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Economy of Ethiopia vs Mali compared: GDP & Debt

Updated on by Georank team

Ethiopia has a GDP of $150B compared to $26.8B for Mali, ranking 60/197 and 113/197 by economy size, respectively.

Ethiopia has $48.9B in government debt (32.7% of GDP), compared to $13.9B (51.7% of GDP) in Mali.

Ethiopia vs Mali GDP by year

Ethiopia
Mali
1x
Year GDP, current $
Ethiopia Mali
2024 $149,740,297,953 $26,794,747,240
2023 $135,874,093,202 $24,813,860,599
2022 $123,140,304,666 $22,539,987,719
2021 $109,070,960,372 $22,999,245,263
2020 $98,676,811,061 $20,698,560,939
2019 $91,834,517,113 $20,477,421,885
2018 $83,337,901,072 $20,368,015,381
2017 $76,366,081,767 $18,308,362,040
2016 $68,475,871,210 $16,743,796,800
2015 $62,103,418,182 $15,583,181,170
2014 $55,612,228,234 $17,081,681,993
2013 $47,648,276,605 $15,747,192,681
2012 $43,310,721,414 $14,795,114,603
2011 $31,952,763,089 $15,452,791,789
2010 $29,933,790,334 $12,710,739,159
2009 $32,437,389,116 $12,155,217,833
2008 $27,066,912,635 $11,462,490,840
2007 $19,707,616,773 $9,699,047,443
2006 $15,280,861,835 $8,212,007,554
2005 $12,401,139,454 $7,429,066,951
2004 $10,131,187,261 $6,485,774,930
2003 $8,623,691,300 $5,605,613,011
2002 $7,850,809,498 $4,647,238,257
2001 $8,231,326,016 $4,124,281,594
2000 $8,242,349,618 $3,521,570,876
1999 $7,892,973,532 $4,091,446,054
1998 $8,013,274,132 $3,894,433,432
1997 $8,803,539,988 $3,414,879,486
1996 $8,761,215,548 $3,743,103,420
1995 $7,855,205,207 $3,373,322,735
1994 $7,100,806,754 $2,655,768,636
1993 $9,051,043,870 $3,632,801,877
1992 $10,754,799,037 $3,680,775,037
1991 $13,799,799,324 $3,576,562,682
1990 $12,478,943,895 $3,248,417,791
1989 $11,762,932,007 $2,824,822,489
1988 $11,181,119,718 $2,712,207,901
1987 $10,790,001,558 $2,437,004,680
1986 $10,094,328,898 $2,132,938,007
1985 $9,717,392,687 $1,594,347,021
1984 $8,298,309,581 $1,387,809,615
1983 $8,781,664,427 $1,496,616,127
1982 $7,899,988,841 $1,680,304,773
1981 $7,507,663,567 $2,234,583,940
1980 $7,012,585,454 $2,704,362,789
1979 $6,586,048,398 $1,595,422,956
1978 $6,014,961,435 $1,222,702,573
1977 $5,651,840,585 $1,049,838,548
1976 $4,943,806,093 $939,228,017
1975 $4,577,047,854 $830,710,615
1974 $4,577,209,966 $538,747,340
1973 $4,070,570,550 $563,683,703
1972 $3,520,252,938 $486,617,280
1971 $3,224,280,835 $395,218,629
1970 $3,045,354,455 $359,772,315
1969 $2,768,987,372 $339,913,867
1968 $2,619,948,865 $343,771,973
1967 $2,461,762,003 $275,494,478
1966 $2,324,466,416 -
1965 $2,159,998,591 -
1964 $1,984,129,186 -
1963 $1,825,058,828 -
1962 $1,747,566,307 -
1961 $1,680,859,514 -
1960 $1,610,511,694 -

Data sources: World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06).

