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, pumpkins/squash, plantains (2023).
More about the economy of Malawi
| Labor force | 8.602 million (2024 est.) |
|---|---|
| Industrial production growth rate | 2.1% (2024 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 | $2.269 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 | $2.208 billion (2022 est.) |
| Expenditures | $3.523 billion (2022 est.) |
| Budget surplus (+) or deficit (-) | |
| Remittances | |
| Remittances 2023 | 1.4% of GDP (2023 est.) |
| Remittances 2022 | 2.1% of GDP (2022 est.) |
| Remittances 2021 | 2.6% 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) | China 17%, South Africa 16%, UAE 12%, India 7%, Tanzania 7% (2023) |
| Comodities Imports force | refined petroleum, fertilizers, plastics, garments, postage stamps/documents (2023) |
| Exports | |
| Imports 2023 | $3.995 billion (2023 est.) |
| Imports 2022 | $3.834 billion (2022 est.) |
| Imports 2021 | $3.768 billion (2021 est.) |
| Exports (partners) | Germany 11%, India 7%, Zimbabwe 6%, South Africa 5%, USA 5% (2023) |
| Comodities Exports force | tobacco, tea, dried legumes, soybean meal, raw sugar (2023) |
| Real GDP (purchasing power parity) | |
| Real GDP (purchasing power parity) 2024 | $35.425 billion (2024 est.) |
| Real GDP (purchasing power parity) 2023 | $34.789 billion (2023 est.) |
| Real GDP (purchasing power parity) 2022 | $34.143 billion (2022 est.) |
| GDP (official exchange rate) | $11.009 billion (2024 est.) |
| Real GDP Per capita | |
| Real GDP per capita 2024 | $1,600 (2024 est.) |
| Real GDP per capita 2023 | $1,600 (2023 est.) |
| Real GDP per capita 2022 | $1,700 (2022 est.) |
| GDP - composition, by sector of origin | |
| Agriculture | 32.4% (2024 est.) |
| Industry | 16% (2024 est.) |
| Services | 44.9% (2024 est.) |
| Unemployment rate | |
| Unemployment rate 2024 | 5.1% (2024 est.) |
| Unemployment rate 2023 | 5.1% (2023 est.) |
| Unemployment rate 2022 | 5.1% (2022 est.) |
| Youth unemployment rate (ages 15-24) | |
| Total | 6.8% (2024 est.) |
| Male | 6.4% (2024 est.) |
| Female | 7.1% (2024 est.) |
All Important Facts about Malawi
Want to know more about Malawi? Check all different factbooks for Malawi below.
