Malawi ranked 151/197 by economy size with a GDP of $11B and 195/197 by GDP per capita at $508. Malawi has $8.19B in government debt, with a debt-to-GDP ratio of 73%.
In 2025, Malawi made up 0.01% of the world's economy, compared to 0.02% in 1980.
The chart below shows GDP in nominal terms, GDP adjusted for inflation (in constant dollars), and a bar chart of year-over-year inflation-adjusted growth.
| Year | GDP | GDP growth | |
|---|---|---|---|
| Current $ | Constant $ | ||
| 1960 | - | $944,667,422 | - |
| 1961 | - | $1,016,836,214 | - |
| 1962 | - | $1,023,632,389 | - |
| 1963 | - | $1,009,392,859 | - |
| 1964 | - | $1,036,253,845 | - |
| 1965 | - | $1,177,355,282 | - |
| 1966 | - | $1,333,343,511 | - |
| 1967 | - | $1,430,431,584 | - |
| 1968 | - | $1,402,923,252 | - |
| 1969 | - | $1,485,448,247 | - |
| 1970 | - | $1,492,567,971 | - |
| 1971 | - | $1,734,641,057 | - |
| 1972 | - | $1,842,732,595 | - |
| 1973 | - | $1,885,127,636 | - |
| 1974 | - | $2,020,403,709 | - |
| 1975 | - | $2,143,382,123 | - |
| 1976 | - | $2,250,502,601 | - |
| 1977 | - | $2,361,183,025 | - |
| 1978 | - | $2,591,281,917 | - |
| 1979 | - | $2,705,198,654 | - |
| 1980 | $1,801,156,775 | $2,716,201,952 | - |
| 1981 | $1,801,193,910 | $2,572,511,629 | 0.002% |
| 1982 | $1,717,379,495 | $2,636,913,268 | -4.65% |
| 1983 | $1,780,148,049 | $2,734,972,403 | 3.65% |
| 1984 | $1,758,028,656 | $2,881,575,239 | -1.24% |
| 1985 | $1,646,442,273 | $3,013,291,524 | -6.35% |
| 1986 | $1,722,586,299 | $3,006,818,902 | 4.62% |
| 1987 | $1,721,711,808 | $3,055,686,904 | -0.05% |
| 1988 | $2,008,189,508 | $3,152,774,981 | 16.6% |
| 1989 | $2,314,205,130 | $3,195,170,016 | 15.2% |
| 1990 | $2,737,087,862 | $3,377,048,507 | 18.3% |
| 1991 | $3,206,783,830 | $3,671,872,669 | 17.2% |
| 1992 | $2,618,837,835 | $3,402,615,041 | -18.3% |
| 1993 | $3,013,392,658 | $3,732,391,067 | 15.1% |
| 1994 | $1,719,864,761 | $3,350,187,440 | -42.9% |
| 1995 | $2,033,701,498 | $3,910,634,176 | 18.2% |
| 1996 | $3,319,573,750 | $4,196,762,834 | 63.2% |
| 1997 | $3,875,785,863 | $4,355,921,669 | 16.8% |
| 1998 | $2,547,609,590 | $4,525,595,860 | -34.3% |
| 1999 | $2,584,478,924 | $4,663,277,074 | 1.45% |
| 2000 | $2,537,307,580 | $4,736,773,940 | -1.83% |
| 2001 | $2,498,008,665 | $4,501,121,160 | -1.55% |
| 2002 | $5,087,328,438 | $4,577,640,221 | 103.7% |
| 2003 | $4,669,789,300 | $4,838,823,865 | -8.21% |
| 2004 | $5,058,726,350 | $5,101,112,195 | 8.33% |
| 2005 | $5,320,409,651 | $5,267,853,576 | 5.17% |
| 2006 | $5,818,279,739 | $5,515,442,682 | 9.36% |
| 2007 | $6,451,210,219 | $6,044,925,173 | 10.9% |
| 2008 | $7,743,617,352 | $6,506,741,521 | 20% |
| 2009 | $9,009,887,947 | $7,048,630,103 | 16.4% |
| 2010 | $10,128,323,011 | $7,533,157,578 | 12.4% |
| 2011 | $11,648,142,958 | $7,904,743,382 | 15% |
| 2012 | $8,773,203,178 | $8,054,933,506 | -24.7% |
| 2013 | $8,031,571,928 | $8,490,733,601 | -8.45% |
