture: 1.9%

industry: 17.2%

services: 80.9% (2010 est.)

 

Labor force:

265,200 (2010 est.)

country comparison to the world: 166

 

Labor force - by occupation:

agriculture: 1.3%

industry: 24.8%

services: 73.9% (2010)

 

Unemployment rate:

6.9% (2010 est.)

country comparison to the world: 67

7% (2009 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:

26 (2007)

country comparison to the world: 136

 

Investment (gross fixed):

16.2% of GDP (2010 est.)

country comparison to the world: 156

 

Budget:

revenues: $3.207 billion

expenditures: $3.507 billion (2010 est.)

 

Taxes and other revenues:

38.7% of GDP (2010 est.)

country comparison to the world: 50

 

Budget surplus (+) or deficit (-):

-3.6% of GDP (2010 est.)

country comparison to the world: 111

 

Public debt:

67.8% of GDP (2010 est.)

country comparison to the world: 26

67% of GDP (2009 est.)

 

Inflation rate (consumer prices):

1.5% (2010 est.)

country comparison to the world: 46

2.1% (2009 est.)

 

Central bank discount rate:

1.75% (31 December 2010 est.)

country comparison to the world: 128

1.75% (31 December 2009)

note: this is the European Central Bank's rate on the marginal lending facility, which offers overnight credit to banks in the euro area

 

Commercial bank prime lending rate:

4.617% (31 December 2010 est.)

country comparison to the world: 169

4.492% (31 December 2009 est.)

 

Stock of narrow money:

$5.109 billion (31 December 2010)

country comparison to the world: 90

$5.283 billion (31 December 2009)

note: see entry for the European Union for money supply in the euro area; the European Central Bank (ECB) controls monetary policy for the 17 members of the EMU; individual members of the EMU do not control the quantity of money circulating within their own borders

 

Stock of broad money:

$12.5 billion (31 December 2010)

country comparison to the world: 95

$12.94 billion (31 December 2009)

 

Stock of domestic credit:

$18.66 billion (31 December 2010)

country comparison to the world: 83

$20.4 billion (31 December 2009)

 

Market value of publicly traded shares:

$2.399 billion (31 December 2010)

country comparison to the world: 96

$1.982 billion (31 December 2009)

$3.572 billion (31 December 2008)

 

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, aviation services, financial services, information technology services

 

Industrial production growth rate:

NA%

 

Electricity - production:

2.113 billion kWh (2010)

country comparison to the world: 134

 

Electricity - consumption:

1.991 billion kWh (2010)

country comparison to the world: 136

 

Electricity - exports:

0 kWh (2009 est.)

 

Electricity - imports:

0 kWh (2009 est.)

 

Oil - production:

0 bbl/day (2010 est.)

country comparison to the world: 201

 

Oil - consumption:

19,000 bbl/day (2010 est.)

country comparison to the world: 131

 

Oil - exports:

0 bbl/day (2009 est.)

country comparison to the world: 193

 

Oil - imports:

18,420 bbl/day (2009 est.)

country comparison to the world: 116

 

Oil - proved reserves:

0 bbl (1 January 2011 est.)

country comparison to the world: 167

 

Natural gas - production:

0 cu m (2009 est.)

country comparison to the world: 102

 

Natural gas - consumption:

0 cu m (2009 est.)

country comparison to the world: 206

 

Natural gas - exports:

0 cu m (2009 est.)

country comparison to the world: 147

 

Natural gas - imports:

0 cu m (2009 est.)

country comparison to the world: 154

 

Natural gas - proved reserves:

0 cu m (1 January 2011 est.)

country comparison to the world: 207

 

Current account balance:

-$361.5 million (2010 est.)

country comparison to the world: 99

-$601 million (2009 est.)

 

Exports:

$3.088 billion (2010)

country comparison to the world: 122

$2.427 billion (2009)

 

Exports - commodities:

electrical machinery, mechanical appliances, fish and crustaceans, pharmaceutical products, printed material

 

Exports - partners:

Germany 18.4%, France 15.7%, UK 9.1%, Italy 6.6%, Libya 6%, US 5.7% (2010)

 

Imports:

$4.317 billion (2010 est.)

country comparison to the world: 123

$3.798 billion (2009 est.)

 

Imports - commodities:

mineral fuels and oils, electrical machinery, non-electrical machinery, aircraft and other transport equipment, plastic and other semi-manufactured goods; food, drink, tobacco

 

Imports - partners:

Italy 24.1%, UK 8.6%, Germany 8.5%, France 8.2%, Singapore 4.1% (2010)

 

Reserves of foreign exchange and gold:

$540.2 million (31 December 2010 est.)

country comparison to the world: 148

$538.6 million (31 December 2009 est.)

 

Debt - external:

$5.978 billion (31 December 2010)

country comparison to the world: 102

$5.578 billion (2009)

 

Stock of direct foreign investment - at home:

$16.63 billion (31 December 2010)

country comparison to the world: 72

$8.24 billion (31 December 2009)

 

Stock of direct foreign investment - abroad:

$1.213 billion (2010 est.)

country comparison to the world: 72

 

Exchange rates:

euros (EUR) per US dollar -

0.755 (2010)

0.72 (2009)

0.6827 (2008)

note: on 1 January 2008 Malta adopted the euro as legal tender