Countries
Malawi
Key Economic Indicators
$40.23 billion
$1,858
1.67%
32.18%
5.07%
$11.009 billion (2024 est.)
56 % of GDP
$-2,125,281,058
Economic Overview
low-income East African economy; primarily agrarian; investing in human capital; urban poverty increasing due to COVID-19; high public debt; endemic corruption and poor property rights; poor hydroelectric grid; localized pharmaceutical industry
All Economic Data
Agricultural products
sweet potatoes, cassava, maize, sugarcane, mangoes/guavas, potatoes, tomatoes, pigeon peas, pumpkins/squash, plantains (2023)
note:
<b>note:</b> top ten agricultural products based on tonnage
Budget
Expenditures:
$3.523 billion (2022 est.)
Note:
<b>note:</b> central government revenues and expenses (excluding grants/extrabudgetary units/social security funds) converted to US dollars at average official exchange rate for year indicated
Revenues:
$2.208 billion (2022 est.)
Currency
code:
MWK
name:
Malawian kwacha (MWK) [MK]
Current account balance
$-2,125,281,058
Current account balance 2021:
-$1.918 billion (2021 est.)
Current account balance 2022:
-$2.218 billion (2022 est.)
Current account balance 2023:
-$2.276 billion (2023 est.)
Note:
<b>note:</b> balance of payments - net trade and primary/secondary income in current dollars
Debt - external
$3.74 billion
Debt - external 2023:
$2.269 billion (2023 est.)
Note:
<b>note:</b> present value of external debt in current US dollars
Exchange rates
Currency:
Malawian kwachas (MWK) per US dollar -
Exchange rates 2019:
745.541 (2019 est.)
Exchange rates 2020:
749.527 (2020 est.)
Exchange rates 2021:
805.9 (2021 est.)
Exchange rates 2022:
949.039 (2022 est.)
Exchange rates 2023:
1,161.094 (2023 est.)
Exports
$1.5 billion
Exports 2021:
$1.587 billion (2021 est.)
Exports 2022:
$1.487 billion (2022 est.)
Exports 2023:
$1.526 billion (2023 est.)
Note:
<b>note:</b> balance of payments - exports of goods and services in current dollars
Exports - commodities
tobacco, tea, dried legumes, soybean meal, raw sugar (2023)
note:
<b>note:</b> top five export commodities based on value in dollars
Exports - partners
Germany 11%, India 7%, Zimbabwe 6%, South Africa 5%, USA 5% (2023)
note:
<b>note:</b> top five export partners based on percentage share of exports
Foreign direct investment
net inflows:
$681.28 million
GDP - composition, by sector of origin
Agriculture:
32.4% (2024 est.)
Industry:
16% (2024 est.)
Note:
<b>note:</b> figures may not total 100% due to non-allocated consumption not captured in sector-reported data
Services:
44.9% (2024 est.)
GDP (official exchange rate)
$11.009 billion (2024 est.)
note:
<b>note:</b> data in current dollars at official exchange rate
GDP per capita (nominal)
$523
Gini Index coefficient - distribution of family income
44.7 (2016)
Gini Index coefficient - distribution of family income 2019:
38.5 (2019 est.)
Note:
<b>note:</b> index (0-100) of income distribution; higher values represent greater inequality
GNI (gross national income)
$11.12 billion
GNI per capita
$570
Gross domestic investment
14 % of GDP
Household income or consumption by percentage share
Highest 10%:
31% (2019 est.)
Lowest 10%:
2.9% (2019 est.)
Note:
<b>note:</b> % share of income accruing to lowest and highest 10% of population
Imports
$4.17 billion
Imports 2021:
$3.768 billion (2021 est.)
Imports 2022:
$3.834 billion (2022 est.)
Imports 2023:
$3.995 billion (2023 est.)
Note:
<b>note:</b> balance of payments - imports of goods and services in current dollars
Imports - commodities
refined petroleum, fertilizers, plastics, garments, postage stamps/documents (2023)
note:
<b>note:</b> top five import commodities based on value in dollars
Imports - partners
China 17%, South Africa 16%, UAE 12%, India 7%, Tanzania 7% (2023)
note:
<b>note:</b> top five import partners based on percentage share of imports
Industrial production growth rate
2.1% (2024 est.)
note:
<b>note:</b> annual % change in industrial value added based on constant local currency
Industries
tobacco, tea, sugar, sawmill products, cement, consumer goods
Inflation rate (consumer prices)
32.18%
Inflation rate (consumer prices) 2022:
21% (2022 est.)
