Malawi Economy - 2023

GEOGRAPHICAL NAMES 

Economic overview

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

Real GDP (purchasing power parity)

$29.658 billion (2021 est.)

$28.864 billion (2020 est.)

$28.635 billion (2019 est.)

note: data are in 2017 dollars

Real GDP growth rate

2.75% (2021 est.)

0.8% (2020 est.)

5.45% (2019 est.)

Real GDP per capita

$1,500 (2021 est.)

$1,500 (2020 est.)

$1,500 (2019 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$7.766 billion (2019 est.)

Inflation rate (consumer prices)

8.63% (2020 est.)

9.37% (2019 est.)

12.42% (2018 est.)

GDP - composition, by sector of origin

agriculture: 28.6% (2017 est.)

industry: 15.4% (2017 est.)

services: 56% (2017 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.)

investment in inventories: 0% (2017 est.)

exports of goods and services: 27.9% (2017 est.)

imports of goods and services: -43.8% (2017 est.)

Agricultural products

sweet potatoes, cassava, sugar cane, maize, mangoes/guavas, potatoes, tomatoes, pigeon peas, bananas, plantains

Industries

tobacco, tea, sugar, sawmill products, cement, consumer goods

Industrial production growth rate

1.9% (2021 est.)

Labor force

8.551 million (2021 est.)

Labor force - by occupation

agriculture: 76.9%

industry: 4.1%

services: 19% (2013 est.)

Unemployment rate

7.02% (2021 est.)

6.7% (2020 est.)

5.75% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 9.9%

male: 7.6%

female: 12.2% (2021 est.)

Population below poverty line

51.5% (2016 est.)

Gini Index coefficient - distribution of family income

38.5 (2019 est.)

Household income or consumption by percentage share

lowest 10%: 2.2%

highest 10%: 37.5% (2010 est.)

Budget

revenues: $1.628 billion (2019 est.)

expenditures: $2.129 billion (2019 est.)

Budget surplus (+) or deficit (-)

-3.4% (of GDP) (2017 est.)

Public debt

44.89% of GDP (2019 est.)

41.7% of GDP (2018 est.)

34.29% of GDP (2017 est.)

Taxes and other revenues

11.72% (of GDP) (2020 est.)

Fiscal year

1 April - 31 March

Current account balance

-$1.543 billion (2021 est.)

-$1.466 billion (2020 est.)

-$1.321 billion (2019 est.)

Exports

$1.538 billion (2021 est.) note: data are in current year dollars

$1.268 billion (2020 est.) note: data are in current year dollars

$1.447 billion (2019 est.)

Exports - partners

Belgium 16%, United States 8%, Egypt 7%, South Africa 6%, Germany 6%, Kenya 5%, United Arab Emirates 5% (2019)

Exports - commodities

tobacco, gold, soybeans, raw sugar, tea, dried legumes and nuts (2021)

Imports

$3.582 billion (2021 est.) note: data are in current year dollars

$3.208 billion (2020 est.) note: data are in current year dollars

$3.266 billion (2019 est.)

Imports - partners

South Africa 17%, China 16%, United Arab Emirates 9%, India 9%, United Kingdom 8% (2019)

Imports - commodities

postage stamps, refined petroleum, packaged medicines, fertilizers, office machinery/parts (2019)

Reserves of foreign exchange and gold

$594,498,500 (31 December 2020 est.)

$846,839,800 (31 December 2019 est.)

$766,154,800 (31 December 2018 est.)

Debt - external

$2.102 billion (31 December 2017 est.)

$1.5 billion (31 December 2016 est.)

Exchange rates

Malawian kwachas (MWK) per US dollar -

749.527 (2020 est.)

745.541 (2019 est.)

732.333 (2018 est.)

730.273 (2017 est.)

718.005 (2016 est.)

NOTE: The information regarding Malawi on this page is re-published from the 2023 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Malawi 2023 information contained here. All suggestions for corrections of any errors about Malawi 2023 should be addressed to the CIA or the source cited on each page.