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Malta: Economy#

Malta - the smallest economy in the euro zone - produces only about 20% of its food needs, has limited fresh water supplies, and has few domestic energy sources. Malta's geographic position between Europe and North Africa makes it a target for irregular migration, which has strained Malta's political and economic resources. Malta's fertility rate is below the EU average, and population growth in recent years has largely been from immigration, putting increasing pressure on the pension system. Malta adopted the euro on 1 January 2008. Malta's economy is dependent on foreign trade, manufacturing, and tourism, and was hurt by the global economic downturn, but fared better than most other EU member states. Malta has low unemployment relative to other European countries, and growth has recovered since the 2009 recession. Malta's financial services industry has grown in recent years and it has avoided contagion from the European financial crisis, largely because its debt is mostly held domestically and its banks have low exposure to the sovereign debt of peripheral European countries. The EU reopened an excessive deficit procedure against Malta in June 2013, having found that its forecasted deficit for the year was likely to exceed 3% of GDP.

Economic Facts#

GDP (purchasing power parity)$11.22 billion (2013 est.)
$10.96 billion (2012 est.)
$10.89 billion (2011 est.)
note: data are in 2013 US dollars
GDP - real growth rate2.4% (2013 est.)
0.6% (2012 est.)
1.6% (2011 est.)
GDP - per capita (PPP)$29,200 (2012 est.)
$28,800 (2011 est.)
$28,300 (2010 est.)
note: data are in 2012 US dollars
GDP - composition, by sector of originagriculture: 1.4%
industry: 25.3%
services: 73.3% (2013 est.)
Population below poverty line15.1% (2012)
Household income or consumption by percentage sharelowest 10%: NA%
highest 10%: NA%
Labor force - by occupationagriculture: 1.4%
industry: 22.2%
services: 76.4% (2013)
Exports - commoditiesmachinery and mechanical appliances; mineral fuels, oils and products; pharmaceutical products; printed books and newspapers; aircraft/spacecraft and parts; toys, games, and sports equipment
Exports - partnersGermany 8.9%, Singapore 7.1%, Libya 6.2%, France 6.2%, United States 4.4% (2013 est.)
Agriculture - productspotatoes, cauliflower, grapes, wheat, barley, tomatoes, citrus, cut flowers, green peppers; pork, milk, poultry, eggs
Budgetrevenues: $4.843 billion
expenditures: $4.322 billion (2013 est.)
Imports - commoditiesmineral fuels, oils and products; electrical machinery; aircraft/spacecraft and parts thereof; machinery and mechanical appliances; plastic and other semi-manufactured goods; vehicles and parts thereof
Imports - partnersItaly 24.6%, Germany 5.6%, United Kingdom 5.4%, Russia 5.1%, France 5% (2013 est.)
Exchange rateseuros (EUR) per US dollar -
0.7634 (2013 est.)
0.7752 (2012 est.)
0.755 (2010 est.)
0.7198 (2009 est.)
0.6827 (2008 est.)
Exports$5.105 billion (2013 est.)
$5.893 billion (2012 est.)
Debt - external$51.08 billion (30 September 2013 est.)
$46.72 billion (31 December 2012)
Fiscal yearcalendar year
Imports$7.436 billion (2013 est.)
$8.209 billion (2012 est.)
Industrial production growth rate-6.9% (2013)
Industriestourism, electronics, ship building and repair, construction, food and beverages, pharmaceuticals, footwear, clothing, tobacco, aviation services, financial services, information technology services
Inflation rate (consumer prices)1% (2013 est.)
3.2% (2012 est.)
Labor force190,400 (2013 est.)
Unemployment rate6.4% (2013 est.)
6.5% (2012 est.)
Distribution of family income - Gini index27.1 (2012)
26 (2007)
Public debt75.3% of GDP (2013 est.)
70.8% of GDP (2012 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 government, state government, local government and social security funds
Current account balance$133.1 million (2013 est.)
$181.5 million (2012 est.)
Reserves of foreign exchange and gold$377 million (31 December 2013 est.)
$481.5 million (31 December 2012 est.)
GDP (official exchange rate)$9.541 billion (2013 est.)
Stock of direct foreign investment - at home$15.17 billion (31 June 2013)
$16.4 billion (31 December 2012)
Stock of direct foreign investment - abroad$1.442 billion (31 June 2013 est.)
$1.471 billion (31 December 2012)
Market value of publicly traded shares$3.631 billion (31 December 2012 est.)
$3.424 billion (31 December 2011)
$2.399 billion (31 December 2010 est.)
Central bank discount rate0.75% (31 December 2013)
1.5% (31 December 2010)
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 rate0.25% (31 December 2013 est.)
0.75% (31 December 2012 est.)
Stock of domestic credit$19.16 billion (31 December 2013 est.)
$20.72 billion (31 December 2012 est.)
Stock of narrow money$8.932 billion (31 December 2013 est.)
$7.892 billion (31 December 2012 est.)
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$15.44 billion (31 December 2013 est.)
$13.88 billion (31 December 2012 est.)
Taxes and other revenues50.8% of GDP (2013 est.)
Budget surplus (+) or deficit (-)5.5% of GDP (2013 est.)
GDP - composition, by end usehousehold consumption: 56.8%
government consumption: 20.8%
investment in fixed capital: 14.5%
investment in inventories: -0.5%
exports of goods and services: 92%
imports of goods and services: -86.4%
(2013 est.)
Gross national saving13.7% of GDP (2013 est.)
13.5% of GDP (2012 est.)
12.8% of GDP (2011 est.)