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1994-05-02
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<text>
<title>
Malta: Economy
</title>
<article><hdr>The World Factbook 1993: Malta
Economy</hdr><body>
<p>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.
</p>
<p>National product: GDP - exchange rate conversion - $2.7 billion
(1991 est.)
</p>
<p>National product real growth rate: 5.9% (1991)
</p>
<p>National product per capita: $7,600 (1991 est.)
</p>
<p>Inflation rate (consumer prices): 2.9% (1991)
</p>
<p>Unemployment rate: 3.6% (1992)
</p>
<p>Budget: revenues $1.1 billion; expenditures $1.1 billion, including
capital expenditures of $161 million (1992 est.)
</p>
<list>
<l>Exports: $l.2 billion (f.o.b., 1991)</l>
<l> commodities: clothing, textiles, footwear, ships</l>
<l> partners: Italy 30%, Germany 22%, UK 11%</l>
<l>Imports: $2.1 billion (f.o.b., 1991)</l>
<l> commodities: food, petroleum, machinery and semimanufactured
goods</l>
<l> partners: Italy 30%, UK 16%, Germany 13%, US 4%</l>
</list>
<p>External debt: $127 million (1990 est.)
</p>
<p>Industrial production: growth rate 19.0% (1990); accounts for 27%
of GDP
</p>
<p>Electricity: 328,000 kW capacity; 1,110 million kWh produced, 3,000
kWh per capita (1992)
</p>
<p>Industries: tourism, electronics, ship repair yard, construction,
food manufacturing, textiles, footwear, clothing, beverages, tobacco
</p>
<p>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
</p>
<p>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
</p>
<p>Currency: 1 Maltese lira (LM)=100 cents
</p>
<p>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)
</p>
<p>Fiscal year: 1 April-31 March
</p></body></article></text>