Malawi - Economy
How is the economy of Malawi? Based on the information we have, Malawi has a 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. Key agricultural products in this country include: sweet potatoes, cassava, maize, sugarcane, mangoes/guavas, potatoes, tomatoes, pigeon peas, bananas, pumpkins/squash (2022).
More about the economy of Malawi
| Labor force | 8.541 million (2023 est.) |
|---|---|
| Industrial production growth rate | 2.52% (2023 est.) |
| Industries | tobacco, tea, sugar, sawmill products, cement, consumer goods |
| Population below poverty line | 50.7% (2019 est.) |
| Taxes and other revenues | 13.5% (of GDP) (2022 est.) |
| Fiscal year | |
| Exchange rates | |
| Currency | Malawian kwachas (MWK) per US dollar - |
| Exchange rates 2023 | 1,161.094 (2023 est.) |
| Exchange rates 2022 | 949.039 (2022 est.) |
| Exchange rates 2021 | 805.9 (2021 est.) |
| Exchange rates 2020 | 749.527 (2020 est.) |
| Exchange rates 2019 | 745.541 (2019 est.) |
| Debt - external | |
| Debt - external 2023 | $2.551 billion (2023 est.) |
| Reserves of foreign exchange and gold | |
| Reserves of foreign exchange and gold 2020 | $594.498 million (2020 est.) |
| Reserves of foreign exchange and gold 2019 | $846.84 million (2019 est.) |
| Reserves of foreign exchange and gold 2018 | $766.155 million (2018 est.) |
| Current account balance | |
| Current account balance 2023 | -$2.276 billion (2023 est.) |
| Current account balance 2022 | -$2.218 billion (2022 est.) |
| Current account balance 2021 | -$1.918 billion (2021 est.) |
| Public debt | |
| Public debt 2022 | 55.6% of GDP (2022 est.) |
| Budget | |
| Revenues | $1.688 billion (2020 est.) |
| Expenditures | $1.941 billion (2020 est.) |
| Budget surplus (+) or deficit (-) | |
| Remittances | |
| Remittances 2023 | 1.41% of GDP (2023 est.) |
| Remittances 2022 | 2.13% of GDP (2022 est.) |
| Remittances 2021 | 2.57% of GDP (2021 est.) |
| Household income | |
| Lowest 10% | 2.9% (2019 est.) |
| Highest 10% | 31% (2019 est.) |
| Imports | |
| Imports 2023 | $3.995 billion (2023 est.) |
| Imports 2022 | $3.834 billion (2022 est.) |
| Imports 2021 | $3.768 billion (2021 est.) |
| Imports (partners) | South Africa 20%, China 15%, UAE 11%, India 6%, Kuwait 5% (2022) |
| Comodities Imports force | refined petroleum, fertilizers, crude petroleum, packaged medicine, plastic products (2022) |
| Exports | |
| Imports 2023 | $3.995 billion (2023 est.) |
| Imports 2022 | $3.834 billion (2022 est.) |
| Imports 2021 | $3.768 billion (2021 est.) |
| Exports (partners) | UAE 21%, Belgium 12%, Tanzania 6%, Kenya 5%, South Africa 5% (2022) |
| Comodities Exports force | tobacco, gold, tea, ground nuts, dried legumes (2022) |
| Real GDP (purchasing power parity) | |
| Real GDP (purchasing power parity) 2023 | $34.789 billion (2023 est.) |
| Real GDP (purchasing power parity) 2022 | $34.143 billion (2022 est.) |
| Real GDP (purchasing power parity) 2021 | $33.832 billion (2021 est.) |
| GDP (official exchange rate) | $12.712 billion (2023 est.) |
| Real GDP Per capita | |
| Real GDP per capita 2023 | $1,600 (2023 est.) |
| Real GDP per capita 2022 | $1,700 (2022 est.) |
| Real GDP per capita 2021 | $1,700 (2021 est.) |
| GDP - composition, by sector of origin | |
| Agriculture | 30.4% (2023 est.) |
| Industry | 15.3% (2023 est.) |
| Services | 47.5% (2023 est.) |
| GDP - composition, by end use | |
| Household consumption | 84.3% (2017 est.) |
| Government consumption | 16.3% (2017 est.) |
| Investment in fixed capital | 15.3% (2017 est.) |
| Exports of goods and services | 27.9% (2017 est.) |
| Imports of goods and services | -43.8% (2017 est.) |
| Unemployment rate | |
| Unemployment rate 2023 | 5.04% (2023 est.) |
| Unemployment rate 2022 | 5.05% (2022 est.) |
| Unemployment rate 2021 | 5.59% (2021 est.) |
| Youth unemployment rate (ages 15-24) | |
| Total | 6.8% (2023 est.) |
| Male | 6.4% (2023 est.) |
| Female | 7.2% (2023 est.) |
All Important Facts about Malawi
Want to know more about Malawi? Check all different factbooks for Malawi below.
