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Economy of Malawi vs Monaco compared: GDP & Debt

Updated on by Georank team

Malawi has a GDP of $11.3B compared to $11.1B for Monaco, ranking 151/197 and 152/197 by economy size, respectively.

Malawi vs Monaco GDP by year

Malawi
Monaco
1x
Year GDP, current $
Malawi Monaco
2024 $11,316,411,329 $11,125,783,372
2023 $13,363,669,673 $10,003,892,565
2022 $12,429,059,928 $8,800,430,486
2021 $12,378,119,199 $8,623,242,743
2020 $11,769,313,598 $6,730,736,283
2019 $11,051,852,713 $7,383,496,254
2018 $9,879,220,354 $7,184,333,936
2017 $8,943,543,794 $6,430,254,653
2016 $7,909,868,618 $6,471,290,794
2015 $9,219,474,379 $6,264,756,528
2014 $8,801,326,169 $7,070,017,324
2013 $8,031,571,928 $6,555,591,710
2012 $8,773,203,178 $5,742,749,294
2011 $11,648,142,958 $6,088,689,808
2010 $10,128,323,011 $5,367,561,570
2009 $9,009,887,947 $5,474,379,252
2008 $7,743,617,352 $6,502,942,245
2007 $6,451,210,219 $5,875,790,766
2006 $5,818,279,739 $4,586,826,513
2005 $5,320,409,651 $4,204,652,899
2004 $5,058,726,350 $4,043,551,489
2003 $4,669,789,300 $3,597,089,751
2002 $5,087,328,438 $2,919,647,982
2001 $2,498,008,665 $2,673,723,034
2000 $2,537,307,580 $2,654,462,665
1999 $2,584,478,924 $2,907,118,641
1998 $2,547,609,590 $2,934,593,468
1997 $3,875,785,863 $2,840,195,190
1996 $3,319,573,750 $3,137,886,995
1995 $2,033,701,498 $3,130,309,995
1994 $1,719,864,761 $2,720,332,135
1993 $3,013,392,658 $2,574,494,356
1992 $2,618,837,835 $2,737,049,231
1991 $3,206,783,830 $2,480,540,845
1990 $2,737,087,862 $2,481,307,077
1989 $2,314,205,130 $2,010,083,833
1988 $2,008,189,508 $2,000,704,745
1987 $1,721,711,808 $1,839,081,463
1986 $1,722,586,299 $1,515,234,743
1985 $1,646,442,273 $1,082,867,507
1984 $1,758,028,656 $1,037,329,604
1983 $1,780,148,049 $1,092,560,365
1982 $1,717,379,495 $1,143,216,457
1981 $1,801,193,910 $1,205,188,648
1980 $1,801,156,775 $1,378,175,524
1979 - $1,209,870,147
1978 - $1,000,555,218
1977 - $811,191,392
1976 - $735,324,245
1975 - $711,978,962
1974 - $563,949,254
1973 - $523,554,039
1972 - $402,451,901
1971 - $327,706,210
1970 - $293,127,333

Data sources: World Bank | Economy & Growth (1970–2024, retrieved 2026-04-06).

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

GDP per capita in Malawi vs Monaco by year

Malawi
GDP per capita

GDP per capita, PPP
Monaco
GDP per capita

GDP per capita, PPP
1x
Year Current $
Malawi Monaco
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $523 $1,858 $288,001 -
2023 $633 $1,830 $256,800 -
2022 $604 $1,778 $226,052 -
2021 $617 $1,688 $223,823 -
2020 $603 $1,513 $176,892 -
2019 $581 $1,450 $193,747 -
2018 $533 $1,364 $188,298 -
2017 $496 $1,380 $170,663 -
2016 $451 $1,410 $173,605 -
2015 $540 $1,403 $170,437 $115,700
2014 $530 $1,506 $195,694 -
2013 $497 $1,558 $184,941 $78,700
2012 $558 $1,464 $165,445 -
2011 $763 $1,516 $179,364 $85,500
2010 $683 $1,458 $161,854 -
2009 $626 $1,388 $169,150 $63,400
2008 $554 $1,311 $204,264 -
2007 $475 $1,231 $184,559 -
2006 $441 $1,124 $143,083 $30,000
2005 $414 $1,071 $130,539 -
2004 $405 $1,033 $125,160 -
2003 $383 $979 $111,110 -
2002 $428 $931 $90,051 -
2001 $215.5 $924 $82,403 -
2000 $224.2 $974 $81,789 $27,000
1999 $233.9 $961 $89,698 $27,000
1998 $236 $941 $90,947 -
1997 $367 $915 $88,582 -
1996 $321 $884 $98,561 -
1995 $200.4 $825 $99,032 -
1994 $169.2 $692 $86,704 -
1993 $293 $746 $82,685 -
1992 $258.4 $674 $88,615 -
1991 $326 $732 $80,997 -
1990 $286.7 $672 $81,735 -
1989 $252.2 - $66,816 -
1988 $229.4 - $67,181 -
1987 $207.6 - $62,456 -
1986 $217.9 - $52,082 -
1985 $216.1 - $37,690 -
1984 $239.7 - $36,582 -
1983 $252.4 - $39,076 -
1982 $253.3 - $41,479 -
1981 $276.4 - $44,157 -
1980 $287.5 - $50,814 -
1979 - - $44,990 -
1978 - - $37,608 -
1977 - - $30,875 -
1976 - - $28,396 -
1975 - - $27,921 -
1974 - - $22,348 -
1973 - - $20,882 -
1972 - - $16,187 -
1971 - - $13,334 -
1970 - - $12,098 -

Data sources: World Bank | Economy & Growth (1970–2024, retrieved 2026-04-06); Central Intelligence Agency (CIA) (1999–2015, retrieved 2026-02-20).

