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 8.366 million (2023 est.)
Industrial production growth rate 1.58% (2023 est.)
Industries tobacco, tea, sugar, sawmill products, cement, consumer goods
Population below poverty line 50.7% (2019 est.)
Taxes and other revenues 12.78% (of GDP) (2022 est.)
Fiscal year
Exchange rates
Currency Malawian kwachas (MWK) per US dollar -
Exchange rates 2020 749.527 (2020 est.)
Exchange rates 2019 745.541 (2019 est.)
Exchange rates 2018 732.333 (2018 est.)
Exchange rates 2017 730.273 (2017 est.)
Exchange rates 2016 718.005 (2016 est.)
Debt - external
Debt - external 2022 $1.971 billion (2022 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 2022 -$2.276 billion (2022 est.)
Current account balance 2021 -$1.918 billion (2021 est.)
Current account balance 2020 -$1.639 billion (2020 est.)
Public debt
Public debt 2022 52.63% of GDP (2022 est.)
Budget
Revenues $1.688 billion (2020 est.)
Expenditures $1.941 billion (2020 est.)
Budget surplus (+) or deficit (-)
Remittances
Remittances 2023 1.85% of GDP (2023 est.)
Remittances 2022 2.01% of GDP (2022 est.)
Remittances 2021 2.53% of GDP (2021 est.)
Household income
Lowest 10% 2.9% (2019 est.)
Highest 10% 31% (2019 est.)
Imports
Imports 2022 $3.706 billion (2022 est.)
Imports 2021 $3.768 billion (2021 est.)
Imports 2020 $3.373 billion (2020 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 2022 $3.706 billion (2022 est.)
Imports 2021 $3.768 billion (2021 est.)
Imports 2020 $3.373 billion (2020 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 $35.238 billion (2023 est.)
Real GDP (purchasing power parity) 2022 $34.703 billion (2022 est.)
Real GDP (purchasing power parity) 2021 $34.386 billion (2021 est.)
GDP (official exchange rate) $14.084 billion (2023 est.)
Real GDP Per capita
Real GDP per capita 2023 $1,700 (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 22.1% (2023 est.)
Industry 18.3% (2023 est.)
Services 52.2% (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.

Malawi is found in Eastern Africa