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. Consequently, the economy is highly dependent on foreign trade and services. Manufacturing and tourism are the largest contributors to the economy. Manufacturing accounts for about 27% of GDP, with the electronics and textile industries major contributors and the state-owned Malta drydocks which employs about 4,300 people. In 1992, about 1,000,000 tourists visited the island. Per capita GDP at $6,600 places Malta in the middle-income range of the world's nations.

National product: GDP - exchange rate conversion - $2.4 billion (1992 est.)

National product real growth rate: 4.5% (1992)

National product per capita: $6,600 (1992)

Inflation rate (consumer prices): 1.64% (1992)

Unemployment rate: 4% (1992)

Budget:
revenues: $1.2 billion
expenditures: $1.2 billion, including capital expenditures of $182 million (FY94 est.)

Exports: $1.3 billion (f.o.b., 1992)
commodities: machinery and transport equipment, clothing and footware, printed matter
partners: Italy 30%, Germany 22%, UK 11%

Imports: $1.93 million (f.o.b., 1992)
commodities: food, petroleum, machinery and semimanufactured goods
partners: Italy 30%, UK 16%, Germany 13%, US 4%

External debt: $118 million (1990)

Industrial production: growth rate 5.4% (1992); accounts for 27% of GDP

Electricity:
capacity: 328,000 kW
production: 1.11 billion kWh
consumption per capita: 3,000 kWh (1992)

Industries: tourism, electronics, ship repair yard, construction, food manufacturing, textiles, footwear, clothing, beverages, tobacco

Agriculture: accounts for 3% of GDP and 2% of the work force (1992); overall, 20% self-sufficient; main products - potatoes, cauliflower, grapes, wheat, barley, tomatoes, citrus, cut flowers, green peppers, hogs, poultry, eggs; generally adequate supplies of vegetables, poultry, milk, pork products; seasonal or periodic shortages in grain, animal fodder, fruits, other basic foodstuffs

Illicit drugs: transshipment point for hashish from North Africa to Western Europe

Economic aid:
recipient: US commitments, including Ex-Im (FY70-81), $172 million; Western (non-US) countries, ODA and OOF bilateral commitments (1970-89), $336 million; OPEC bilateral aid (1979-89), $76 million; Communist countries (1970-88), $48 million

Currency: 1 Maltese lira (LM) = 100 cents
Exchange rates: Maltese liri (LM) per US$1 - 0.3951 (January 1994), 0.3821 (1993), 0.3178 (1992), 0.3226 (1991), 0.3172 (1990), 0.3483 (1989)

Fiscal year: 1 April - 31 March

NOTE: The information regarding Malta on this page is re-published from the 1995 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Malta Economy 1995 information contained here. All suggestions for corrections of any errors about Malta Economy 1995 should be addressed to the CIA.