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Economy of Kenya vs Malawi compared: GDP & Debt

Updated on by Georank team

Kenya has a GDP of $120B compared to $11.3B for Malawi, ranking 64/197 and 151/197 by economy size, respectively.

Kenya has $81B in government debt (67.3% of GDP), compared to $9.91B (87.6% of GDP) in Malawi.

Kenya vs Malawi GDP by year

Kenya
Malawi
1x
Year GDP, current $
Kenya Malawi
2024 $120,339,557,906 $11,316,411,329
2023 $107,500,884,685 $13,363,669,673
2022 $114,448,978,153 $12,429,059,928
2021 $109,703,658,905 $12,378,119,199
2020 $100,657,505,751 $11,769,313,598
2019 $100,378,436,207 $11,051,852,713
2018 $92,202,979,985 $9,879,220,354
2017 $82,036,510,877 $8,943,543,794
2016 $74,815,144,164 $7,909,868,618
2015 $70,120,446,897 $9,219,474,379
2014 $68,285,796,514 $8,801,326,169
2013 $61,671,440,408 $8,031,571,928
2012 $56,396,704,672 $8,773,203,178
2011 $46,869,473,151 $11,648,142,958
2010 $45,405,615,064 $10,128,323,011
2009 $42,347,217,913 $9,009,887,947
2008 $35,895,153,328 $7,743,617,352
2007 $31,958,195,182 $6,451,210,219
2006 $25,825,512,284 $5,818,279,739
2005 $18,737,895,513 $5,320,409,651
2004 $16,095,337,094 $5,058,726,350
2003 $14,904,517,650 $4,669,789,300
2002 $13,147,736,899 $5,087,328,438
2001 $12,986,007,426 $2,498,008,665
2000 $12,705,350,098 $2,537,307,580
1999 $12,896,010,459 $2,584,478,924
1998 $14,093,998,844 $2,547,609,590
1997 $13,115,764,358 $3,875,785,863
1996 $12,045,865,396 $3,319,573,750
1995 $9,046,320,255 $2,033,701,498
1994 $7,148,148,564 $1,719,864,761
1993 $5,751,786,643 $3,013,392,658
1992 $8,209,120,763 $2,618,837,835
1991 $8,151,488,783 $3,206,783,830
1990 $8,572,359,038 $2,737,087,862
1989 $8,283,114,514 $2,314,205,130
1988 $8,355,380,879 $2,008,189,508
1987 $7,970,820,369 $1,721,711,808
1986 $7,239,126,568 $1,722,586,299
1985 $6,135,034,214 $1,646,442,273
1984 $6,191,437,070 $1,758,028,656
1983 $5,979,198,314 $1,780,148,049
1982 $6,431,579,357 $1,717,379,495
1981 $6,854,491,706 $1,801,193,910
1980 $7,265,315,820 $1,801,156,775
1979 $6,234,391,113 -
1978 $5,303,735,111 -
1977 $4,494,378,764 -
1976 $3,474,542,392 -
1975 $3,259,345,083 -
1974 $2,969,958,812 -
1973 $2,509,001,324 -
1972 $2,107,279,157 -
1971 $1,778,391,289 -
1970 $1,603,447,359 -
1969 $1,458,379,417 -
1968 $1,353,295,459 -
1967 $1,232,559,507 -
1966 $1,164,519,674 -
1965 $997,919,321 -
1964 $998,759,334 -
1963 $926,589,349 -
1962 $868,111,401 -
1961 $792,959,473 -
1960 $791,265,459 -