GeoRank.org/economy/ethiopia/mali | CC BY

GDP per capita in Ethiopia vs Mali by year

Ethiopia
GDP per capita

GDP per capita, PPP
Mali
GDP per capita

GDP per capita, PPP
1x
Year Current $
Ethiopia Mali
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $1,134 $3,288 $1,095 $3,315
2023 $1,056 $3,061 $1,044 $3,175
2022 $982 $2,845 $977 $3,014
2021 $893 $2,588 $1,027 $2,796
2020 $830 $2,407 $953 $2,724
2019 $793 $2,242 $972 $2,820
2018 $740 $2,095 $996 $2,684
2017 $696 $2,005 $924 $2,607
2016 $642 $1,858 $872 $2,532
2015 $598 $1,633 $838 $2,330
2014 $550 $1,485 $948 $2,185
2013 $484 $1,253 $902 $2,059
2012 $452 $1,179 $873 $1,990
2011 $343 $1,098 $938 $2,046
2010 $331 $996 $797 $2,012
2009 $369 $899 $787 $1,945
2008 $316 $845 $767 $1,893
2007 $237.1 $770 $671 $1,852
2006 $189.3 $693 $587 $1,832
2005 $158.2 $625 $549 $1,771
2004 $133.2 $558 $495 $1,730
2003 $116.8 $493 $442 $1,715
2002 $109.6 $509 $378 $1,581
2001 $118.5 $509 $346 $1,559
2000 $122.3 $474 $305 $1,357
1999 $120.7 $450 $364 $1,376
1998 $126.5 $436 $357 $1,332
1997 $143.4 $461 $321 $1,267
1996 $147.3 $453 $360 $1,224
1995 $136.5 $409 $331 $1,154
1994 $127.7 $391 $266.5 $1,147
1993 $168.5 $384 $372 $1,087
1992 $207.4 $343 $385 $1,039
1991 $277.6 $383 $382 $1,091
1990 $262.1 $417 $354 $956
1989 $256.4 - $314 -
1988 $253.2 - $307 -
1987 $254.1 - $280.7 -
1986 $246 - $250 -
1985 $243.9 - $190.4 -
1984 $214.2 - $169.1 -
1983 $232.7 - $186.3 -
1982 $215.3 - $213.8 -
1981 $212.7 - $290.5 -
1980 $203.7 - $359 -
1979 $192.4 - $216.3 -
1978 $178.3 - $169.1 -
1977 $170.4 - $148.1 -
1976 $152 - $134.9 -
1975 $144.3 - $121.5 -
1974 $147.9 - $80.2 -
1973 $134.9 - $85.4 -
1972 $119.8 - $75.1 -
1971 $112.7 - $62 -
1970 $109.4 - $57.3 -
1969 $102.3 - $55 -
1968 $99.5 - $56.5 -
1967 $96.1 - $46 -
1966 $93.2 - - -
1965 $88.9 - - -
1964 $83.8 - - -
1963 $79.2 - - -
1962 $77.8 - - -
1961 $76.7 - - -
1960 $75.3 - - -

Data sources: World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06).

GeoRank.org/economy/ethiopia/mali | CC BY

Ethiopia's GDP per capita is $1,134, ranking 171/197, compared to $1,095 in Mali, ranking 173/197. Adjusted for purchasing power (GDP per capita PPP), Ethiopia ranks 175th at $3,288, while Mali ranks 174th at $3,315.

Economic indicators

Ethiopia Mali
Gross domestic product
$150B
2024
$26.8B
2024
GDP rank
60/197
2024
113/197
2024
GDP growth
7.61%
2023-2024
4.99%
2023-2024
GDP per capita
$1,134
2024
$1,095
2024
GDP per capita rank
171/197
2024
173/197
2024
GDP per capita, PPP
$3,288
2024
$3,315
2024
GDP per capita PPP rank
175/197
2024
174/197
2024
Government debt
$48.9B
2024
$13.9B
2024
Debt-to-GDP ratio
32.7%
2024
51.7%
2024
Government debt per person
$370
2024
$566
2024
Government debt per person rank
172/185
2024
161/185
2024
Average annual personal income after taxes
$1,946
2026
$1,463
2026
Income share by richest 10%
24.8%
2021
28.3%
2021
Income share by poorest 10%
3.5%
2021
3.2%
2021
Government expenditure, % of GDP
9.54%
2024
24.7%
2024
Consumer prices inflation
21%
2023-2024
3.2%
2023-2024
Unemployment rate
3.94%
2021
5.45%
2023
Population
139917664
26143152

