| Economy | Malawi |
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Economy - overview:
|
Landlocked Malawi ranks among the world's most densely populated and least developed countries. The economy is predominately agricultural with about 85% of the population living in rural areas. Agriculture accounts for more than 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 December 2007, the US granted Malawi eligibility status to receive financial support within the Millennium Challenge Corporation (MCC) initiative. Malawi will now begin a consultative process to develop a five-year program before funding can begin. In 2006, Malawi was approved for relief under the Heavily Indebted Poor Countries (HIPC) program. 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. In 2005, President MUTHARIKA championed an anticorruption campaign. 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. Improved relations with the IMF lead other international donors to resume aid as well. |
GDP (purchasing power parity):
|
$11.56 billion (2008 est.)
$10.85 billion (2007)
$10.05 billion (2006)
note: data are in 2008 US dollars |
GDP - per capita (PPP):
|
$800 (2008 est.)
$800 (2007 est.)
$800 (2006 est.)
note: data are in 2008 US dollars |
GDP (official exchange rate):
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$4.082 billion (2008 est.) |
GDP - real growth rate:
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6.5% (2008 est.)
8% (2007 est.)
7.9% (2006 est.) |
GDP - composition by sector:
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agriculture: 38.1%
industry: 17.7%
services: 44.2% (2008 est.) |
Investment (gross fixed):
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8.6% of GDP (2008 est.) |
Population below poverty line:
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53% (2004) |
Household income or consumption by percentage share:
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lowest 10%: 2.9%
highest 10%: 31.8% (2004) |
Distribution of family income - Gini index:
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39 (2004) |
Inflation rate (consumer prices):
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9% (2008 est.) |
Central bank discount rate:
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15% (31 December 2007) |
Commercial bank prime lending rate:
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27.72% (31 December 2007) |
Stock of money:
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$361.5 million (31 December 2007) |
Stock of money - per capita:
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26 USD per capita |
Stock of quasi money:
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$250.4 million (31 December 2007) |
Stock of quasi money - per capita:
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18 USD per capita |
Stock of domestic credit:
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$406.2 million (31 December 2007) |
Stock of domestic credit - per capita:
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29 USD per capita |
Labor force:
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4.5 million (2001 est.) |
Labor force participation rate:
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31.54 % 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% |
Budget:
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revenues: $1.227 billion
expenditures: $1.337 billion (2008 est.) |
Budget revenues per capita:
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86 USD per capita |
Public debt:
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49.1% of GDP (2008 est.) |
Industries:
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tobacco, tea, sugar, sawmill products, cement, consumer goods |
Industrial production growth rate:
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6% (2008 est.) |
Electricity - production:
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1.13 billion kWh (2006 est.) |
Electricity - production per capita:
|
80 kWh per capita |
Electricity - consumption:
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1.051 billion kWh (2006 est.) |
Electricity - consumption - per capita:
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74 kWh per capita |
Electricity - exports:
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0 kWh (2007 est.) |
Electricity - imports:
|
0 kWh (2007 est.) |
Oil - production:
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0 bbl/day (2007 est.) |
Oil - production per capita:
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void |
Oil - consumption:
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6,160 bbl/day (2006 est.) |
Oil - consumption - per capita:
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0.16 bbl/year per capita |
Oil - exports:
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0 bbl/day (2005) |
Oil - imports:
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6,788 bbl/day (2005) |
Oil - proved reserves:
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0 bbl (1 January 2006 est.) |
Natural gas - production:
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0 cu m (2007 est.) |
Natural gas - production per capita:
|
void |
Natural gas - consumption:
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0 cu m (2007 est.) |
Natural gas - consumption - per capita:
|
void |
Natural gas - exports:
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0 cu m (2007 est.) |
Natural gas - imports:
|
0 cu m (2007 est.) |
Natural gas - proved reserves:
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0 cu m (1 January 2006 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:
|
-$420 million (2008 est.) |
Current account balance - per capita:
|
-29 USD per capita |
Exports:
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$679 million f.o.b. (2008 est.) |
Exports per capita:
|
48 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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Germany 11.7%, South Africa 10%, Egypt 9.2%, Zimbabwe 8.2%, US 7.3%, Russia 5.8%, Netherlands 4.5% (2007) |
Imports:
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$1.023 billion f.o.b. (2008 est.) |
Imports per capita:
|
72 USD per capita |
Imports - commodities:
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food, petroleum products, semimanufactures, consumer goods, transportation equipment |
Imports - partners:
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South Africa 36.1%, India 8.5%, Tanzania 6.1%, US 6.1%, China 4.9% (2007) |
Reserves of foreign exchange and gold:
|
$221 million (31 December 2008 est.) |
Reserves of foreign exchange and gold - per capita:
|
16 USD per capita |
Debt - external:
|
$974 million (31 December 2008 est.) |
Debt - external - per capita:
|
69 USD per capita |
Stock of direct foreign investment - at home:
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$NA |
Stock of direct foreign investment - at home - per capita:
|
void |
Stock of direct foreign investment - abroad:
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$NA |
Stock of direct foreign investment - abroad - per capita:
|
void |
Market value of publicly traded shares:
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$NA |
Market value of publicly traded shares - per capita:
|
void |
Economic aid - donor:
|
void |
Economic aid - recipient:
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$575.3 million (2005) |
Economic aid - recipient per capita:
|
41 USD per capita |
Currency (code):
|
Malawian kwacha (MWK) |
Exchange rates:
|
Malawian kwachas (MWK) per US dollar - 142.41 (2008 est.), 141.12 (2007), 135.96 (2006), 108.894 (2005), 108.898 (2004) |
Fiscal year:
|
1 July - 30 June |
|
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