Malawi Economy - 2024

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.)

Unemployment rate

7.02% (2021 est.)
6.7% (2020 est.)
5.75% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 9.9% (2021 est.)

male: 7.6%

female: 12.2%

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.)

Remittances

2.05% of GDP (2021 est.)
1.9% of GDP (2020 est.)
2.55% of GDP (2019 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 -

Exchange rates:
749.527 (2020 est.)
745.541 (2019 est.)
732.333 (2018 est.)
730.273 (2017 est.)
718.005 (2016 est.)