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

Malawi's GDP per capita is $523, ranking 194/197, compared to $288,001 in Monaco, ranking 1/197. Adjusted for purchasing power (GDP per capita PPP), Malawi ranks 189th at $1,858, while Monaco ranks 6th at $115,700.

Economic indicators

Malawi Monaco
Gross domestic product
$11.3B
2024
$11.1B
2024
GDP rank
151/197
2024
152/197
2024
GDP growth
1.67%
2023-2024
8.51%
2023-2024
GDP per capita
$523
2024
$288,001
2024
GDP per capita rank
194/197
2024
1/197
2024
GDP per capita, PPP
$1,858
2024
$115,700
2015
GDP per capita PPP rank
189/197
2024
6/197
2015
Government debt
$9.91B
2024
n/a
Debt-to-GDP ratio
87.6%
2024
n/a
Government debt per person
$458
2024
n/a
Government debt per person rank
168/185
2024
n/a
Average annual personal income after taxes
$3,031
2026
$97,068
2026
Number of billionaires n/a
2
2025
Income share by richest 10%
31%
2019
n/a
Income share by poorest 10%
2.9%
2019
n/a
Government expenditure, % of GDP
29.5%
2024
20%
2025
Consumer prices inflation
32.2%
2023-2024
1.5%
2019-2020
Central bank interest rate
26%
2024
n/a
Unemployment rate
15.4%
2024
6.33%
2016
Population
22949294
38053

Inflation comparison by year

Inflation
Malawi

Monaco
1x
Year Consumer prices inflation
Malawi Monaco
2024 32.2% -
2023 28.8% -
2022 20.8% -
2021 9.3% -
2020 8.6% 1.5%
2019 9.4% 1.5%
2018 9.2% 1.5%
2017 11.5% -
2016 21.7% -
2015 21.9% -
2014 23.8% -
2013 28.3% -
2012 21.3% -
2011 7.6% -
2010 7.4% 1.5%
2009 8.4% -
2008 8.7% -
2007 7.9% -
2006 13.9% -
2005 15.5% -
2004 11.4% -
2003 9.6% -
2002 14.7% -
2001 22.7% -
2000 29.6% 1.9%
1999 44.8% -
1998 29.8% -
1997 9.1% -

Data sources: International Monetary Fund (IMF) | World Economic Outlook (1997–2024, retrieved 2026-02-20); Central Intelligence Agency (CIA) (2000–2020, retrieved 2026-02-20).

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

Over the past 21 years, Malawi has recorded an average annual inflation rate of 14.9%, compared with 1.58% in Monaco. In 2020, inflation was 32.2% in Malawi and 1.5% in Monaco.

Balance of trade

Malawi Monaco
Current account balance
-$2.13B
2024
n/a
Current account balance ranking
145/190
2024
n/a
Current account balance, % of GDP
-18.8%
2024
n/a
Goods imports
$3.02B
2024
n/a
Goods exports
$1.02B
2024
n/a
Service imports
$895M
2024
n/a
Service exports
$508M
2024
n/a
Imports of goods and services, % of GDP
31.2%
2023
n/a
Exports of goods and services, % of GDP
11.2%
2023
n/a

Economic freedom indices

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

Malawi Monaco
Economic freedom 50.7 83
Economic freedom ranking 159/197 4/197
Property rights 49.5 n/a
Government integrity 35 n/a
Judicial effectiveness 51.8 n/a
Tax burden 77 n/a
Government spending 77.8 n/a
Fiscal health 4.7 n/a
Business freedom 34.1 n/a
Labor freedom 55.2 n/a
Monetary freedom 55.1 n/a
Trade freedom 68.6 n/a
Investment freedom 50 n/a
Financial freedom 50 n/a

Other economic metrics

Malawi Monaco
Services, % of GDP
44.2%
2024
87.2%
2024
Industry, % of GDP
17.1%
2024
12.8%
2024
Agriculture, forestry, and fishing, % of GDP
31.8%
2024
n/a
GNI, Atlas method
$12.3B
2024
n/a
GNI per capita, PPP
$1,830
2024
n/a
Total reserves including gold
$594M
2020
n/a
Total reserves ranking
154/177
2020
n/a
Net foreign direct investment
-$202M
2024
n/a
Net inflows of foreign direct investment
$681M
2024
n/a
Net outflows of foreign direct investment
$56.4M
2024
n/a
Servicing debt to the IMF, % of GNI
1.47%
2024
n/a
Poverty at national poverty lines
50.7%
2019
n/a
Gross capital formation, % of GDP
14.5%
2023
n/a

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/malawi/monaco | CC BY

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Data sources:

  1. World Bank | Economy & Growth (1970–2025, retrieved 2026-04-06)
  2. U.S. Census Bureau (1985–2024, retrieved 2026-02-08)
  3. International Monetary Fund (IMF) | World Economic Outlook (1997–2024, retrieved 2026-02-20)
  4. The Heritage Foundation | Economic Freedom Index (2026, retrieved 2026-03-09)
  5. Central Intelligence Agency (CIA) (1999–2020, retrieved 2026-02-20)
  6. United Nations | World Population Prospects (2026, retrieved 2026-03-10)
  7. 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.