Malta's gross domestic product (GDP) amounted to USD
14.553 billion in 2018, increasing by 13.9 per cent that
year. 16 of the EU countries have higher GDP per capita than
Malta (2018). Unemployment was 3.5 per cent in 2019.
COUNTRYAAH, Malta's economy was previously largely dependent on
British naval facilities. When the naval base was closed
down in 1979, Malta faced serious financial problems. These
problems were resolved within a few years, including the
development of the light industry and a strong focus on
tourism. Malta joined the EU and part of the EEA in 2004.
Agriculture contributes 1.1 per cent of the country's GDP
and employs 1.6 per cent of the working population. Soil is
taken from outside and is held in place by careful
terracing. Nearly half the area is cultivated and yields on
divided small farms early potatoes, vegetables, wheat,
barley, cauliflower, pepper, grapes, citrus fruits and milk
The industry contributes 10.2 per cent of the country's
GDP and employs 20.7 per cent of the working population
(2017). Industrial production includes electronics,
information technology, shipbuilding, pharmaceuticals,
tobacco, clothing and shoes, as well as food and beverages.
Electricity production amounts to 813 million kWh, while
consumption was 2122 million kWh. The production of
electricity from fossil fuels is 81 per cent, while the
production from renewable resources is 19 per cent (2016).
The service industries contribute 88.7 percent of the
country's GDP and employ 77.7 percent of the working
population. Tourism is of great importance to the country's
economy. In 2018, 2.6 million tourists visited Malta. The
country has a well-developed banking and finance sector.
Transport and Communications
The road network is relatively well developed, but is of
varying standards. There are good bus connections. Valletta
has the country's largest port with terminals for both
container, tanker and cruise ships. There is a boat
connection with Salerno, Italy. Malta International Airport
is south of Valletta.
In 2017, Malta's total imports amounted to US $ 5.809
billion, while exports amounted to US $ 2.516 billion. With
this, the country had a deficit in the foreign trade balance
of US $ 3.293 billion.
Exports include machinery and equipment, pharmaceuticals,
ships, floating parts, electronics, toys and sports
equipment, as well as vegetables. The five most important
markets for Malta's exports are Germany, France, Italy,
Singapore and Hong Kong.
The main import goods are oil and fuel, electrical
equipment, machinery, motor vehicles and motor vehicle
parts. The five main markets for Malta's imports are Italy,
Germany, the United Kingdom, Singapore and Canada.