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

GeoRank.org/economy/kenya/malawi | CC BY

GDP per capita in Kenya vs Malawi by year

Kenya
GDP per capita

GDP per capita, PPP
Malawi
GDP per capita

GDP per capita, PPP
1x
Year Current $
Kenya Malawi
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $2,132 $6,644 $523 $1,858
2023 $1,943 $6,317 $633 $1,830
2022 $2,110 $5,883 $604 $1,778
2021 $2,061 $5,339 $617 $1,688
2020 $1,928 $4,793 $603 $1,513
2019 $1,960 $4,687 $581 $1,450
2018 $1,836 $4,412 $533 $1,364
2017 $1,667 $4,177 $496 $1,380
2016 $1,554 $3,917 $451 $1,410
2015 $1,489 $3,678 $540 $1,403
2014 $1,483 $3,359 $530 $1,506
2013 $1,371 $3,106 $497 $1,558
2012 $1,285 $2,847 $558 $1,464
2011 $1,096 $2,750 $763 $1,516
2010 $1,092 $2,635 $683 $1,458
2009 $1,048 $2,480 $626 $1,388
2008 $916 $2,459 $554 $1,311
2007 $840 $2,481 $475 $1,231
2006 $700 $2,330 $441 $1,124
2005 $523 $2,189 $414 $1,071
2004 $464 $2,066 $405 $1,033
2003 $443 $1,975 $383 $979
2002 $403 $1,940 $428 $931
2001 $411 $1,961 $215.5 $924
2000 $415 $1,907 $224.2 $974
1999 $434 $1,910 $233.9 $961
1998 $488 $1,895 $236 $941
1997 $467 $1,865 $367 $915
1996 $441 $1,875 $321 $884
1995 $340 $1,818 $200.4 $825
1994 $276.4 $1,754 $169.2 $692
1993 $229 $1,723 $293 $746
1992 $337 $1,728 $258.4 $674
1991 $345 $1,756 $326 $732
1990 $374 $1,729 $286.7 $672
1989 $374 - $252.2 -
1988 $391 - $229.4 -
1987 $387 - $207.6 -
1986 $364 - $217.9 -
1985 $320 - $216.1 -
1984 $334 - $239.7 -
1983 $335 - $252.4 -
1982 $374 - $253.3 -
1981 $413 - $276.4 -
1980 $454 - $287.5 -
1979 $403 - - -
1978 $355 - - -
1977 $311 - - -
1976 $248.9 - - -
1975 $241.2 - - -
1974 $227.2 - - -
1973 $198.6 - - -
1972 $172.6 - - -
1971 $150.9 - - -
1970 $141 - - -
1969 $133.3 - - -
1968 $128.7 - - -
1967 $121.9 - - -
1966 $119.8 - - -
1965 $106.9 - - -
1964 $111.3 - - -
1963 $107.4 - - -
1962 $104.6 - - -
1961 $99.3 - - -
1960 $102.8 - - -

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

GeoRank.org/economy/kenya/malawi | CC BY

Kenya's GDP per capita is $2,132, ranking 154/197, compared to $523 in Malawi, ranking 194/197. Adjusted for purchasing power (GDP per capita PPP), Kenya ranks 149th at $6,644, while Malawi ranks 189th at $1,858.

Economic indicators

Kenya Malawi
Gross domestic product
$120B
2024
$11.3B
2024
GDP rank
64/197
2024
151/197
2024
GDP growth
4.72%
2023-2024
1.67%
2023-2024
GDP per capita
$2,132
2024
$523
2024
GDP per capita rank
154/197
2024
194/197
2024
GDP per capita, PPP
$6,644
2024
$1,858
2024
GDP per capita PPP rank
149/197
2024
189/197
2024
Government debt
$81B
2024
$9.91B
2024
Debt-to-GDP ratio
67.3%
2024
87.6%
2024
Government debt per person
$1,436
2024
$458
2024
Government debt per person rank
133/185
2024
168/185
2024
Average annual personal income after taxes
$3,229
2026
$3,031
2026
Market capitalization of domestic companies
$15B
2024
n/a
Income share by richest 10%
30.1%
2022
31%
2019
Income share by poorest 10%
2.9%
2022
2.9%
2019
Government expenditure, % of GDP
23.3%
2024
29.5%
2024
Consumer prices inflation
4.49%
2023-2024
32.2%
2023-2024
Central bank interest rate
9.25%
2025
26%
2024
Unemployment rate
5.44%
2022
15.4%
2024
Population
58955623
22949294

