Mali Economy - 2022

GEOGRAPHICAL NAMES 

Economic overview

Among the 25 poorest countries in the world, landlocked Mali depends on gold mining and agricultural exports for revenue. The country's fiscal status fluctuates with gold and agricultural commodity prices and the harvest; cotton and gold exports make up around 80% of export earnings. Mali remains dependent on foreign aid.

 

Economic activity is largely confined to the riverine area irrigated by the Niger River; about 65% of Mali’s land area is desert or semidesert. About 10% of the population is nomadic and about 80% of the labor force is engaged in farming and fishing. Industrial activity is concentrated on processing farm commodities. The government subsidizes the production of cereals to decrease the country’s dependence on imported foodstuffs and to reduce its vulnerability to food price shocks.

 

Mali is developing its iron ore extraction industry to diversify foreign exchange earnings away from gold, but the pace will depend on global price trends. Although the political coup in 2012 slowed Mali’s growth, the economy has since bounced back, with GDP growth above 5% in 2014-17, although physical insecurity, high population growth, corruption, weak infrastructure, and low levels of human capital continue to constrain economic development. Higher rainfall helped to boost cotton output in 2017, and the country’s 2017 budget increased spending more than 10%, much of which was devoted to infrastructure and agriculture. Corruption and political turmoil are strong downside risks in 2018 and beyond.

Real GDP (purchasing power parity)

$44.89 billion (2020 est.)

$45.64 billion (2019 est.)

$43.57 billion (2018 est.)

note: data are in 2017 dollars

Real GDP growth rate

5.4% (2017 est.)

5.8% (2016 est.)

6.2% (2015 est.)

Real GDP per capita

$2,200 (2020 est.)

$2,300 (2019 est.)

$2,300 (2018 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$17.508 billion (2019 est.)

Inflation rate (consumer prices)

1.9% (2018 est.)

1.8% (2017 est.)

1.7% (2017 est.)

Credit ratings

Moody's rating: Caa1 (2020)

note: The year refers to the year in which the current credit rating was first obtained.

GDP - composition, by sector of origin

agriculture: 41.8% (2017 est.)

industry: 18.1% (2017 est.)

services: 40.5% (2017 est.)

GDP - composition, by end use

household consumption: 82.9% (2017 est.)

government consumption: 17.4% (2017 est.)

investment in fixed capital: 19.3% (2017 est.)

investment in inventories: -0.7% (2017 est.)

exports of goods and services: 22.1% (2017 est.)

imports of goods and services: -41.1% (2017 est.)

Agricultural products

maize, rice, millet, sorghum, mangoes/guavas, cotton, watermelons, green onions/shallots, okra, sugar cane

Industries

food processing; construction; phosphate and gold mining

Industrial production growth rate

6.3% (2017 est.)

Labor force

6.447 million (2017 est.)

Labor force - by occupation

agriculture: 80%

industry and services: 20% (2005 est.)

Unemployment rate

7.9% (2017 est.)

7.8% (2016 est.)

Youth unemployment rate (ages 15-24)

total: 7.5%

male: 6.6%

female: 8.5% (2020 est.)

Population below poverty line

42.1% (2019 est.)

Gini Index coefficient - distribution of family income

40.1 (2001)

50.5 (1994)

Household income or consumption by percentage share

lowest 10%: 3.5%

highest 10%: 25.8% (2010 est.)

Budget

revenues: 3.075 billion (2017 est.)

expenditures: 3.513 billion (2017 est.)

Budget surplus (+) or deficit (-)

-2.9% (of GDP) (2017 est.)

Public debt

35.4% of GDP (2017 est.)

36% of GDP (2016 est.)

Taxes and other revenues

20% (of GDP) (2017 est.)

Fiscal year

calendar year

Current account balance

-$886 million (2017 est.)

-$1.015 billion (2016 est.)

Exports

$4.18 billion (2018 est.) note: data are in current year dollars

$2.803 billion (2016 est.)

Exports - partners

United Arab Emirates 66%, Switzerland 26% (2019)

Exports - commodities

gold, cotton, sesame seeds, lumber, vegetable oils/residues (2019)

Imports

$6.08 billion (2018 est.) note: data are in current year dollars

$3.403 billion (2016 est.)

Imports - partners

Senegal 23%, Cote d'Ivoire 15%, China 11%, France 9% (2019)

Imports - commodities

refined petroleum, clothing and apparel, packaged medicines, cement, broadcasting equipment (2019)

Reserves of foreign exchange and gold

$647.8 million (31 December 2017 est.)

$395.7 million (31 December 2016 est.)

Debt - external

$4.192 billion (31 December 2017 est.)

$3.981 billion (31 December 2016 est.)

Exchange rates

Communaute Financiere Africaine francs (XOF) per US dollar -

605.3 (2017 est.)

593.01 (2016 est.)

593.01 (2015 est.)

591.45 (2014 est.)

494.42 (2013 est.)

NOTE: The information regarding Mali on this page is re-published from the 2022 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Mali 2022 information contained here. All suggestions for corrections of any errors about Mali 2022 should be addressed to the CIA or the source cited on each page.