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The Economy of Malta

Maltese Economy

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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 recipient of illegal immigration, which has strained Malta's political and economic resources. The financial services industry has grown in recent years, but is not fully modernized. Malta's economy is dependent on foreign trade, manufacturing - especially electronics and pharmaceuticals - and tourism all of which have been negatively affected by global economic downturn. Malta adopted the euro on 1 January 2008. The Maltese government in 2009 will be challenged to contain the budget deficit, which ballooned in 2008 to about 4.1% of GDP, placing it above the euro zone's 3% maximum.

GDP:

GDP - real growth rate: 2.5% (2008 est.) 3.9% (2007 est.) 3.2% (2006 est.)

GDP - per capita:

GDP - composition by sector: agriculture: 1.4% industry: 18% services: 80.6% (2007 est.)

Population below poverty line:

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

Distribution of family income - Gini index: 26 (2007)

Inflation rate (consumer prices):

Labor force: 173,000 (2008)

Labor force - by occupation: agriculture: 2.3% industry: 29.6% services: 68% (2005 est.)

Unemployment rate: 6.4% (2007)

Budget: revenues: $3.457 billion expenditures: $3.653 billion (2008 est.)

Industries: tourism, electronics, ship building and repair, construction, food and beverages, pharmaceuticals, footwear, clothing, tobacco

Industrial production growth rate: NA%

Electricity - production: 2.146 billion kWh (2007 est.)

Electricity - production by source:

Electricity - consumption: 1.85 billion kWh (2006 est.)

Electricity - exports: 0 kWh (2007 est.)

Electricity - imports: 0 kWh (2007 est.)

Oil - production: 0 bbl/day (2007 est.)

Oil - consumption: 18,680 bbl/day (2006 est.)

Oil - exports: 0 bbl/day (2005)

Oil - imports: 18,910 bbl/day (2005)

Oil - proved reserves: 0 bbl (1 January 2006 est.)

Natural gas - production: 0 cu m (2007 est.)

Natural gas - consumption: 0 cu m (2007 est.)

Natural gas - exports: 0 cu m (2007 est.)

Natural gas - imports: 0 cu m (2007 est.)

Natural gas - proved reserves: 0 cu m (1 January 2006 est.)

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

Exports: $3.491 billion f.o.b. (2008 est.)

Exports - commodities: machinery and transport equipment, manufactures

Exports - partners: Singapore 14.4%, Germany 13.7%, France 12.6%, US 11.3%, UK 10%, Hong Kong 6.1%, Japan 4.9%, Italy 4% (2007)

Imports: $4.963 billion f.o.b. (2008 est.)

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

Imports - partners: Italy 26%, UK 15%, France 9.5%, Germany 8.8%, Singapore 5.2% (2007)

Debt - external: $188.8 million (2005)

Economic aid - recipient:

Currency:

Currency code:

Exchange rates: euros (EUR) per US dollar - 0.6827 (2008 est.), Maltese liri per US dollar - 0.3106 (2007), 0.37 (2006), 0.34578 (2005), 0.34466 (2004), 0.37723 (2003)

Fiscal year: