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Economy of Malawi vs Rwanda compared: GDP & Debt

Updated on by Georank team

Malawi has a GDP of $11.3B compared to $14.3B for Rwanda, ranking 151/197 and 144/197 by economy size, respectively.

Malawi has $9.91B in government debt (87.6% of GDP), compared to $9.58B (67.2% of GDP) in Rwanda.

Malawi vs Rwanda GDP by year

Malawi
Rwanda
1x
Year GDP, current $
Malawi Rwanda
2024 $11,316,411,329 $14,251,642,235
2023 $13,363,669,673 $14,331,722,703
2022 $12,429,059,928 $13,316,161,002
2021 $12,378,119,199 $11,078,787,090
2020 $11,769,313,598 $10,174,386,857
2019 $11,051,852,713 $10,349,300,277
2018 $9,879,220,354 $9,637,904,521
2017 $8,943,543,794 $9,252,833,891
2016 $7,909,868,618 $8,695,272,058
2015 $9,219,474,379 $8,543,760,200
2014 $8,801,326,169 $8,238,966,124
2013 $8,031,571,928 $7,819,964,030
2012 $8,773,203,178 $7,654,761,050
2011 $11,648,142,958 $6,884,913,658
2010 $10,128,323,011 $6,124,756,654
2009 $9,009,887,947 $5,674,476,969
2008 $7,743,617,352 $5,179,854,065
2007 $6,451,210,219 $4,070,507,895
2006 $5,818,279,739 $3,319,784,539
2005 $5,320,409,651 $2,933,819,766
2004 $5,058,726,350 $2,376,496,067
2003 $4,669,789,300 $2,138,237,279
2002 $5,087,328,438 $1,966,003,468
2001 $2,498,008,665 $1,966,600,715
2000 $2,537,307,580 $2,068,836,754
1999 $2,584,478,924 $2,157,108,263
1998 $2,547,609,590 $1,989,343,546
1997 $3,875,785,863 $1,851,558,197
1996 $3,319,573,750 $1,382,334,879
1995 $2,033,701,498 $1,293,535,193
1994 $1,719,864,761 $753,636,370
1993 $3,013,392,658 $1,971,525,712
1992 $2,618,837,835 $2,029,026,962
1991 $3,206,783,830 $1,911,600,237
1990 $2,737,087,862 $2,550,185,679
1989 $2,314,205,130 $2,405,022,593
1988 $2,008,189,508 $2,395,492,687
1987 $1,721,711,808 $2,157,432,668
1986 $1,722,586,299 $1,944,710,684
1985 $1,646,442,273 $1,715,626,331
1984 $1,758,028,656 $1,587,413,084
1983 $1,780,148,049 $1,479,687,587
1982 $1,717,379,495 $1,407,243,139
1981 $1,801,193,910 $1,407,062,527
1980 $1,801,156,775 $1,254,765,642
1979 - $1,109,346,131
1978 - $905,709,076
1977 - $746,650,613
1976 - $637,753,853
1975 - $571,863,500
1974 - $308,458,423
1973 - $290,746,157
1972 - $246,457,838
1971 - $222,952,504
1970 - $219,900,006
1969 - $188,700,037
1968 - $172,200,018
1967 - $159,560,018
1966 - $124,525,703
1965 - $148,799,980
1964 - $129,999,994
1963 - $128,000,000
1962 - $125,000,008
1961 - $122,000,016
1960 - $119,000,024

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

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

GDP per capita in Malawi vs Rwanda by year

Malawi
GDP per capita

GDP per capita, PPP
Rwanda
GDP per capita

GDP per capita, PPP
1x
Year Current $
Malawi Rwanda
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $523 $1,858 $1,000 $3,711
2023 $633 $1,830 $1,027 $3,399
2022 $604 $1,778 $975 $3,099
2021 $617 $1,688 $830 $2,733
2020 $603 $1,513 $779 $2,285
2019 $581 $1,450 $810 $2,336
2018 $533 $1,364 $772 $2,125
2017 $496 $1,380 $758 $1,968
2016 $451 $1,410 $730 $1,866
2015 $540 $1,403 $734 $1,781
2014 $530 $1,506 $725 $1,678
2013 $497 $1,558 $705 $1,512
2012 $558 $1,464 $707 $1,455
2011 $763 $1,516 $651 $1,413
2010 $683 $1,458 $594 $1,314
2009 $626 $1,388 $564 $1,241
2008 $554 $1,311 $528 $1,191
2007 $475 $1,231 $426 $1,079
2006 $441 $1,124 $357 $1,002
2005 $414 $1,071 $324 $914
2004 $405 $1,033 $269.5 $832
2003 $383 $979 $249 $775
2002 $428 $931 $234 $760
2001 $215.5 $924 $237.3 $670
2000 $224.2 $974 $251.9 $609
1999 $233.9 $961 $264.7 $554
1998 $236 $941 $246.2 $528
1997 $367 $915 $238.7 $500
1996 $321 $884 $206 $499
1995 $200.4 $825 $228 $514
1994 $169.2 $692 $111 $311
1993 $293 $746 $247 $521
1992 $258.4 $674 $264.1 $575
1991 $326 $732 $254 $542
1990 $286.7 $672 $346 $549
1989 $252.2 - $335 -
1988 $229.4 - $344 -
1987 $207.6 - $320 -
1986 $217.9 - $297.7 -
1985 $216.1 - $271.6 -
1984 $239.7 - $259.9 -
1983 $252.4 - $250.6 -
1982 $253.3 - $246.4 -
1981 $276.4 - $254.6 -
1980 $287.5 - $234.4 -
1979 - - $213.8 -
1978 - - $179.9 -
1977 - - $152.7 -
1976 - - $134.4 -
1975 - - $124.1 -
1974 - - $68.9 -
1973 - - $66.9 -
1972 - - $58.4 -
1971 - - $54.4 -
1970 - - $55.2 -
1969 - - $48.9 -
1968 - - $46 -
1967 - - $44 -
1966 - - $35.4 -
1965 - - $43.5 -
1964 - - $39 -
1963 - - $39.3 -
1962 - - $39.2 -
1961 - - $39.3 -
1960 - - $39.4 -

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

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

Malawi's GDP per capita is $523, ranking 194/197, compared to $1,000 in Rwanda, ranking 178/197. Adjusted for purchasing power (GDP per capita PPP), Malawi ranks 189th at $1,858, while Rwanda ranks 168th at $3,711.

