Economy in Malta
The Malta Economy
The Maltese government has invested heavily in education over recent decades, and the result is a multilingual, highly sought-after, productive labor force. The economy is heavily dependent on foreign trade and acts as a freight distribution and docking point for the region. The financial services sector is also well developed and the country is a key player in crossborder fund administration.
Much of Malta’s manufacturing is focused around the electronics and textiles industries. As you would expect, tourism also plays a key part in the country’s economy. Today, Malta clocks up around 1.2 million tourists per year, which equates to an impressive three tourist visits for every resident.
Malta Economic Statistics
Real annual growth rate (2015): 5.4%
Per capita income: US$35,900
Inflation rate (2015): 1.2%
Sectors by GDP: services (83.1%), industry (15.5%), agriculture (1.4%)
Exports: (US$3.896 billion): machinery and mechanical appliances; mineral fuels, oils and petroleum products; pharmaceutical products; books and newspapers; aircraft/spacecraft and parts; toys, games, and sports equipment
Major trade markets: Eurozone
Imports: (US$6.669 billion): mineral fuels, oils and products; electrical machinery; aircraft/spacecraft and parts thereof; machinery and mechanical appliances; plastic and other semi-manufactured goods; vehicles and parts
Major suppliers (2014): Italy 22.8%, US 8.6%, UK 7.4%, Germany 5.9%, Canada 5.6%, Spain 4.6%, Netherlands 4.5%, France 4.4%
Labor force (2015): 186,900