Malta economy had a population of 401,880 in 2007. Its GDP stood at $6.39 billion in 2006. Services sector provided 75% of national GDP followed by industry and agriculture, which accounted for 22.5% and 2.5% of 2006 national GDP respectively. From 1.1.2008, Euro has been official currency of Malta.
Malta economy overview
Limestone and salt are prime natural resources of Malta. In 2006, services sector accounted for 75% of national GDP, while industry and agriculture accounted for 22.5% and 2.5% of national GDP. Major industries of this country are semiconductors, beverages, electronics, food, information and communications, jewelry, shipbuilding, toys, rubber and plastic products. Agricultural products include fodder crops, vegetables, potatoes, Mediterranean fruits and onions. Major markets of Malta are Eurozone, USA and Singapore.
Malta economy 2007-2008
Malta's trade balance stood at $1.68 billion in 2007. 2008 revised estimates for Malta's budget put revenues at around $3.28 billion and expenditures at $2.6 billion. Malta's annual inflation rate was 1.2% in 2007. Malta's present economic development is mostly hinged on its tourism sector. It accounts for around 30% of national GDP. Malta economy is also highly dependent on exports of manufactured commodities, which mainly include semi-conductors. Low-cost flights and cruise tourism has further boosted Malta's tourism sector in recent years. Malta possesses a comparatively flexible labor market. Labor force is highly educated and proficient in English. There are four local commercial banks in Malta, who account for 90% of national loans and deposits. Maltese government has embarked on an economic liberalization package for the economy. In recent years Malta has gone for a substantial consolidation of its public finances. Malta's budget deficit stood at 1.6% of GDP for 2007.
EU finance ministers on 7th October 2008 agreed in principle on undertaking measures for thwarting ill effects of ensuing global financial crisis. EU ministers settled for deposit guarantee for EU residents for €50,000 of their savings. Maltese depositors were also to gain from this decision. As per Malta government, this country has remained largely unaffected by global financial crisis. EU finance ministers have taken necessary steps for ensuring financial stability of the system.