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Malawi:
Economy

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Economy - overview
Definition
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)
Definition - World rank and map
$10.51 billion (2007 est.)
GDP (official exchange rate)
Definition
$3.538 billion (2007 est.)
GDP - real growth rate
Definition - World rank and map
7.4% (2007 est.)
GDP - per capita
Definition - World rank and map
$800 (2007 est.)
GDP - composition by sector
Definition
agriculture: 37.8%
industry: 18.1%
services: 44.1% (2007 est.)
Labor force
Definition
4.5 million (2001 est.)
Labor force - by occupation
Definition
agriculture: 90%
industry and services: 10% (2003 est.)
Unemployment rate
Definition - World rank and map
NA%
Population below poverty line
Definition
53% (2004)
Household income or consumption by percentage share
Definition
lowest 10%: 2.9%
highest 10%: 31.8% (2004)
Distribution of family income - Gini index
Definition - World rank and map
39 (2004)
Inflation rate (consumer prices)
Definition - World rank and map
8.1% (2007 est.)
Investment (gross fixed)
Definition - World rank and map
8.4% of GDP (2007 est.)
Budget
Definition
revenues: $1.128 billion
expenditures: $1.185 billion (2007 est.)
Public debt
Definition - World rank and map
50.6% of GDP (2007 est.)
Agriculture - products
Definition
tobacco, sugarcane, cotton, tea, corn, potatoes, cassava (tapioca), sorghum, pulses, groundnuts, Macadamia nuts; cattle, goats
Industries
Definition
tobacco, tea, sugar, sawmill products, cement, consumer goods
Industrial production growth rate
Definition - World rank and map
4.4% (2007 est.)
Electricity - production
Definition - World rank and map
1.397 billion kWh (2005)
Electricity - consumption
Definition - World rank and map
1.299 billion kWh (2005)
Electricity - consumption per capita
Definition - World rank and map
93.3 kWh (2005)
Electricity - exports
Definition
0 kWh (2005)
Electricity - imports
Definition
0 kWh (2005)
Oil - production
Definition - World rank and map
0 bbl/day (2005 est.)
Oil - consumption
Definition - World rank and map
6,000 bbl/day (2005 est.)
Oil - consumption per 1,000 people
Definition - World rank and map
0.4 bbl/day (2005 est.)
Oil - exports
Definition - World rank and map
0 bbl/day (2004)
Oil - imports
Definition - World rank and map
6,263 bbl/day (2004)
Oil - proved reserves
Definition - World rank and map
0 bbl (1 January 2006 est.)
Natural gas - production
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - consumption
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - consumption per capita
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - exports
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - imports
Definition - World rank and map
0 cu m (2005)
Natural gas - proved reserves
Definition - World rank and map
0 cu m (1 January 2006 est.)
Current account balance
Definition - World rank and map
-$113 million (2007 est.)
Exports
Definition - World rank and map
$604 million f.o.b. (2007 est.)
Exports - commodities
Definition
tobacco 53%, tea, sugar, cotton, coffee, peanuts, wood products, apparel
Exports - partners
Definition
South Africa 12.4%, Germany 12%, Egypt 9.4%, Zimbabwe 8.3%, US 7.5%, Russia 4.7%, Netherlands 4.5% (2006)
Imports
Definition - World rank and map
$866 million f.o.b. (2007 est.)
Imports - commodities
Definition
food, petroleum products, semimanufactures, consumer goods, transportation equipment
Imports - partners
Definition
South Africa 34.9%, India 8.2%, Zambia 7.8%, Tanzania 5.9%, US 5.9%, China 4.3% (2006)
Reserves of foreign exchange and gold
Definition - World rank and map
$217 million (31 December 2007 est.)
Debt - external
Definition - World rank and map
$894 million (31 December 2007 est.)
Stock of direct foreign investment - at home
Definition
$NA
Stock of direct foreign investment - abroad
Definition
$NA
Market value of publicly traded shares
Definition
$NA
Economic aid - recipient
Definition
$575.3 million (2005)
Currency (code)
Definition
Malawian kwacha (MWK)
Exchange rates
Definition
Malawian kwachas per US dollar - 141.12 (2007), 135.96 (2006), 108.894 (2005), 108.898 (2004), 97.433 (2003)
Fiscal year
Definition
1 July - 30 June


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