| Economy | Malawi |
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Economy - overview:
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Landlocked Malawi ranks among the world's most densely populated and least developed countries. The economy is predominately agricultural with about 80% of the population living in rural areas. Agriculture, which has benefited from fertilizer subsidies since 2006, accounts for one-third of GDP and 90% of export revenues. The performance of the tobacco sector is key to short-term growth as tobacco accounts for more than half of exports. The economy depends on substantial inflows of economic assistance from the IMF, the World Bank, and individual donor nations. In 2006, Malawi was approved for relief under the Heavily Indebted Poor Countries (HIPC) program. In December 2007, the US granted Malawi eligibility status to receive financial support within the Millennium Challenge Corporation (MCC) initiative. The government faces many challenges including developing a market economy, improving educational facilities, facing up to environmental problems, dealing with the rapidly growing problem of HIV/AIDS, and satisfying foreign donors that fiscal discipline is being tightened. Since 2005 President MUTHARIKA'S government has exhibited improved financial discipline under the guidance of Finance Minister Goodall GONDWE and signed a three year Poverty Reduction and Growth Facility worth $56 million with the IMF. The government has announced infrastructure projects that could yield improvements, such as a new oil pipeline for better fuel access, and the potential for a waterway link through Mozambican rivers to the ocean for better transportation options. Since 2009, however, Malawi has experienced some setbacks, including a general shortage of foreign exchange, which has damaged its ability to pay for imports, and fuel shortages that hinder transportation and productivity. Investment fell 23% in 2009, and continued to decline in 2010. The government has failed to address barriers to investment such as unreliable power, water shortages, poor telecommunications infrastructure, and the high costs of services. Donors, who provided an average of 36 % of government revenue in the past five year, suspended general budget support for Malawi in 2011 due to a negative IMF review and governance issues. |
GDP (purchasing power parity):
|
$13.77 billion (2011 est.)
$13.16 billion (2010 est.)
$12.34 billion (2009 est.)
note: data are in 2011 US dollars |
GDP - per capita (PPP):
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$900 (2011 est.)
$800 (2010 est.)
$800 (2009 est.)
note: data are in 2011 US dollars |
GDP (official exchange rate):
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$5.7 billion (2011 est.) |
GDP - real growth rate:
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4.6% (2011 est.)
6.5% (2010 est.)
9% (2009 est.) |
GDP - composition by sector:
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agriculture: 30.3%
industry: 16.3%
services: 53.4% (2011 est.) |
Investment (gross fixed):
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21.3% of GDP (2011 est.) |
Population below poverty line:
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53% (2004) |
Household income or consumption by percentage share:
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lowest 10%: 3%
highest 10%: 31.9% (2004) |
Distribution of family income - Gini index:
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39 (2004) |
Inflation rate (consumer prices):
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7.5% (2011 est.)
7.4% (2010 est.) |
Central bank discount rate:
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15% (31 December 2009)
15% (31 December 2008) |
Commercial bank prime lending rate:
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23.5% (31 December 2011 est.)
24.675% (31 December 2010 est.) |
Stock of money:
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$502.1 million (31 December 2008)
$361.5 million (31 December 2007) |
Stock of money - per capita:
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32 USD per capita |
Stock of quasi money:
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$491.1 million (31 December 2008)
$250.4 million (31 December 2007) |
Stock of quasi money - per capita:
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31 USD per capita |
Stock of domestic credit:
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$1.416 billion (31 December 2011 est.)
$1.464 billion (31 December 2010 est.) |
Stock of domestic credit - per capita:
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90 USD per capita |
Stock of narrow money:
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$698.8 million (31 December 2011 est.)
$677.1 million (31 December 2010 est.) |
Stock of broad money:
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$1.357 billion (31 December 2011 est.)
$1.434 billion (31 December 2010 est.) |
Labor force:
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5.747 million (2007 est.) |
Labor force participation rate:
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36.19 % of population |
Labor force - by occupation:
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agriculture: 90%
industry and services: 10% (2003 est.) |
Unemployment rate:
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NA% |
Unemployment, youth ages 15-24:
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void |
Budget:
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revenues: $1.761 billion
expenditures: $1.891 billion (2011 est.) |
Budget revenues per capita:
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111 USD per capita |
Taxes and other revenues:
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30.9% of GDP (2011 est.) |
Budget surplus (+) or deficit (-):
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-2.3% of GDP (2011 est.) |
Public debt:
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36.8% of GDP (2011 est.)