Spending and national debt comparison by year

Kenya
Spending

Debt
Malawi
Spending

Debt
1x
Year % of GDP
Kenya Malawi
Government spending Government debt Government spending Government debt
2024 23.3% 67.3% 29.5% 87.6%
2023 22.7% 73.4% 25.5% 86.7%
2022 23.2% 67.8% 26.7% 75.7%
2021 24% 68.2% 23.7% 66.5%
2020 24.8% 68% 22.7% 53.9%
2019 24.4% 59.1% 19.3% 41.2%
2018 24.5% 56.4% 19.4% 40.8%
2017 25.2% 53.9% 21% 40%
2016 25.4% 50.4% 19.7% 37.1%
2015 23.8% 45.8% 19.5% 35.5%
2014 23.4% 41.3% 18.3% 33.5%
2013 23.2% 39.8% 20.7% 35.3%
2012 22.1% 37.6% 18.8% 28.6%
2011 20.1% 35.7% 17% 20%
2010 21.5% 36.7% 19.6% 19.3%
2009 20.3% 36% 20.2% 23.5%
2008 18.9% 34.3% 20.6% 23.5%
2007 18.1% 34.2% 20.7% 18.9%
2006 17.3% 37.1% 17.8% 17.9%
2005 16.2% 37.4% 17.4% 70.9%
2004 15.4% 40.8% 17.2% 74.7%
2003 16% 43.8% 15.4% 84.7%
2002 15.7% 42% 13.8% 101.5%
2001 14.9% 41.3% - -
2000 14.1% 43.1% - -
1999 13.7% 38.4% - -
1998 15.3% 38.5% - -
1997 15.6% 36% - -
1996 15.2% 40.5% - -
1995 17.3% 52.1% - -
1994 18.8% 57% - -
1993 18.9% 61.6% - -
1992 17.6% 41.2% - -
1991 16.4% 43% - -
1990 17.2% 37.6% - -
1989 16.3% 33.4% - -
1988 15.9% 33.9% - -
1987 15.5% 36.3% - -
1986 15.3% 31.3% - -
1985 15.6% 28.8% - -
1984 14.9% 25.6% - -
1983 14.6% 26.1% - -
1982 16.2% 26.9% - -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1982–1997, retrieved 2026-02-20).

GeoRank.org/economy/kenya/malawi | CC BY

In 2024, Kenya's government spending was $28B, accounting for 23.3% of its GDP, while Malawi spent $3.34B, or 29.5% of GDP.

Debt-to-GDP ratio is 67.3% in Kenya and 87.6% in Malawi, ranking 64/185 and 35/185, respectively.

Government deficit by year

Deficit/surplus
Kenya

Malawi
1x
Year Deficit/surplus, % of GDP
Kenya Malawi
2024 -5.77% -11%
2023 -5.71% -7.84%
2022 -6.06% -9.32%
2021 -7.2% -8.34%
2020 -8.13% -8.03%
2019 -7.42% -4.55%
2018 -6.94% -4.35%
2017 -7.4% -5.15%
2016 -7.47% -4.9%
2015 -6.68% -4.17%
2014 -5.75% -3.08%
2013 -5.25% -3.73%
2012 -5.29% -1.45%
2011 -3.64% -2.85%
2010 -3.67% 0.63%
2009 -3.12% -2.97%
2008 -1.95% -2.92%
2007 -0.95% -2.56%
2006 -0.43% -0.05%
2005 -0.19% -1.63%
2004 0.5% -2.61%
2003 -0.73% -2.6%
2002 -1.29% -4.47%
2001 -0.53% -
2000 0.38% -
1999 0.84% -
1998 -0.03% -
1997 -0.91% -
1996 -0.49% -
1995 -0.23% -
1994 -4.14% -
1993 -8.57% -
1992 -8.28% -
1991 -6.56% -
1990 -3.28% -
1989 -2.39% -
1988 -1.97% -
1987 -2.27% -
1986 -2.98% -
1985 -3.05% -
1984 -2.55% -
1983 -2.17% -
1982 -3.07% -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1982–1989, retrieved 2026-02-20).

GeoRank.org/economy/kenya/malawi | CC BY

In 2024, Kenya's government deficit, the difference between spending and revenue, was $6.94B, equivalent to 5.77% of GDP. This compares to Malawi's deficit of $1.24B, or 11% of GDP.

Over the past 23 years, Kenya recorded a fiscal deficit in 22 of those years, while Malawi ran a deficit in 22 years. On average, Kenya posted an annual deficit equal to 4.37% of GDP, compared to deficit of 4.26% of GDP for Malawi.

Inflation comparison by year

Inflation
Kenya

Malawi
1x
Year Consumer prices inflation
Kenya Malawi
2024 4.49% 32.2%
2023 7.67% 28.8%
2022 7.66% 20.8%
2021 6.11% 9.3%
2020 5.41% 8.6%
2019 5.24% 9.4%
2018 4.69% 9.2%
2017 8.01% 11.5%
2016 6.3% 21.7%
2015 6.58% 21.9%
2014 6.88% 23.8%
2013 5.72% 28.3%
2012 9.38% 21.3%
2011 14% 7.6%
2010 3.96% 7.4%
2009 9.23% 8.4%
2008 26.2% 8.7%
2007 9.76% 7.9%
2006 14.5% 13.9%
2005 10.3% 15.5%
2004 11.6% 11.4%
2003 9.82% 9.6%
2002 1.96% 14.7%
2001 5.74% 22.7%
2000 9.98% 29.6%
1999 5.74% 44.8%
1998 6.72% 29.8%
1997 11.4% 9.1%

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/kenya/malawi | CC BY

Over the past 28 years, Kenya has recorded an average annual inflation rate of 8.39%, compared with 17.4% in Malawi. In 2024, inflation was 4.49% in Kenya and 32.2% in Malawi.