Spending and national debt comparison by year

Ethiopia
Spending

Debt
Mali
Spending

Debt
1x
Year % of GDP
Ethiopia Mali
Government spending Government debt Government spending Government debt
2024 9.54% 32.7% 24.7% 51.7%
2023 10.8% 38.7% 24.8% 51.9%
2022 12.7% 46.9% 24.4% 50.3%
2021 13.8% 53.8% 26.9% 51.6%
2020 14.5% 53.7% 26.1% 47.3%
2019 15.4% 54.7% 23.1% 40.7%
2018 16.1% 58.4% 20.3% 37.5%
2017 18% 55.3% 22.9% 38.2%
2016 17.9% 51.8% 22.3% 37.2%
2015 17.3% 50.7% 20.9% 30.7%
2014 17.5% 44.2% 20% 26.9%
2013 17.8% 44.1% 19.8% 26.4%
2012 16.6% 39.4% 15.5% 25.4%
2011 18.2% 44.6% 20.6% 24%
2010 18.5% 39.4% 20.3% 25.3%
2009 17.1% 30% 22.8% 21.9%
2008 18.8% 56.1% 18.8% 20.1%
2007 20.5% 55.7% 21.5% 18.5%
2006 22.1% 79.6% 22.1% 18.1%
2005 22.9% 78.2% 21.6% 46.6%
2004 23.1% 103.1% 21.8% 42.4%
2003 27% 103.7% 20.8% 44.1%
2002 24.9% 107.4% 19.9% 42.6%
2001 22.4% 97.3% 18.3% 77.5%
2000 25.6% 93.6% 19.4% 90.5%
1999 25.8% 94.3% - -
1998 20.4% 86% - -
1997 17.3% 77.4% - -
1996 18.2% 129% - -
1995 16.9% 142.3% - -
1994 17.1% 150.7% - -
1993 13.4% 136.9% - -
1992 13.8% 85.4% - -
1991 16.8% 89.3% - -
1990 20.3% 91.6% - -
1989 24% 84.7% - -
1988 21.6% 84.3% - -
1987 18.4% 82.3% - -
1986 19.8% 75.7% - -
1985 19.7% 67.7% - -
1984 18.8% 65.4% - -
1983 21.3% 55.2% - -
1982 16.4% 48.8% - -
1981 14.2% 30.6% - -
1980 13.5% 18.5% - -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1980–1991, retrieved 2026-02-20).

GeoRank.org/economy/ethiopia/mali | CC BY

In 2024, Ethiopia's government spending was $14.3B, accounting for 9.54% of its GDP, while Mali spent $6.61B, or 24.7% of GDP.

Debt-to-GDP ratio is 32.7% in Ethiopia and 51.7% in Mali, ranking 150/185 and 102/185, respectively.

Government deficit by year

Deficit/surplus
Ethiopia

Mali
1x
Year Deficit/surplus, % of GDP
Ethiopia Mali
2024 -1.99% -2.57%
2023 -2.6% -3.57%
2022 -4.16% -4.75%
2021 -2.77% -4.91%
2020 -2.76% -5.42%
2019 -2.53% -1.68%
2018 -3.03% -4.74%
2017 -3.24% -2.86%
2016 -2.3% -3.95%
2015 -1.95% -1.82%
2014 -2.58% -2.89%
2013 -1.93% -2.37%
2012 -1.17% -0.96%
2011 -1.61% -3.42%
2010 -1.32% -2.57%
2009 -0.93% -3.71%
2008 -2.88% -1.97%
2007 -3.57% -2.78%
2006 -3.79% 27.8%
2005 -4.12% -2.76%
2004 -2.65% -2.36%
2003 -5.59% -1.19%
2002 -5.76% -3.09%
2001 -3.76% -2.8%
2000 -8.88% -2.64%
1999 -8.23% -
1998 -3.51% -
1997 -1.7% -
1996 -3.81% -
1995 -2.68% -
1994 -5.23% -
1993 -4% -
1992 -4.78% -
1991 -5.83% -
1990 -6.66% -
1989 -4.33% -
1988 -3.48% -
1987 -3.54% -
1986 -3.98% -
1985 -4.71% -
1984 -3.69% -
1983 -7.59% -
1982 -3.6% -
1981 -2.19% -
1980 -2.56% -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1980–1989, retrieved 2026-02-20).