| 2014 | $8,801,326,169 | $8,968,360,291 | 9.58% |
| 2015 | $9,219,474,379 | $9,219,474,379 | 4.75% |
| 2016 | $7,909,868,618 | $9,449,961,239 | -14.2% |
| 2017 | $8,943,543,794 | $9,827,959,688 | 13.1% |
| 2018 | $9,879,231,592 | $10,255,826,274 | 10.5% |
| 2019 | $11,051,865,580 | $10,842,133,934 | 11.9% |
| 2020 | $11,769,313,598 | $10,928,176,722 | 6.49% |
| 2021 | $12,378,129,751 | $11,426,314,940 | 5.17% |
| 2022 | $12,429,060,151 | $11,531,564,449 | 0.41% |
| 2023 | $12,712,150,082 | $11,749,794,461 | 2.28% |
| 2024 | $11,008,925,323 | $11,964,445,581 | -13.4% |
Economic Statistics of Malawi
Malawi
|
Rank | |
|---|---|---|
| Gross domestic product |
$11B
2024 |
151/197 |
| GDP growth |
-13.4%
2023-2024 |
190/196 |
| GDP per capita |
$508
2024 |
195/197 |
| GDP per capita, PPP |
$1,859
2024 |
189/197 |
| Government debt |
$8.19B
2024 |
133/185 |
| Debt-to-GDP ratio |
73%
2025 |
52/185 |
| Government debt per person |
$378
2024 |
173/185 |
| Average annual personal income after taxes |
$2,610
2025 |
149/197 |
| Income share by richest 10% |
31%
2019 |
48/169 |
| Income share by poorest 10% |
2.9%
2019 |
74/169 |
| Government expenditure, % of GDP |
28%
2025 |
109/195 |
| Consumer prices inflation |
28.2%
2024-2025 |
12/195 |
| Central bank interest rate |
26%
2024 |
6/105 |
| Unemployment rate |
0.91%
2020 |
189/196 |
| Population |
22673513
|
62/197 |
Malawi's GDP per capita
Malawi has a GDP per capita of $508, ranking 195/197, a GDP per capita based on purchasing power parity (PPP) of $1,859, ranking 189/197, and a median annual after tax income of $2,610, ranking 149/197.
| Year | Current $ | |
|---|---|---|
| GDP per capita | GDP per capita, PPP | |
| 1980 | $287.5 | - |
| 1981 | $276.4 | - |
| 1982 | $253.3 | - |
| 1983 | $252.4 | - |
| 1984 | $239.7 | - |
| 1985 | $216.1 | - |
| 1986 | $217.9 | - |
| 1987 | $207.6 | - |
| 1988 | $229.4 | - |
| 1989 | $252.2 | - |
| 1990 | $286.7 | $672 |
| 1991 | $326 | $732 |
| 1992 | $258.4 | $674 |
| 1993 | $293 | $746 |
| 1994 | $169.2 | $692 |
| 1995 | $200.4 | $825 |
| 1996 | $321 | $884 |
| 1997 | $367 | $915 |
| 1998 | $236 | $941 |
| 1999 | $233.9 | $961 |
| 2000 | $224.2 | $974 |
| 2001 | $215.5 | $924 |
| 2002 | $428 | $931 |
| 2003 | $383 | $979 |
| 2004 | $405 | $1,033 |
| 2005 | $414 | $1,071 |
| 2006 | $441 | $1,124 |
| 2007 | $475 | $1,231 |
| 2008 | $554 | $1,311 |
| 2009 | $626 | $1,388 |
| 2010 | $683 | $1,458 |
| 2011 | $763 | $1,516 |
| 2012 | $558 | $1,464 |
| 2013 | $497 | $1,558 |
| 2014 | $530 | $1,506 |
| 2015 | $540 | $1,403 |
| 2016 | $451 | $1,410 |
| 2017 | $496 | $1,380 |
| 2018 | $533 | $1,364 |
| 2019 | $581 | $1,450 |
| 2020 | $603 | $1,513 |
| 2021 | $617 | $1,688 |
| 2022 | $604 | $1,778 |
| 2023 | $602 | $1,830 |
| 2024 | $508 | $1,859 |
Malawi's government spending, deficit, and chart
This chart shows Malawi's government spending, budget balance, and debt over time, each expressed as a share of GDP.
