Malta Economy - 2024

Economic overview

high-income, EU-member European economy; diversified portfolio; euro user; dependent on food and energy imports; strong tourism, trade, and manufacturing sectors; high North African immigration; large welfare system; educated workforce

Real GDP (purchasing power parity)

$23.157 billion (2021 est.)
$20.995 billion (2020 est.)
$22.902 billion (2019 est.)

note: data are in 2017 dollars

Real GDP growth rate

10.3% (2021 est.)
-8.32% (2020 est.)
5.92% (2019 est.)

Real GDP per capita

$44,700 (2021 est.)
$40,700 (2020 est.)
$45,400 (2019 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$14.986 billion (2019 est.)

Inflation rate (consumer prices)

1.5% (2021 est.)
0.64% (2020 est.)
1.64% (2019 est.)

Credit ratings

Fitch rating: A+ (2017)

Moody's rating: A2 (2019)

Standard & Poors rating: A- (2016)

note: The year refers to the year in which the current credit rating was first obtained.

GDP - composition, by sector of origin

agriculture: 1.1% (2017 est.)

industry: 10.2% (2017 est.)

services: 88.7% (2017 est.)

GDP - composition, by end use

household consumption: 45.2% (2017 est.)

government consumption: 15.3% (2017 est.)

investment in fixed capital: 21.1% (2017 est.)

investment in inventories: 0.3% (2017 est.)

exports of goods and services: 136.1% (2017 est.)

imports of goods and services: -117.9% (2017 est.)

Agricultural products

milk, tomatoes, potatoes, onions, cauliflowers, broccoli, eggplants, pork, cabbages, poultry

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

-3.3% (2016 est.)

Labor force

280,300 (2021 est.)

Unemployment rate

3.5% (2021 est.)
4.26% (2020 est.)
3.62% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 9.8% (2021 est.)

male: 13.6%

female: 5.8%

Population below poverty line

17.1% (2018 est.)

Gini Index coefficient - distribution of family income

31 (2019 est.)

Household income or consumption by percentage share

lowest 10%: NA

highest 10%: NA

Remittances

1.64% of GDP (2021 est.)
1.88% of GDP (2020 est.)
1.68% of GDP (2019 est.)

Budget

revenues: $5.661 billion (2019 est.)

expenditures: $5.586 billion (2019 est.)

Budget surplus (+) or deficit (-)

3.9% (of GDP) (2017 est.)

Public debt

50.7% of GDP (2017 est.)
56.3% of GDP (2016 est.)

note: Malta reports public debt at nominal value outstanding at the end of the year, according to guidelines set out in the Maastricht Treaty for general government gross debt; the data include the following categories of government liabilities (as defined in ESA95): currency and deposits (AF.2), securities other than shares excluding financial derivatives (AF.3, excluding AF.34), and loans (AF.4); general government comprises the central, state, and local governments, and social security funds

Taxes and other revenues

23.73% (of GDP) (2020 est.)

Fiscal year

calendar year

Current account balance

-$804.056 million (2021 est.)
-$415.142 million (2020 est.)
$777.443 million (2019 est.)

Exports

$22.11 billion (2021 est.) note: data are in current year dollars
$19.526 billion (2020 est.) note: data are in current year dollars
$20.773 billion (2019 est.) note: data are in current year dollars

Exports - partners

Germany 12%, France 9%, Italy 9% (2019)

Exports - commodities

integrated circuits, refined petroleum, packaged medicines, postage stamps, children's toys and stuffed animals, ships (2021)

Imports

$21.362 billion (2021 est.) note: data are in current year dollars
$18.328 billion (2020 est.) note: data are in current year dollars
$18.578 billion (2019 est.) note: data are in current year dollars

Imports - partners

Russia 22%, Italy 12%, United Kingdom 11%, Germany 6%, Turkey 5%, France 5%, China 5%, South Korea 5% (2019)

Imports - commodities

refined petroleum, recreational boats, ships, aircraft, coal tar oil (2019)

Reserves of foreign exchange and gold

$1.149 billion (31 December 2021 est.)
$930.464 million (31 December 2020 est.)
$937.616 million (31 December 2019 est.)

Debt - external

$98.179 billion (2019 est.)
$104.467 billion (2018 est.)

Exchange rates

euros (EUR) per US dollar -

Exchange rates:
0.845 (2021 est.)
0.876 (2020 est.)
0.893 (2019 est.)
0.847 (2018 est.)
0.885 (2017 est.)