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 4.3% (2014 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 23.37% (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 2022 -$1.02 billion (2022 est.)
Current account balance 2021 $214.463 million (2021 est.)
Current account balance 2020 $348.601 million (2020 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 1.11% of GDP (2023 est.)
Remittances 2022 1.23% of GDP (2022 est.)
Remittances 2021 1.49% of GDP (2021 est.)
Household income
Lowest 10% 3.1% (2020 est.)
Highest 10% 25.1% (2020 est.)
Imports
Imports 2022 $23.883 billion (2022 est.)
Imports 2021 $22.958 billion (2021 est.)
Imports 2020 $20.164 billion (2020 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 2022 $23.883 billion (2022 est.)
Imports 2021 $22.958 billion (2021 est.)
Imports 2020 $20.164 billion (2020 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 $31.661 billion (2023 est.)
Real GDP (purchasing power parity) 2022 $29.978 billion (2022 est.)
Real GDP (purchasing power parity) 2021 $27.738 billion (2021 est.)
GDP (official exchange rate) $20.957 billion (2023 est.)
Real GDP Per capita
Real GDP per capita 2023 $57,200 (2023 est.)
Real GDP per capita 2022 $56,400 (2022 est.)
Real GDP per capita 2021 $53,500 (2021 est.)
GDP - composition, by sector of origin
Agriculture 0.7% (2023 est.)
Industry 12.1% (2023 est.)
Services 79.7% (2023 est.)
GDP - composition, by end use
Household consumption 43.4% (2023 est.)
Government consumption 17.7% (2023 est.)
Investment in fixed capital 18.5% (2023 est.)
Investment in inventories 1% (2023 est.)
Exports of goods and services 166.7% (2023 est.)
Imports of goods and services -147.3% (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.

Malta is found in Southern Europe