Malta produces only about 20% of its food needs, has limited fresh water supplies, and has few domestic energy sources. Malta's geographic position between Europe and North Africa makes it a target for illegal immigration, which has strained Malta's political and economic resources. Malta's fertility rate is below the EU average, and population growth in recent years has largely been from immigration, putting increasing pressure on the pension system. Malta adopted the euro on 1 January 2008. Malta's economy is dependent on foreign trade, manufacturing, and tourism, and was hurt by the global economic downturn. Malta has low unemployment relative to other European countries, and growth has recovered since the 2009 recession. Malta's financial services industry has grown in recent years and in 2008-09 it escaped significant damage from the international financial crisis, largely because the sector is centered on the indigenous real estate market and is not highly leveraged and the banking system is closely regulated. Fiscal stimulus measures contributed to a deterioration in Malta's public finances in 2011, leading the EU to warn Malta that it would risk sanctions if it failed to bring its deficit and debt levels within EU guidelines. Moody's downgraded Malta's sovereign credit rating in September 2011.

Malta reports public debt at nominal value outstanding at the end of the year, according to guidelines set out in the Maastricht Treaty for general government gross debt; it includes the following categories of government liabilities (as defined in ESA95): currency and deposits (AF.2), securities other than shares excluding financial derivatives (AF.3, excluding AF.34), and loans (AF.4); general government comprises the central government, state government, local government and social security funds

This is the European Central Bank's rate on the marginal lending facility, which offers overnight credit to banks in the euro area

$6.952 billion (31 December 2011 est.)

$7.046 billion (31 December 2010 est.)

See entry for the European Union for money supply in the euro area; the European Central Bank (ECB) controls monetary policy for the 17 members of the EMU; individual members of the EMU do not control the quantity of money circulating within their own borders

$14.22 billion (31 December 2011 est.)

$12.5 billion (31 December 2010 est.)

$22.38 billion (31 December 2011)

$20.13 billion (31 December 2010)

$3.424 billion (31 December 2011)

$2.399 billion (31 December 2010)

$1.982 billion (31 December 2009)

Potatoes, cauliflower, grapes, wheat, barley, tomatoes, citrus, cut flowers, green peppers; pork, milk, poultry, eggs

Tourism, electronics, ship building and repair, construction, food and beverages, pharmaceuticals, footwear, clothing, tobacco, aviation services, financial services, information technology services

Machinery and mechanical appliances; mineral fuels, oils and products; pharmaceutical products; printed books and newspapers; aircraft/spacecraft and parts thereof; toys, games, and sports requisites

Germany 14.8%, France 9.3%, Italy 6.9%, UK 6.9% (2009 est.)

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 thereof

Italy 31.8%, France 8.6%, UK 8%, Germany 6.9% (2009 est.)

$515.5 million (31 December 2011 est.)

$540.2 million (31 December 2010 est.)

$5.978 billion (31 December 2010)

$17.25 billion (31 December 2010)

$9.019 billion (31 December 2009)