Malta Economy

Is Malta a rich country?

Malta’s free market economy – the smallest economy in the euro-zone – relies heavily on trade in both goods and services, principally with Europe. Malta produces less than a quarter of its food needs, has limited fresh water supplies, and has few domestic energy sources. Malta's economy is dependent on foreign trade, manufacturing, and tourism. Malta joined the EU in 2004 and adopted the euro on 1 January 2008.

Malta has weathered the euro-zone crisis better than most EU member states due to a low debt-to-GDP ratio and financially sound banking sector. It maintains one of the lowest unemployment rates in Europe, and growth has fully recovered since the 2009 recession. In 2014 through 2016, Malta led the euro zone in growth, expanding more than 4.5% per year.

Malta’s services sector continues to grow, with sustained growth in the financial services and online gaming sectors. Advantageous tax schemes remained attractive to foreign investors, though EU discussions of anti-tax avoidance measures have raised concerns among Malta’s financial services and insurance providers, as the measures could have a significant impact on those sectors. The tourism sector also continued to grow, with 2016 showing record-breaking numbers of both air and cruise passenger arrivals.

Malta’s GDP growth remains strong and is supported by a strong labor market. The government has implemented new programs, including free childcare, to encourage increased labor participation. The high cost of borrowing and small labor market remain potential constraints to future economic growth. Increasingly, other EU and European migrants are relocating to Malta for employment, though wages have remained low compared to other European countries. Inflation remains low.

Malta Economy Data

What is the GDP of Malta?

GDP - Gross Domestic Product (PPP) $14,120,000,000 (USD)
GDP - official exchange rate $9,190,000,000 (USD)
GDP - real growth rate 3.4%
GDP Per Capita $34,700.00 (USD)
GDP by Sector- agriculture 1.7%
GDP by Sector- Industry 12.8%
GDP by Sector- services 85.5%
GDP - composition, by end use household consumption: 53.6%

government consumption: 20.3%

investment in fixed capital: 20%

investment in inventories: -0.4%

exports of goods and services: 139.1%

imports of goods and services: -132.6%
Inflation Rate 3.3%
Labor Force 163,100
Labor Force By Occupation- agriculture 1.4%
Labor Force By Occupation- industry 22.2%
Labor Force By Occupation- services 76.4%
Unemployment Rate 6.9%
Fiscal Year calendar year
Annual Budget $4,455,000,000 (USD)
Budget Surplus or Deficit - percent of GDP 5.5%
Taxes and other revenues - percent of GDP 50.8%
Major Industries tourism; electronics, ship building and repair, construction; food and beverages, textiles, footwear, clothing, tobacco
Agriculture Products potatoes, cauliflower, grapes, wheat, barley, tomatoes, citrus, cut flowers, green peppers; pork, milk, poultry, eggs
Currency Code Euro (EUR)
Commercial Bank Prime Lending Rate 0.25%

Labor Force by Occupation- As reported by Malta

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