Malta - Economy
How is the economy of Malta? Based on the information we have, Malta has a high-income, EU-member European economy; diversified portfolio; euro user; dependent on food and energy imports; strong tourism, trade, and manufacturing sectors; high North African immigration; large welfare system; educated workforce. Key agricultural products in this country include: milk, tomatoes, onions, potatoes, chicken, cauliflower/broccoli, cabbages, pork, pumpkins/squash, watermelons (2023).
More about the economy of Malta
| Labor force | 318,200 (2024 est.) |
|---|---|
| Industrial production growth rate | 5.6% (2024 est.) |
| Industries | tourism, electronics, ship building and repair, construction, food and beverages, pharmaceuticals, footwear, clothing, tobacco, aviation services, financial services, information technology services |
| Population below poverty line | 16.7% (2021 est.) |
| Taxes and other revenues | 21.9% (of GDP) (2023 est.) |
| Fiscal year | |
| Exchange rates | |
| Currency | euros (EUR) per US dollar - |
| Exchange rates 2024 | 0.924 (2024 est.) |
| Exchange rates 2023 | 0.925 (2023 est.) |
| Exchange rates 2022 | 0.95 (2022 est.) |
| Exchange rates 2021 | 0.845 (2021 est.) |
| Exchange rates 2020 | 0.876 (2020 est.) |
| Reserves of foreign exchange and gold | |
| Reserves of foreign exchange and gold 2024 | $1.418 billion (2024 est.) |
| Reserves of foreign exchange and gold 2023 | $1.223 billion (2023 est.) |
| Reserves of foreign exchange and gold 2022 | $1.199 billion (2022 est.) |
| Current account balance | |
| Current account balance 2024 | $1.383 billion (2024 est.) |
| Current account balance 2023 | $1.425 billion (2023 est.) |
| Current account balance 2022 | -$167.611 million (2022 est.) |
| Public debt | |
| Public debt 2017 | 50.7% of GDP (2017 est.) |
| Budget | |
| Revenues | $6.106 billion (2022 est.) |
| Expenditures | $6.922 billion (2022 est.) |
| Budget surplus (+) or deficit (-) | |
| Remittances | |
| Remittances 2024 | 0.1% of GDP (2024 est.) |
| Remittances 2023 | 0.1% of GDP (2023 est.) |
| Remittances 2022 | 0.1% of GDP (2022 est.) |
| Household income | |
| Lowest 10% | 2.7% (2022 est.) |
| Highest 10% | 27.7% (2022 est.) |
| Imports | |
| Imports 2024 | $24.505 billion (2024 est.) |
| Imports 2023 | $22.637 billion (2023 est.) |
| Imports 2022 | $21.406 billion (2022 est.) |
| Imports (partners) | Italy 18%, China 10%, Germany 8%, France 7%, Turkey 7% (2023) |
| Comodities Imports force | ships, refined petroleum, integrated circuits, aircraft, packaged medicine (2023) |
| Exports | |
| Imports 2024 | $24.505 billion (2024 est.) |
| Imports 2023 | $22.637 billion (2023 est.) |
| Imports 2022 | $21.406 billion (2022 est.) |
| Exports (partners) | Nigeria 28%, Germany 10%, China 6%, Singapore 5%, Hong Kong 4% (2023) |
| Comodities Exports force | refined petroleum, integrated circuits, packaged medicine, ships, postage stamps/documents (2023) |
| Real GDP (purchasing power parity) | |
| Real GDP (purchasing power parity) 2024 | $34.731 billion (2024 est.) |
| Real GDP (purchasing power parity) 2023 | $32.774 billion (2023 est.) |
| Real GDP (purchasing power parity) 2022 | $30.689 billion (2022 est.) |
| GDP (official exchange rate) | $24.322 billion (2024 est.) |
| Real GDP Per capita | |
| Real GDP per capita 2024 | $60,500 (2024 est.) |
| Real GDP per capita 2023 | $59,300 (2023 est.) |
| Real GDP per capita 2022 | $57,800 (2022 est.) |
| GDP - composition, by sector of origin | |
| Agriculture | 0.2% (2024 est.) |
| Industry | 11.4% (2024 est.) |
| Services | 80.8% (2024 est.) |
| GDP - composition, by end use | |
| Household consumption | 46.6% (2024 est.) |
| Government consumption | 17.2% (2024 est.) |
| Investment in fixed capital | 17.9% (2024 est.) |
| Investment in inventories | 0.9% (2024 est.) |
| Exports of goods and services | 123.5% (2024 est.) |
| Imports of goods and services | -106.1% (2024 est.) |
| Unemployment rate | |
| Unemployment rate 2024 | 2.8% (2024 est.) |
| Unemployment rate 2023 | 3.2% (2023 est.) |
| Unemployment rate 2022 | 3% (2022 est.) |
| Youth unemployment rate (ages 15-24) | |
| Total | 7.8% (2024 est.) |
| Male | 9.6% (2024 est.) |
| Female | 5.7% (2024 est.) |
All Important Facts about Malta
Want to know more about Malta? Check all different factbooks for Malta below.