34.6% of GDP (2010 est.) |
Industries:
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tobacco, tea, sugar, sawmill products, cement, consumer goods |
Industrial production growth rate:
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5.9% (2011 est.) |
Electricity - production:
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1.676 billion kWh (2008 est.) |
Electricity - production per capita:
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106 kWh per capita |
Electricity - consumption:
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1.559 billion kWh (2008 est.) |
Electricity - consumption - per capita:
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99 kWh per capita |
Electricity - exports:
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0 kWh (2009 est.) |
Electricity - imports:
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0 kWh (2009 est.) |
Oil - production:
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0 bbl/day (2010 est.) |
Oil - production per capita:
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void |
Oil - consumption:
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8,000 bbl/day (2010 est.) |
Oil - consumption - per capita:
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0.18 bbl/year per capita |
Oil - exports:
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0 bbl/day (2009 est.) |
Oil - imports:
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7,124 bbl/day (2009 est.) |
Oil - proved reserves:
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0 bbl (1 January 2011 est.) |
Natural gas - production:
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0 cu m (2009 est.) |
Natural gas - production per capita:
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void |
Natural gas - consumption:
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0 cu m (2009 est.) |
Natural gas - consumption - per capita:
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void |
Natural gas - exports:
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0 cu m (2009 est.) |
Natural gas - imports:
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0 cu m (2009 est.) |
Natural gas - proved reserves:
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0 cu m (1 January 2011 est.) |
Agriculture - products:
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tobacco, sugarcane, cotton, tea, corn, potatoes, cassava (tapioca), sorghum, pulses, groundnuts, Macadamia nuts; cattle, goats |
Current account balance:
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-$714.2 million (2011 est.)
-$503.4 million (2010 est.) |
Current account balance - per capita:
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-44 USD per capita |
Exports:
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$921.9 million (2011 est.)
$964.3 million (2010 est.) |
Exports per capita:
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59 USD per capita |
Exports - commodities:
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tobacco 53%, tea, sugar, cotton, coffee, peanuts, wood products, apparel |
Exports - partners:
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India 10.4%, Germany 9.7%, South Africa 7.5%, Russia 7.4%, Zimbabwe 7.4%, Canada 6.4%, US 6.3%, Netherlands 4.7% (2010) |
Imports:
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$1.694 billion (2011 est.)
$1.665 billion (2010 est.) |
Imports per capita:
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107 USD per capita |
Imports - commodities:
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food, petroleum products, semi-manufactures, consumer goods, transportation equipment |
Imports - partners:
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South Africa 41.4%, Zambia 7.8%, India 7.5%, China 6.1%, Tanzania 5%, France 4.4%, Mozambique 4.2% (2010) |
Reserves of foreign exchange and gold:
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$172 million (31 December 2011 est.)
$280.1 million (31 December 2010 est.) |
Reserves of foreign exchange and gold - per capita:
|
11 USD per capita |
Debt - external:
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$1.35 billion (31 December 2011 est.)
$1.269 billion (31 December 2010 est.) |
Debt - external - per capita:
|
86 USD per capita |
Stock of direct foreign investment - at home:
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$NA |
Stock of direct foreign investment - at home - per capita:
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void |
Stock of direct foreign investment - abroad:
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$NA |
Stock of direct foreign investment - abroad - per capita:
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void |
Market value of publicly traded shares:
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$1.363 billion (31 December 2010)
$1.383 billion (31 December 2009)
$1.771 billion (31 December 2008) |
Market value of publicly traded shares - per capita:
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86 USD per capita |
Currency (code):
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Malawian kwacha (MWK) |
Exchange rates:
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Malawian kwachas (MWK) per US dollar -
159 (2011 est.)
150.49 (2010 est.)
141.14 (2009)
142.41 (2008)
141.12 (2007) |
Fiscal year:
|
1 July - 30 June |
|
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