Over the past 24 years, Malawi recorded a fiscal deficit in 23 years — average annual deficit equal to -4.33% of GDP. In 2024, government spending reached $2.91B (28% of GDP), with a deficit of -8.94%.
The national debt reached $8.19B, ranking 133rd out of 185 countries by total size, with a debt-to-GDP ratio of 73%, ranking 52nd.
| Year | % of GDP | ||
|---|---|---|---|
| Government spending | Government debt | Government deficit/surplus | |
| 2002 | 13.8% | 101.5% | -4.47% |
| 2003 | 15.4% | 84.7% | -2.6% |
| 2004 | 17.2% | 74.7% | -2.61% |
| 2005 | 17.4% | 70.9% | -1.63% |
| 2006 | 17.8% | 17.9% | -0.05% |
| 2007 | 20.7% | 18.9% | -2.56% |
| 2008 | 20.6% | 23.5% | -2.92% |
| 2009 | 20.2% | 23.5% | -2.97% |
| 2010 | 19.6% | 19.3% | 0.63% |
| 2011 | 17% | 20% | -2.85% |
| 2012 | 18.8% | 28.6% | -1.45% |
| 2013 | 20.7% | 35.3% | -3.73% |
| 2014 | 18.3% | 33.5% | -3.08% |
| 2015 | 19.5% | 35.5% | -4.17% |
| 2016 | 19.7% | 37.1% | -4.9% |
| 2017 | 21% | 40% | -5.15% |
| 2018 | 19.4% | 40.8% | -4.35% |
| 2019 | 19.3% | 41.2% | -4.55% |
| 2020 | 22.7% | 53.9% | -8.03% |
| 2021 | 23.7% | 66.5% | -8.34% |
| 2022 | 26.7% | 75.5% | -9.32% |
| 2023 | 25.5% | 86.1% | -7.84% |
| 2024 | 26.4% | 74.4% | -8.1% |
| 2025 | 28% | 73% | -8.94% |
Inflation rate by year
Over the past 20 years, Malawi has had an average annual inflation rate of 16.4%. In 2025, inflation was 28.2%. The bar chart below shows consumer price inflation by year.
| Year | Inflation |
|---|---|
| 1980 | 19.2% |
| 1981 | 12% |
| 1982 | 9.5% |
| 1983 | 13.8% |
| 1984 | 19.7% |
| 1985 | 10.6% |
| 1986 | 14.2% |
| 1987 | 25.1% |
| 1988 | 33.8% |
| 1989 | 12.5% |
| 1990 | 11.9% |
| 1991 | 8.2% |
| 1992 | 23.2% |
| 1993 | 22.8% |
| 1994 | 34.7% |
| 1995 | 83.1% |
| 1996 | 37.7% |
| 1997 | 9.1% |
| 1998 | 29.8% |
| 1999 | 44.8% |
| 2000 | 29.6% |
| 2001 | 22.7% |
| 2002 | 14.7% |
| 2003 | 9.6% |
| 2004 | 11.4% |
| 2005 | 15.5% |
| 2006 | 13.9% |
| 2007 | 7.9% |
| 2008 | 8.7% |
| 2009 | 8.4% |
| 2010 | 7.4% |
| 2011 | 7.6% |
| 2012 | 21.3% |
| 2013 | 28.3% |
| 2014 | 23.8% |
| 2015 | 21.9% |
| 2016 | 21.7% |
| 2017 | 11.5% |
| 2018 | 9.2% |
| 2019 | 9.4% |
| 2020 | 8.6% |
| 2021 | 9.3% |
| 2022 | 20.8% |
| 2023 | 28.8% |
| 2024 | 32.2% |
| 2025 | 28.2% |
Balance of trade
|
Malawi
|
Rank | |
|---|---|---|
Current account balance
|
-$2.28B
2023 |
144/189 |
| Current account balance, % of GDP |
-17.9%
2023 |
175/189 |
| Goods imports |
$3B
2023 |
144/188 |
| Goods exports |
$1.05B
2023 |
145/188 |
| Service imports |
$998M
2023 |
145/188 |
| Service exports |
$475M
2023 |
147/188 |
| Exports of goods and services, % of GDP |
14%
2025 |
171/193 |
Malawi's top 10 trading partners
Malawi's biggest trading partner accounting for 13.1%% of all exports and imports is South Africa, with a trade balance between the two of -$432M — Malawi exports $62.1M worth of goods and services to South Africa and imports $494M.
