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World > Africa > Malawi > Economy (Facts)

Malawi - Economy (Facts)
Economy - overview: Landlocked Malawi ranks among the world's least developed countries. The economy is predominately agricultural, with about 85% of the population living in rural areas. Agriculture accounts for about one-third of GDP and four-fifths 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. 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.
GDP - real growth rate: 8.5% (2006 est.)
GDP (purchasing power parity): $8.272 billion (2006 est.)
GDP (official exchange rate): $2.202 billion (2006 est.)
GDP - per capita (PPP): $600 (2006 est.)
GDP - composition by sector: agriculture: 35.4%
industry: 17.6%
services: 47% (2006 est.)
Population below poverty line: 53% (2004)
Household income or consumption by percentage share: lowest 10%: NA
highest 10%: NA
Inflation rate (consumer prices): 13.9% (2006)
Labor force: 4.5 million (2001 est.)
Labor force - by occupation: agriculture: 90%
industry and services: 10% (2003 est.)
Unemployment rate: NA
Budget: revenues: $818.4 million
expenditures: $895.9 million; including capital expenditures of NA (2006 est.)
Industries: tobacco, tea, sugar, sawmill products, cement, consumer goods
Industrial production growth rate: 6.4% (2006 est.)
Electricity - production: 1.293 billion kWh (2004)
Electricity - consumption: 1.202 billion kWh (2004)
Electricity - exports: 0 kWh (2004)
Electricity - imports: 0 kWh (2004)
Oil - production: 0 bbl/day (2004 est.)
Oil - consumption: 5,500 bbl/day (2004 est.)
Oil - exports: NA bbl/day
Oil - imports: NA bbl/day
Oil - proved reserves: 0 bbl
Natural gas - production: 0 cu m (2004 est.)
Agriculture - products: tobacco, sugarcane, cotton, tea, corn, potatoes, cassava (tapioca), sorghum, pulses, groundnuts, Macadamia nuts; cattle, goats
Exports: $513.1 million f.o.b. (2006 est.)
Exports - commodities: tobacco 53%, tea, sugar, cotton, coffee, peanuts, wood products, apparel
Exports - partners: South Africa 12.9%, Germany 9.9%, Egypt 9.8%, US 9.7%, Mozambique 5.5%, Russia 5.5%, Netherlands 4.5% (2006)
Imports: $767.9 million f.o.b. (2006 est.)
Imports - commodities: food, petroleum products, semimanufactures, consumer goods, transportation equipment
Imports - partners: South Africa 29.3%, Zambia 9.3%, Zimbabwe 7.8%, Mozambique 7.2%, India 6.9%, US 5.4%, Tanzania 5% (2006)
Debt - external: $982.4 million (2006 est.)
Economic aid - recipient: $401.5 million (2001)
Currency: Malawi Kwacha (MWK)
Currency code: MWK
Exchange rates: Malawian kwachas per US dollar - 135.96 (2006), 108.894 (2005), 108.898 (2004), 97.433 (2003), 76.687 (2002)
Fiscal year: 1 July - 30 June


Facts at a Glance: Geography - People - Government - Economy - Communications - Transportation - Military - Climate - Current Time - Ranking Positions
Notes and Commentary: People - Economy - Government and Political Conditions - Historical Highlights - Foreign Relations - Relations with U.S.



Facts at a Glance
Geography
People
Government
Economy
Communications
Transportation
Military
Climate
Current Time
Ranking Positions


Notes and Commentary
People
Economy
Government and Political Conditions
Historical Highlights
Foreign Relations
Relations with U.S.





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