Economy
Malawi
Budget
revenues
$2.208 billion (2022 est.)
expenditures
$3.523 billion (2022 est.)
Exports
Exports 2021
$1.587 billion (2021 est.)
Exports 2022
$1.487 billion (2022 est.)
Exports 2023
$1.526 billion (2023 est.)
Imports
Imports 2021
$3.768 billion (2021 est.)
Imports 2022
$3.834 billion (2022 est.)
Imports 2023
$3.995 billion (2023 est.)
Industries
tobacco, tea, sugar, sawmill products, cement, consumer goods
Labor force
8.602 million (2024 est.)
Public debt
Public debt 2022
55.6% of GDP (2022 est.)
Remittances
Remittances 2021
2.6% of GDP (2021 est.)
Remittances 2022
2.1% of GDP (2022 est.)
Remittances 2023
1.4% of GDP (2023 est.)
Exchange rates
Currency
Malawian kwachas (MWK) per US dollar -
Exchange rates 2019
745.541 (2019 est.)
Exchange rates 2020
749.527 (2020 est.)
Exchange rates 2021
805.9 (2021 est.)
Exchange rates 2022
949.039 (2022 est.)
Exchange rates 2023
1,161.094 (2023 est.)
Debt - external
Debt - external 2023
$2.269 billion (2023 est.)
Economic overview
economy of East Africa characterized by low-income; primarily agricultural; focused on human capital investment; increasing urban poverty as a result of COVID-19; significant public debt; prevalent corruption and inadequate property rights; unreliable hydroelectric power grid; localized pharmaceutical sector
Unemployment rate
Unemployment rate 2022
5.1% (2022 est.)
Unemployment rate 2023
5.1% (2023 est.)
Unemployment rate 2024
5.1% (2024 est.)
Exports - partners
Germany 11%, India 7%, Zimbabwe 6%, South Africa 5%, USA 5% (2023)
Imports - partners
China 17%, South Africa 16%, UAE 12%, India 7%, Tanzania 7% (2023)
Real GDP per capita
Real GDP per capita 2022
$1,700 (2022 est.)
Real GDP per capita 2023
$1,600 (2023 est.)
Real GDP per capita 2024
$1,600 (2024 est.)
Real GDP growth rate
Real GDP growth rate 2022
0.9% (2022 est.)
Real GDP growth rate 2023
1.9% (2023 est.)
Real GDP growth rate 2024
1.8% (2024 est.)
Agricultural products
sweet potatoes, cassava, maize, sugarcane, mangoes/guavas, potatoes, tomatoes, pigeon peas, pumpkins/squash, plantains (2023)
Exports - commodities
tobacco, tea, dried legumes, soybean meal, raw sugar (2023)
Imports - commodities
refined petroleum, fertilizers, plastics, garments, postage stamps/documents (2023)
Current account balance
Current account balance 2021
-$1.918 billion (2021 est.)
Current account balance 2022
-$2.218 billion (2022 est.)
Current account balance 2023
-$2.276 billion (2023 est.)
Taxes and other revenues
13.5% (of GDP) (2022 est.)
GDP (official exchange rate)
$11.009 billion (2024 est.)
Population below poverty line
50.7% (2019 est.)
Inflation rate (consumer prices)
Inflation rate (consumer prices) 2022
21% (2022 est.)
Inflation rate (consumer prices) 2023
28.8% (2023 est.)
Inflation rate (consumer prices) 2024
32.2% (2024 est.)
Industrial production growth rate
2.1% (2024 est.)
Real GDP (purchasing power parity)
Real GDP (purchasing power parity) 2022
$34.143 billion (2022 est.)
Real GDP (purchasing power parity) 2023
$34.789 billion (2023 est.)
Real GDP (purchasing power parity) 2024
$35.425 billion (2024 est.)
Youth unemployment rate (ages 15-24)
male
6.4% (2024 est.)
total
6.8% (2024 est.)
female
7.1% (2024 est.)
Reserves of foreign exchange and gold
Reserves of foreign exchange and gold 2018
$766.155 million (2018 est.)
Reserves of foreign exchange and gold 2019
$846.84 million (2019 est.)
Reserves of foreign exchange and gold 2020
$594.498 million (2020 est.)
GDP - composition, by sector of origin
industry
16% (2024 est.)
services
44.9% (2024 est.)
agriculture
32.4% (2024 est.)
Household income or consumption by percentage share
lowest 10%
2.9% (2019 est.)
highest 10%
31% (2019 est.)
Gini Index coefficient - distribution of family income
Gini Index coefficient - distribution of family income 2019
38.5 (2019 est.)