Inflation rate (consumer prices) 2023:
28.8% (2023 est.)
Inflation rate (consumer prices) 2024:
32.2% (2024 est.)
Note:
<b>note:</b> annual % change based on consumer prices
Labor force
8.602 million (2024 est.)
note:
<b>note:</b> number of people ages 15 or older who are employed or seeking work
total:
8.32 million persons
Labor force - by occupation
agriculture:
64.98%
industry:
7.34%
services:
27.68%
Population below poverty line
50.7% (2019 est.)
note:
<b>note:</b> % of population with income below national poverty line
Public debt
56 % of GDP
Note:
<b>note:</b> central government debt as a % of GDP
Public debt 2022:
55.6% of GDP (2022 est.)
Real GDP (purchasing power parity)
$40.23 billion
Note:
<b>note:</b> data in 2021 dollars
Real GDP (purchasing power parity) 2022:
$34.143 billion (2022 est.)
Real GDP (purchasing power parity) 2023:
$34.789 billion (2023 est.)
Real GDP (purchasing power parity) 2024:
$35.425 billion (2024 est.)
Real GDP growth rate
1.67%
Note:
<b>note:</b> annual GDP % growth based on constant local currency
Real GDP growth rate 2022:
0.9% (2022 est.)
Real GDP growth rate 2023:
1.9% (2023 est.)
Real GDP growth rate 2024:
1.8% (2024 est.)
Real GDP per capita
$1,858
Note:
<b>note:</b> data in 2021 dollars
Real GDP per capita 2022:
$1,700 (2022 est.)
Real GDP per capita 2023:
$1,600 (2023 est.)
Real GDP per capita 2024:
$1,600 (2024 est.)
Remittances
$186.77 million
Note:
<b>note:</b> personal transfers and compensation between resident and non-resident individuals/households/entities
Remittances 2021:
2.6% of GDP (2021 est.)
Remittances 2022:
2.1% of GDP (2022 est.)
Remittances 2023:
1.4% of GDP (2023 est.)
Reserves of foreign exchange and gold
Note:
<b>note:</b> holdings of gold (year-end prices)/foreign exchange/special drawing rights in current dollars
Reserves of foreign exchange and gold 2018:
$766.155 million (2018 est.)
Reserves of foreign exchange and gold 2019:
$846.84 million (2019 est.)
Reserves of foreign exchange and gold 2020:
$594.498 million (2020 est.)
Revenue (excl grants)
14 % of GDP
Tax revenue
14 % of GDP
Taxes and other revenues
13.5% (of GDP) (2022 est.)
note:
<b>note:</b> central government tax revenue as a % of GDP
Unemployment rate
5.07%
Note:
<b>note:</b> % of labor force seeking employment
Unemployment rate 2022:
5.1% (2022 est.)
Unemployment rate 2023:
5.1% (2023 est.)
Unemployment rate 2024:
5.1% (2024 est.)
Youth unemployment rate (ages 15-24)
Female:
7.1% (2024 est.)
Male:
6.4% (2024 est.)
Note:
<b>note:</b> % of labor force ages 15-24 seeking employment
Total:
6.8% (2024 est.)
Economic Rankings
Inflation Rate
#21
Gini Index
#35
External Debt
#91
Unemployment Rate
#100
GDP (PPP)
#137
Reserves
#144
GDP (Nominal)
#148
Imports
#152
Exports
#165
GDP Growth Rate
#173
GDP per Capita
#186
Quick Facts
Industries
tobacco, tea, sugar, sawmill products, cement, consumer goods
Agricultural products
sweet potatoes, cassava, maize, sugarcane, mangoes/guavas, potatoes, tomatoes, pigeon peas, pumpkins/squash, plantains (2023)
Labor force
8.602 million (2024 est.)
Exports - partners
Germany 11%, India 7%, Zimbabwe 6%, South Africa 5%, USA 5% (2023)
Imports - partners
China 17%, South Africa 16%, UAE 12%, India 7%, Tanzania 7% (2023)
Exchange rates
Malawian kwachas (MWK) per US dollar -
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