Malta: Economy
The World Factbook 1993: Malta Economy

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 employing about 4,300 people. In 1991, about 900,000 tourists visited the island. Per capita GDP at $7,600 places Malta in the middle-income range of the world's nations.

National product: GDP - exchange rate conversion - $2.7 billion (1991 est.)

National product real growth rate: 5.9% (1991)

National product per capita: $7,600 (1991 est.)

Inflation rate (consumer prices): 2.9% (1991)

Unemployment rate: 3.6% (1992)

Budget: revenues $1.1 billion; expenditures $1.1 billion, including capital expenditures of $161 million (1992 est.)

Exports: $l.2 billion (f.o.b., 1991) commodities: clothing, textiles, footwear, ships partners: Italy 30%, Germany 22%, UK 11% Imports: $2.1 billion (f.o.b., 1991) commodities: food, petroleum, machinery and semimanufactured goods partners: Italy 30%, UK 16%, Germany 13%, US 4%

External debt: $127 million (1990 est.)

Industrial production: growth rate 19.0% (1990); accounts for 27% of GDP

Electricity: 328,000 kW capacity; 1,110 million kWh produced, 3,000 kWh per capita (1992)

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

Agriculture: accounts for 3% of GDP and 2.5% 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

Economic aid: 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 - 0.3687 (January 1993), 0.3178 (1992), 0.3226 (1991), 0.3172 (1990), 0.3483 (1989), 0.3306 (1988)

Fiscal year: 1 April-31 March