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 $1.688 billion (2020 est.)
Expenditures $1.941 billion (2020 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

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Malawi is found in Eastern Africa