Economy of Malawi
| 1 July - 30 June | |
|
Trade organisations
|
WTO, Southern African Development Community |
| Statistics | |
| GDP |
$3.683 billion (2013 est.) (nominal; 150th) $15.02 billion (2013 est.) (PPP; 146th) |
| GDP rank | 150th (nominal) / 146h (PPP) |
|
GDP growth
|
 +6.2% (2015 est.) |
|
GDP per capita
|
900 (2013 est.) (PPP) |
|
GDP by sector
|
agriculture 29.4%, industry 18.9%, services 51.7% (2013 est.) |
| 26.9% (2013 est.) | |
|
Population below poverty line
|
50.7% (2013 est.) |
|
Labour force by occupation
|
agriculture: 80%, industry and services: 20% |
| 133rd (2017) | |
| External | |
| Exports | $1.427 billion (2013 est.) |
|
Export goods
|
tobacco, coffee, tea, sugar, uranium, cotton, nuts, dried fish, rare earths |
|
Main export partners
|
 Canada 12.4% Zimbabwe 9.4% South Africa 6.7% United States 6.4% Egypt 6.2% Zambia 6.1% Germany 6.1% Netherlands 4.6% (2013 est.) |
| Imports | $2.42 billion (2013 est.) |
|
Import goods
|
foodstuffs, petroleum products, semi-manufactures, consumer goods, transportation equipment |
|
Main import partners
|
South Africa 25.1% China 12.7% India 12% Zambia 11.7% Tanzania 4.8% UAE 4.6% (2013 est.) |
|
FDI stock
|
$129.5 million (2014) |
|
Gross external debt
|
$1.556 billion (31 December 2013 est.) |
| Public finances | |
| 50.8% of GDP (2013 est.) | |
| Revenues | $1.347 billion (2013 est.) |
| Expenses | $1.4 billion (2013 est.) |
| Economic aid | $1.174 million (2012) |
|
Foreign reserves
|
$364.2 million (31 December 2013 est.) |
$3.683 billion (2013 est.) (nominal; 150th)
The economy of Malawi is predominantly agricultural, with about 90% of the population living in rural areas. The landlocked country in south central Africa ranks among the world's least developed countries. In 2013, agriculture accounted for 27% of GDP and about 80% of export revenue. The economy depends on substantial inflows of economic assistance from the IMF, the World Bank, and individual donor nations. The government faces strong challenges: to spur exports, to improve educational and health facilities, to face up to environmental problems of deforestation and erosion, and to deal with the rapidly growing problem of HIV/AIDS in Africa.
Malawi was ranked the 118th-safest investment destination in the world in the March 2011 Euromoney Country Risk rankings.
In 2013, agriculture accounted for 27% of GDP, over 80% of the labour force and about 80% of all exports. Malawi's most important export crop is tobacco, which accounted for half (50%) of export revenue in 2012. In 2000, the country was the tenth-largest producer in the world (see table). The United Nations Food and Agriculture Organization estimates the following production of unprocessed tobacco by country in 2009 (figures are in thousands of tonnes.)
The country's heavy reliance on tobacco places a heavy burden on the economy as world prices decline and the international community increases pressure to limit tobacco production. Malawi's dependence on tobacco is growing, with the product jumping from 53% to 70% of export revenues between 2007 and 2008.
The country also relies heavily on tea, sugarcane and coffee, with these three plus tobacco making up more than 90% of Malawi's export revenue. Tea was first introduced in 1878. Most of it is grown in Mulanje and Thyolo. Other crops include cotton, corn, potatoes, sorghum, cattle and goats. Tobacco and sugar processing are notable secondary industries.
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Wikipedia