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, cauliflower/broccoli, pork, chicken, cabbages, pumpkins/squash, grapes (2022).
More about the economy of Malta
| Labor force | 313,000 (2023 est.) |
|---|---|
| Industrial production growth rate | 5.29% (2023 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 | 22.34% (of GDP) (2022 est.) |
| Fiscal year | |
| Exchange rates | |
| Currency | euros (EUR) per US dollar - |
| 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.) |
| Exchange rates 2019 | 0.893 (2019 est.) |
| Reserves of foreign exchange and gold | |
| Reserves of foreign exchange and gold 2023 | $1.223 billion (2023 est.) |
| Reserves of foreign exchange and gold 2022 | $1.199 billion (2022 est.) |
| Reserves of foreign exchange and gold 2021 | $1.149 billion (2021 est.) |
| Current account balance | |
| Current account balance 2023 | $1.425 billion (2023 est.) |
| Current account balance 2022 | -$167.611 million (2022 est.) |
| Current account balance 2021 | $1.844 billion (2021 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 2023 | 0.07% of GDP (2023 est.) |
| Remittances 2022 | 0.06% of GDP (2022 est.) |
| Remittances 2021 | 0.07% of GDP (2021 est.) |
| Household income | |
| Lowest 10% | 3.1% (2020 est.) |
| Highest 10% | 25.1% (2020 est.) |
| Imports | |
| Imports 2023 | $22.637 billion (2023 est.) |
| Imports 2022 | $21.406 billion (2022 est.) |
| Imports 2021 | $18.795 billion (2021 est.) |
| Imports (partners) | Italy 14%, China 11%, South Korea 11%, Germany 10%, Canada 5% (2022) |
| Comodities Imports force | ships, refined petroleum, aircraft, integrated circuits, packaged medicine (2022) |
| Exports | |
| Imports 2023 | $22.637 billion (2023 est.) |
| Imports 2022 | $21.406 billion (2022 est.) |
| Imports 2021 | $18.795 billion (2021 est.) |
| Exports (partners) | Germany 12%, Italy 6%, France 6%, Japan 5%, Singapore 5% (2022) |
| Comodities Exports force | integrated circuits, packaged medicine, refined petroleum, fish, postage stamps/documents (2022) |
| Real GDP (purchasing power parity) | |
| Real GDP (purchasing power parity) 2023 | $33.787 billion (2023 est.) |
| Real GDP (purchasing power parity) 2022 | $31.43 billion (2022 est.) |
| Real GDP (purchasing power parity) 2021 | $30.178 billion (2021 est.) |
| GDP (official exchange rate) | $22.329 billion (2023 est.) |
| Real GDP Per capita | |
| Real GDP per capita 2023 | $61,100 (2023 est.) |
| Real GDP per capita 2022 | $59,100 (2022 est.) |
| Real GDP per capita 2021 | $58,200 (2021 est.) |
| GDP - composition, by sector of origin | |
| Agriculture | 0.7% (2023 est.) |
| Industry | 11.7% (2023 est.) |
| Services | 80.6% (2023 est.) |
| GDP - composition, by end use | |
| Household consumption | 45.8% (2023 est.) |
| Government consumption | 16.6% (2023 est.) |
| Investment in fixed capital | 18.6% (2023 est.) |
| Investment in inventories | 0.9% (2023 est.) |
| Exports of goods and services | 122.8% (2023 est.) |
| Imports of goods and services | -104.7% (2023 est.) |
| Unemployment rate | |
| Unemployment rate 2023 | 3.13% (2023 est.) |
| Unemployment rate 2022 | 2.93% (2022 est.) |
| Unemployment rate 2021 | 3.4% (2021 est.) |
| Youth unemployment rate (ages 15-24) | |
| Total | 9.3% (2023 est.) |
| Male | 13.8% (2023 est.) |
| Female | 4.3% (2023 est.) |
All Important Facts about Malta
Want to know more about Malta? Check all different factbooks for Malta below.