GeoRank.org/economy/ethiopia/mali | CC BY

In 2024, Ethiopia's government deficit, the difference between spending and revenue, was $2.98B, equivalent to 1.99% of GDP. This compares to Mali's deficit of $687M, or 2.57% of GDP.

Over the past 25 years, Ethiopia recorded a fiscal deficit in 25 of those years, while Mali ran a deficit in 24 years. On average, Ethiopia posted an annual deficit equal to 3.12% of GDP, compared to deficit of 1.76% of GDP for Mali.

Inflation comparison by year

Inflation
Ethiopia

Mali
1x
Year Consumer prices inflation
Ethiopia Mali
2024 21% 3.2%
2023 30.2% 2.1%
2022 33.9% 9.7%
2021 26.8% 3.8%
2020 20.4% 0.5%
2019 15.8% -3%
2018 13.8% 1.9%
2017 10.7% 2.4%
2016 6.63% -1.8%
2015 9.57% 1.4%
2014 6.89% 0.9%
2013 7.46% -0.6%
2012 23.6% 5.3%
2011 33.2% 3%
2010 8.15% 1.2%
2009 8.48% 2.4%
2008 44.4% 9.2%
2007 17.2% 1.4%
2006 12.3% 1.6%
2005 9.97% 6.4%
2004 3.33% -3.1%
2003 13.7% -1.3%
2002 0.68% 5%
2001 -8.24% 5.2%
2000 0.66% -0.8%
1999 7.94% -1.2%
1998 0.89% 4.1%
1997 2.4% -0.7%

Data sources: International Monetary Fund (IMF) | World Economic Outlook (1997–2024, retrieved 2026-02-20); World Bank | Economy & Growth (1997–2024, retrieved 2026-04-06).

GeoRank.org/economy/ethiopia/mali | CC BY

Over the past 28 years, Ethiopia has recorded an average annual inflation rate of 13.6%, compared with 2.08% in Mali. In 2024, inflation was 21% in Ethiopia and 3.2% in Mali.

Top exports between countries

Ethiopia
Export category Export value
Machinery & equipment $441K
Chemicals & pharma $95K
Raw agricultural goods $15K
Textiles & consumer goods $11K
Wood & paper products $2K
Mali
Export category Export value
Raw materials & minerals $29M
Textiles & consumer goods $25K
Animal & marine products $15K
Chemicals & pharma $4K

Balance of trade

Ethiopia Mali
Current account balance
-$3.79B
2024
-$1.61B
2023
Current account balance ranking
160/190
2024
136/190
2023
Current account balance, % of GDP
-2.53%
2024
-6.49%
2023
Goods imports
$19.6B
2024
$5.73B
2023
Goods exports
$5.58B
2024
$5.65B
2023
Service imports
$5.51B
2024
$2.34B
2023
Service exports
$7.61B
2024
$475M
2023
Imports of goods and services, % of GDP
11.9%
2024
27.3%
2024
Exports of goods and services, % of GDP
5.54%
2024
22.6%
2024

Economic freedom indices

The indices of economic freedom below are issued by the Heritage Foundation. Higher scores indicate stronger economic health.

Ethiopia Mali
Economic freedom 48.1 52.1
Economic freedom ranking 171/197 150/197
Property rights 22.1 13.8
Government integrity 33.2 23.2
Judicial effectiveness 19.1 23.3
Tax burden 78.6 67.9
Government spending 96.4 81.8
Fiscal health 84.3 73.6
Business freedom 44.5 40.8
Labor freedom 37.8 54.1
Monetary freedom 53.7 78.2
Trade freedom 57.4 64
Investment freedom 30 65
Financial freedom 20 40

Economic freedom comparison by year

Ethiopia
Mali
1x
Year Economic freedom index
Ethiopia Mali
2026 48.1 52.1
2025 48.1 52.6
2024 47.9 52.5
2023 48.3 54.5
2022 49.6 55.9
2021 51.7 55.6
2020 53.6 55.9
2019 53.6 58.1
2018 52.8 57.6
2017 52.7 58.6
2016 51.5 56.5
2015 51.5 56.4
2014 50 55.5
2013 49.4 56.4
2012 52 55.8
2011 50.5 56.3
2010 51.2 55.6
2009 53 55.6
2008 52.5 55.6
2007 53.6 54.7
2006 50.9 54.1
2005 51.1 57.3
2004 54.5 56.6
2003 48.8 58.6
2002 49.8 61.1
2001 48.9 60.1
2000 50.2 60.3
1999 46.7 58.4
1998 49.2 57.3
1997 48.1 56.4
1996 45.9 57
1995 42.6 52.4

Data sources: The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09).

