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 24% of GDP, with the electronics and textile industries major contributors and with the state-owned Malta drydocks employing about 4,300 people. In 1994, over 1,000,000 tourists visited the island. Per capita GDP of $10,760 places Malta in the range of the less affluent EU countries.
National product: GDP - purchasing power parity - $3.9 billion (1994 est.)
National product real growth rate: 4.4% (1994 est.)
National product per capita: $10,760 (1994 est.)
Inflation rate (consumer prices): 5% (1994 est.)
Unemployment rate: 4.5% (March 1994)
Budget:
revenues: $1.4 billion
expenditures: $1.4 billion, including capital expenditures of $215
million (FY94/95 est.)
Exports: $1.3 billion (f.o.b., 1993)
commodities: machinery and transport equipment, clothing and footware,
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partners: Italy 32%, Germany 16%, UK 8%
Imports: $2.1 billion (c.i.f., 1993) commodities: food, petroleum, machinery and semimanufactured goods partners: Italy 27%, Germany 14%, UK 13%, US 9%
External debt: $603 million (1992)