Top exports between countries

Kenya
Export category Export value
Chemicals & pharma $20.8M
Processed food, beverages & tobacco $13.7M
Miscellaneous $11.2M
Machinery & equipment $4.16M
Raw materials & minerals $2.45M
Wood & paper products $1.73M
Textiles & consumer goods $1.67M
Metals $1.27M
Weapons & explosives $238K
Animal & marine products $102K
Malawi
Export category Export value
Raw agricultural goods $17.8M
Processed food, beverages & tobacco $7.54M
Machinery & equipment $415K
Metals $110K
Wood & paper products $72K
Textiles & consumer goods $65K
Animal & marine products $30K
Raw materials & minerals $13K
Chemicals & pharma $7K
Precious metals & jewellery $2K

Balance of trade

Kenya Malawi
Current account balance
-$1.55B
2024
-$2.13B
2024
Current account balance ranking
134/190
2024
145/190
2024
Current account balance, % of GDP
-1.29%
2024
-18.8%
2024
Goods imports
$22.2B
2024
$3.02B
2024
Goods exports
$12.5B
2024
$1.02B
2024
Service imports
$5.64B
2024
$895M
2024
Service exports
$8.04B
2024
$508M
2024
Imports of goods and services, % of GDP
23.1%
2024
31.2%
2023
Exports of goods and services, % of GDP
17.1%
2024
11.2%
2023

Economic freedom indices

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

Kenya Malawi
Economic freedom 55.5 50.7
Economic freedom ranking 128/197 159/197
Property rights 40.2 49.5
Government integrity 32.7 35
Judicial effectiveness 47 51.8
Tax burden 76.3 77
Government spending 84.1 77.8
Fiscal health 36.2 4.7
Business freedom 61.5 34.1
Labor freedom 56.5 55.2
Monetary freedom 75.1 55.1
Trade freedom 52 68.6
Investment freedom 55 50
Financial freedom 50 50

Economic freedom comparison by year

Kenya
Malawi
1x
Year Economic freedom index
Kenya Malawi
2026 55.5 50.7
2025 54.8 50.9
2024 53.6 52.1
2023 52.5 52.8
2022 52.6 53
2021 54.9 53
2020 55.3 52.8
2019 55.1 51.4
2018 54.7 52
2017 53.5 52.2
2016 57.5 51.8
2015 55.6 54.8
2014 57.1 55.4
2013 55.9 55.3
2012 57.5 56.4
2011 57.4 55.8
2010 57.5 54.1
2009 58.7 53.7
2008 59.3 52.7
2007 59.6 52.9
2006 59.7 55.4
2005 57.9 53.6
2004 57.7 53.6
2003 58.6 53.2
2002 58.2 56.9
2001 57.6 56.2
2000 59.7 57.4
1999 58.2 54
1998 58.4 54.1
1997 60.1 53.4
1996 56.4 56.2
1995 54.5 54.7

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

GeoRank.org/economy/kenya/malawi | CC BY

The Economic Freedom Index for Kenya is 55.5, ranking 128/197, compared to 50.7 for Malawi, ranking 159/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Kenya Malawi
Services, % of GDP
55.3%
2024
44.2%
2024
Industry, % of GDP
16.5%
2024
17.1%
2024
Agriculture, forestry, and fishing, % of GDP
22.5%
2024
31.8%
2024
GNI, Atlas method
$118B
2024
$12.3B
2024
GNI per capita, PPP
$6,540
2024
$1,830
2024
Total reserves including gold
$10.1B
2024
$594M
2020
Total reserves ranking
75/177
2024
154/177
2020
Net foreign direct investment
-$45.8M
2024
-$202M
2024
Net inflows of foreign direct investment
$463M
2024
$681M
2024
Net outflows of foreign direct investment
$418M
2024
$56.4M
2024
Servicing debt to the IMF, % of GNI
4.79%
2024
1.47%
2024
Poverty at national poverty lines
39.8%
2022
50.7%
2019
Gross capital formation, % of GDP
16.8%
2024
14.5%
2023

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/kenya/malawi | 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 (1982–1997, retrieved 2026-02-20)
  5. U.S. Census Bureau (1985–2024, retrieved 2026-02-08)
  6. TradeMap (2022–2024, 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.