GeoRank.org/economy/ethiopia/mali | CC BY

The Economic Freedom Index for Ethiopia is 48.1, ranking 171/197, compared to 52.1 for Mali, ranking 150/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Ethiopia Mali
Services, % of GDP
37.5%
2024
36.3%
2024
Industry, % of GDP
25.4%
2024
23.5%
2024
Agriculture, forestry, and fishing, % of GDP
34.8%
2024
33.3%
2024
GNI, Atlas method
$146B
2024
$25.2B
2024
GNI per capita, PPP
$3,280
2024
$3,230
2024
Total reserves including gold
$3.78B
2024
n/a
Total reserves ranking
109/177
2024
n/a
Net foreign direct investment
-$4.02B
2024
-$673M
2023
Net inflows of foreign direct investment
$4.02B
2024
$921M
2024
Net outflows of foreign direct investment
$0
2024
$78.1M
2024
Servicing debt to the IMF, % of GNI
0.91%
2024
1.41%
2024
Poverty at national poverty lines
33.1%
2021
43.3%
2024
Gross capital formation, % of GDP
20.6%
2024
19.5%
2024

GDP per capita map

1x

Data sources: World Bank | Economy & Growth (1985–2024, retrieved 2026-04-06); U.S. Census Bureau (1985–2024, retrieved 2026-02-08).

GeoRank.org/economy/ethiopia/mali | CC BY

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Data sources:

  1. World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06)
  2. International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20)
  3. The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09)
  4. International Monetary Fund (IMF) | Public Finances in Modern History (1980–1991, retrieved 2026-02-20)
  5. U.S. Census Bureau (1985–2024, retrieved 2026-02-08)
  6. TradeMap (2021–2023, retrieved 2026-02-08)
  7. United Nations | World Population Prospects (2026, retrieved 2026-03-10)
  8. LivingCost (2026, retrieved 2025-10-14)

Creative Commons Attribution (CC BY) — you’re free to copy, share, remix, adapt, and use even commercially as long as you give appropriate credit and clearly indicate if you made changes. Other sources may be subject to different license terms.

The current account balance is the sum of net trade in goods and services, net earnings from cross-border investments, and net transfer payments. It reflects a country's economic transactions with the rest of the world and is a fundamental component of the balance of payments. A surplus indicates that a country exports more than it imports, while a deficit shows the opposite.

Gross National Income (GNI) measures a country's total income. It encompasses income earned by residents, businesses, and foreign sources, defined as employee compensation and investment profits. GNI adds product taxes not included elsewhere and subtracts subsidies. It accounts for income from residents working abroad but excludes earnings from foreigners within the country.

A negative value for Net Foreign Direct Investment indicates a country is a net receiver of investments, as foreign inflows exceed outflows after Balance of Payments adjustments. A positive value indicates a net provider, with outflows exceeding inflows. Inflows are credits (increasing foreign claims on domestic assets), while outflows are debits (increasing domestic assets abroad).

Foreign direct investment (FDI, net inflows) shows how much capital foreign investors bring into a country after accounting for any funds that flow back in the opposite direction. It represents the net value of overseas companies establishing, expanding, or financing businesses in the reporting country. A positive number means more capital entered the country than was withdrawn, while a negative number means foreign investors pulled out more than they invested.

Foreign direct investment (FDI, net outflows) shows how much capital residents of a country invest abroad after accounting for any funds that flow back in the opposite direction. It represents the net value of domestic companies establishing, expanding, or financing businesses in other countries. A positive number means more capital was invested abroad than withdrawn, while a negative number means residents pulled back more than they invested.

Principal and interest payments to the IMF in currency, goods, or services on long-term debt expressed as a share of GNI.

Formerly gross domestic investment, gross capital formation measures the share of a country’s economic output invested in fixed assets, including buildings, machinery, and infrastructure. It indicates how much of the economy is devoted to building productive capacity.