Below is the list of the top 10 trade partners of Malawi.
| Rank | Country | Trade value | Share of total trade | Export to | Import from | Top export to | Top import from |
|---|---|---|---|---|---|---|---|
| 1 |
South Africa
|
$556M | 13.1% | $62.1M | $494M | Raw agricultural goods | Machinery & equipment |
| 2 |
China
|
$556M | 13.1% | $20.4M | $535M | Processed food, beverages & tobacco | Machinery & equipment |
| 3 |
Tanzania
|
$398M | 9.37% | $57.1M | $341M | Raw agricultural goods | Raw materials & minerals |
| 4 |
India
|
$339M | 7.99% | $60.6M | $278M | Raw agricultural goods | Chemicals & pharma |
| 5 |
UAE
|
$307M | 7.24% | $25.5M | $281M | Processed food, beverages & tobacco | Raw materials & minerals |
| 6 |
Belgium
|
$215M | 5.06% | $179M | $35.8M | Processed food, beverages & tobacco | Chemicals & pharma |
| 7 |
Zambia
|
$133M | 3.14% | $19.4M | $114M | Processed food, beverages & tobacco | Processed food, beverages & tobacco |
| 8 |
United Kingdom
|
$124M | 2.93% | $36.2M | $88.2M | Raw agricultural goods | Wood & paper products |
| 9 |
United States
|
$108M | 2.54% | $33.5M | $74.3M | Processed food, beverages & tobacco | Machinery & equipment |
| 10 |
Mozambique
|
$103M | 2.42% | $18.5M | $84.1M | Machinery & equipment | Raw materials & minerals |
Malawi's top 10 exports
|
Malawi
|
Rank | |
|---|---|---|
| Processed food, beverages & tobacco | $623M | 95/192 |
| Raw agricultural goods | $226M | 105/193 |
| IT & IP services | $153M | 95/183 |
| Manufacturing & construction services | $127M | 78/164 |
| Transport & tourism services | $92.7M | 158/188 |
| Government & miscellaneous services | $72.2M | 84/180 |
| Machinery & equipment | $31.7M | 148/193 |
| Wood & paper products | $28.6M | 121/192 |
| Business & finance services | $16.9M | 162/188 |
| Animal & marine products | $16.5M | 145/192 |
Malawi's top 10 imports
|
Malawi
|
Rank | |
|---|---|---|
| Raw materials & minerals | $932M | 138/193 |
| Machinery & equipment | $738M | 149/193 |
| Chemicals & pharma | $590M | 127/193 |
| IT & IP services | $274M | 84/182 |
| Textiles & consumer goods | $257M | 144/193 |
| Transport & tourism services | $242M | 159/188 |
| Processed food, beverages & tobacco | $230M | 151/193 |
| Wood & paper products | $193M | 122/193 |
| Metals | $178M | 147/193 |
| Raw agricultural goods | $144M | 156/193 |
Economic freedom indices
|
Malawi
|
Rank | |
|---|---|---|
| Economic freedom | 50.9 | 160/197 |
| Property rights | 49.4 | 94/182 |
| Government integrity | 34.4 | 94/182 |
| Judicial effectiveness | 52.3 | 94/182 |
| Tax burden | 77.1 | 108/181 |
| Government spending | 79.4 | 67/180 |
| Fiscal health | 3.3 | 171/181 |
| Business freedom | 31.3 | 175/182 |
| Labor freedom | 56 | 107/182 |
| Monetary freedom | 58.3 | 159/180 |
| Trade freedom | 68.8 | 106/181 |
| Investment freedom | 50 | 117/181 |
| Financial freedom | 50 | 88/181 |
Malawi's economic freedom by year
Malawi is ranked 146/180 for economic freedom with a score of 50.9, compared to 115/163 and a score of 53.6 in 2005.
