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Old City, Valletta
| |
| Currency | Euro since 1 January 2008 |
|---|---|
| Statistics | |
| GDP |  $11.14 billion (PPP, 2012 est.) |
| GDP growth |  1.2% (Real, 2012 est.) |
| GDP per capita | $28,100 (PPP, 2012 est.) |
| GDP by sector | agriculture: 1.9%; industry: 17.2%; services: 80.9% (2010 est.) |
| Inflation (CPI) | 2.5% (CPI, 2012 est.) |
| Population below poverty line |  15.4% (2011) |
| Gini coefficient | 27.4 (2011) |
| Labour force | 180,200 (2012 est.) |
| Labour force by occupation | agriculture: 1.5%; industry: 24.7%; services: 73.9% (2011 est.) |
| Unemployment | 6.1% (2012 est.) |
| Average gross salary | 1,205 € / 1,626 $, monthly (2010)[1] |
| Main industries | tourism, electronics, ship building and repair, construction, food and beverages, pharmaceuticals, footwear, clothing, tobacco, aviation services, financial services, information technology services |
| External | |
| Exports | $3.67 billion (2012 est.) |
| Export goods | machinery and mechanical appliances, mineral fuels, oils and products, pharmaceutical products, printed books and newspapers, aircraft/ spacecraft and parts, toys, games, sports equipment |
| Main export partners |  Germany 14.6% France 9.9% Italy 6.8% Libya 5.5% United Kingdom 5.0% (2012 est.)[2] |
| Imports | $4.648 billion (2011 est.) |
| Import goods | mineral fuels, oils and products, electrical machinery, aircraft/ spacecraft and parts, machinery and mecahnical appliances, plastic and other semi-manufactured goods, vehicles and parts |
The strengths of the Economy of Malta are its limestone, a favourable geographic location, and a productive labour force. Malta produces only about 20% of its food needs, has limited freshwater supplies, and has no domestic energy sources. The economy is dependent on foreign trade, manufacturing (especially electronics), tourism and financial services. In 2003, over 1.2 million tourists visited the island.[6]
Per capita GDP of $23,200 places Malta just above the middle of the list of European Union (EU) countries in terms of affluence. The island joined the EU in 2004. A sizeable budget deficit was a key concern, but recent initiatives by government have changed the situation allowing for the country to be admitted into the eurozone as of 1 January 2008.
In 2010, Malta’s average gross annual earnings stood at €21,446, about €5,000 less than the EU average of €26,497.[7]
During the Napoleonic Wars (1800–1815), Malta's economy prospered and became the focal point of a major trading system. In 1808, two-thirds of the cargo consigned from Malta went to Levant and Egypt. Later, one-half of the cargo was usually destined for Trieste. Cargo consisted of largely British and colonial-manufactured goods. Malta's economy became prosperous from this trade and many artisans, such as weavers, found new jobs in the port industry.
In 1820, during the Battle of Navarino, which took place in Greece, the British fleet was based in Malta. In 1839, the Peninsular and Oriental Steam Navigation Company and East India Companies used Malta as a calling port on their Egypt and Levant runs.
In 1869, the opening of the Suez Canal benefited Malta's economy greatly as there was a massive increase in the shipping which entered in the port. The economy had entered a special phase. The Mediterranean Sea became the "world highway of trade" and a number of ships called at Malta for coal and various supplies on their way to the Indian Ocean and the Far East.
From 1871 to 1881, about 8,000 workers found jobs in the Malta docks and a number of banks opened in Malta. By 1882, Malta reached the height of its prosperity.
However, the boom did not last long. By the end of the 19th century, the economy began declining and by the 1940s, Malta's economy was in serious crisis. This was primarily due to the invention of large ships which had become oil-fired and therefore had no need to stop in the Grand Harbour of Malta to refuel. The British Government had to extend the dockyard.
At the end of World War II, Malta's strategic importance had reached a low point. Modern air warfare technology and the invention of the atomic bomb had changed the importance of the military base. The British lost control of the Suez Canal and withdrew from the naval dockyard, transforming it for commercial shipbuilding and ship repair purposes.
