FAX: [356] 21 243229
Flag description:
two equal vertical bands of white (hoist side) and red; in the upper hoist-side corner is a representation of the George Cross, edged in red
Economy ::Malta
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 the 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 (purchasing power parity):
$9.933 billion (2008 est.) country comparison to the world: 149 $9.707 billion (2007 est.)
$9.317 billion (2006 est.)
note: data are in 2008 US dollars