| Year | Index | ||||
|---|---|---|---|---|---|
| Economic freedom | Judicial effectiveness | Tax burden | Government spending | Fiscal health | |
| 1995 | 54.7 | - | 69.3 | 64.1 | - |
| 1996 | 56.2 | - | 73.4 | 78.8 | - |
| 1997 | 53.4 | - | 71.2 | 85.9 | - |
| 1998 | 54.1 | - | 70.9 | 80.2 | - |
| 1999 | 54 | - | 69 | 84.3 | - |
| 2000 | 57.4 | - | 67.7 | 82.7 | - |
| 2001 | 56.2 | - | 70.9 | 73 | - |
| 2002 | 56.9 | - | 73 | 74.8 | - |
| 2003 | 53.2 | - | 72.6 | 70 | - |
| 2004 | 53.6 | - | 69.4 | 67.1 | - |
| 2005 | 53.6 | - | 68.6 | 68.5 | - |
| 2006 | 55.4 | - | 70.4 | 60 | - |
| 2007 | 52.9 | - | 71 | 45.3 | - |
| 2008 | 52.7 | - | 70.2 | 44.3 | - |
| 2009 | 53.7 | - | 70.7 | 48.6 | - |
| 2010 | 54.1 | - | 78.9 | 45.8 | - |
| 2011 | 55.8 | - | 79.3 | 56.7 | - |
| 2012 | 56.4 | - | 79.3 | 62.2 | - |
| 2013 | 55.3 | - | 78.4 | 60 | - |
| 2014 | 55.4 | - | 78 | 63 | - |
| 2015 | 54.8 | - | 78.5 | 49 | - |
| 2016 | 51.8 | - | 79 | 27.1 | - |
| 2017 | 52.2 | 44.2 | 79.1 | 69.8 | 33.5 |
| 2018 | 52 | 47.1 | 76.9 | 70.7 | 28.1 |
| 2019 | 51.4 | 40.1 | 79.8 | 70.3 | 19.1 |
| 2020 | 52.8 | 42.1 | 79 | 71.7 | 23.6 |
| 2021 | 53 | 42.1 | 79 | 72.3 | 25.4 |
| 2022 | 53 | 53 | 78.7 | 87.4 | 11 |
| 2023 | 52.8 | 36.6 | 71.6 | 85.2 | 11.8 |
| 2024 | 52.1 | 52.8 | 77.6 | 82.2 | 8.7 |
| 2025 | 50.9 | 52.3 | 77.1 | 79.4 | 3.3 |
More economic indicators
|
Malawi
|
Rank | |
|---|---|---|
| Services, % of GDP |
44.9%
2024 |
160/191 |
| Industry, % of GDP |
16%
2024 |
157/194 |
| Agriculture, forestry, and fishing, % of GDP |
32.4%
2024 |
12/193 |
|
GNI, Atlas method
|
$11.8B
2024 |
147/194 |
| GNI per capita, PPP |
$1,790
2024 |
183/191 |
| Total reserves including gold |
$594M
2020 |
154/177 |
|
Net foreign direct investment
|
-$134M
2023 |
75/188 |
|
Net inflows of foreign direct investment
|
$220M
2024 |
137/193 |
|
Net outflows of foreign direct investment
|
$48.3M
2024 |
102/187 |
|
Servicing debt to the IMF, % of GNI
|
1.22%
2023 |
106/119 |
| Poverty at national poverty lines |
50.7%
2019 |
22/176 |
Compare countries by 7 more topics
GDP per capita map
GDP per capita
Relevant pages:
Malawi topic pages:
Economy comparisons
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.