World Factbook

Malawi

Dziko la Malawi

Last updated: 2026-03-28 (today)

Budget

note

note: central government revenues and expenses (excluding grants/extrabudgetary units/social security funds) converted to US dollars at average official exchange rate for year indicated

revenues

$2.208 billion (2022 est.)

expenditures

$3.523 billion (2022 est.)

Exports

note

note: balance of payments - exports of goods and services in current dollars

Exports 2021

$1.587 billion (2021 est.)

Exports 2022

$1.487 billion (2022 est.)

Exports 2023

$1.526 billion (2023 est.)

Imports

note

note: balance of payments - imports of goods and services in current dollars

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.)

note: number of people ages 15 or older who are employed or seeking work

Public debt

note

note: central government debt as a % of GDP

Public debt 2022

55.6% of GDP (2022 est.)

Remittances

note

note: personal transfers and compensation between resident and non-resident individuals/households/entities

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

note

note: present value of external debt in current US dollars

Debt - external 2023

$2.269 billion (2023 est.)

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

Unemployment rate

note

note: % of labor force seeking employment

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)

note: top five export partners based on percentage share of exports

Imports - partners

China 17%, South Africa 16%, UAE 12%, India 7%, Tanzania 7% (2023)

note: top five import partners based on percentage share of imports

Real GDP per capita

note

note: data in 2021 dollars

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

note

note: annual GDP % growth based on constant local currency

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)

note: top ten agricultural products based on tonnage

Exports - commodities

tobacco, tea, dried legumes, soybean meal, raw sugar (2023)

note: top five export commodities based on value in dollars

Imports - commodities

refined petroleum, fertilizers, plastics, garments, postage stamps/documents (2023)

note: top five import commodities based on value in dollars

Current account balance

note

note: balance of payments - net trade and primary/secondary income in current dollars

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.)

note: central government tax revenue as a % of GDP

GDP (official exchange rate)

$11.009 billion (2024 est.)

note: data in current dollars at official exchange rate

Population below poverty line

50.7% (2019 est.)

note: % of population with income below national poverty line

Inflation rate (consumer prices)

note

note: annual % change based on 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.)

note: annual % change in industrial value added based on constant local currency

Real GDP (purchasing power parity)

note

note: data in 2021 dollars

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.)

note

note: % of labor force ages 15-24 seeking employment

total

6.8% (2024 est.)

female

7.1% (2024 est.)

Reserves of foreign exchange and gold

note

note: holdings of gold (year-end prices)/foreign exchange/special drawing rights in current dollars

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

note

note: figures may not total 100% due to non-allocated consumption not captured in sector-reported data

industry

16% (2024 est.)

services

44.9% (2024 est.)

agriculture

32.4% (2024 est.)

Household income or consumption by percentage share

note

note: % share of income accruing to lowest and highest 10% of population

lowest 10%

2.9% (2019 est.)

highest 10%

31% (2019 est.)

Gini Index coefficient - distribution of family income

note

note: index (0-100) of income distribution; higher values represent greater inequality

Gini Index coefficient - distribution of family income 2019

38.5 (2019 est.)