Economic indicators

Malawi Rwanda
Gross domestic product
$11.3B
2024
$14.3B
2024
GDP rank
151/197
2024
144/197
2024
GDP growth
1.67%
2023-2024
8.89%
2023-2024
GDP per capita
$523
2024
$1,000
2024
GDP per capita rank
194/197
2024
178/197
2024
GDP per capita, PPP
$1,858
2024
$3,711
2024
GDP per capita PPP rank
189/197
2024
168/197
2024
Government debt
$9.91B
2024
$9.58B
2024
Debt-to-GDP ratio
87.6%
2024
67.2%
2024
Government debt per person
$458
2024
$672
2024
Government debt per person rank
168/185
2024
157/185
2024
Average annual personal income after taxes
$3,031
2026
$2,194
2026
Market capitalization of domestic companies n/a
$2.75B
2024
Income share by richest 10%
31%
2019
33.4%
2023
Income share by poorest 10%
2.9%
2019
3.1%
2023
Government expenditure, % of GDP
29.5%
2024
28.8%
2024
Consumer prices inflation
32.2%
2023-2024
1.77%
2023-2024
Central bank interest rate
26%
2024
6.75%
2025
Unemployment rate
15.4%
2024
11.3%
2024
Population
22949294
14975051

Spending and national debt comparison by year

Malawi
Spending

Debt
Rwanda
Spending

Debt
1x
Year % of GDP
Malawi Rwanda
Government spending Government debt Government spending Government debt
2024 29.5% 87.6% 28.8% 67.2%
2023 25.5% 86.7% 27% 63.4%
2022 26.7% 75.7% 29.7% 60.9%
2021 23.7% 66.5% 31.6% 67.3%
2020 22.7% 53.9% 33.5% 68.7%
2019 19.3% 41.2% 28.2% 53.6%
2018 19.4% 40.8% 26.4% 49.2%
2017 21% 40% 25.1% 45.6%
2016 19.7% 37.1% 25.1% 41.1%
2015 19.5% 35.5% 26.6% 33.1%
2014 18.3% 33.5% 27.5% 29.1%
2013 20.7% 35.3% 26.2% 26.7%
2012 18.8% 28.6% 24.6% 19.1%
2011 17% 20% 24.7% 18.7%
2010 19.6% 19.3% 23.8% 18.8%
2009 20.2% 23.5% 22.3% 18.5%
2008 20.6% 23.5% 22.5% 18.3%
2007 20.7% 18.9% 22.4% 22.1%
2006 17.8% 17.9% 20.6% 22.5%
2005 17.4% 70.9% 19.9% 58.9%
2004 17.2% 74.7% 17.9% 80.9%
2003 15.4% 84.7% 18.5% 79.5%
2002 13.8% 101.5% 20.5% 92%
2001 - - 19.1% 84%
2000 - - 18.2% 86%
1999 - - 22.4% 78.4%
1998 - - 16.4% 70.1%
1997 - - 17% 72.2%
1996 - - 19.5% 83.4%
1995 - - 18% 100.8%
1994 - - 13.3% -
1993 - - 20.3% -
1992 - - 21.5% -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1992–2024, retrieved 2026-02-20).

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

In 2024, Malawi's government spending was $3.34B, accounting for 29.5% of its GDP, while Rwanda spent $4.1B, or 28.8% of GDP.

Debt-to-GDP ratio is 87.6% in Malawi and 67.2% in Rwanda, ranking 35/185 and 65/185, respectively.

Government deficit by year

Deficit/surplus
Malawi

Rwanda
1x
Year Deficit/surplus, % of GDP
Malawi Rwanda
2024 -11% -6.57%
2023 -7.84% -5.04%
2022 -9.32% -5.74%
2021 -8.34% -7%
2020 -8.03% -9.54%
2019 -4.55% -5.08%
2018 -4.35% -2.57%
2017 -5.15% -2.52%
2016 -4.9% -2.27%
2015 -4.17% -2.68%
2014 -3.08% -3.92%
2013 -3.73% -1.27%
2012 -1.45% -2.38%
2011 -2.85% -0.86%
2010 0.63% -0.64%
2009 -2.97% 0.26%
2008 -2.92% 0.83%
2007 -2.56% -1.56%
2006 -0.05% -0.03%
2005 -1.63% 1.12%
2004 -2.61% 2.27%
2003 -2.6% -1.23%
2002 -4.47% -2.03%
2001 - -1.8%
2000 - -0.22%
1999 - -4.41%
1998 - -2.59%
1997 - -2.22%
1996 - -5.01%
1995 - -2.04%
1994 - -9.54%
1993 - -6.6%
1992 - -7.21%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1992–2024, retrieved 2026-02-20).

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

In 2024, Malawi's government deficit, the difference between spending and revenue, was $1.24B, equivalent to 11% of GDP. This compares to Rwanda's deficit of $936M, or 6.57% of GDP.

Over the past 23 years, Malawi recorded a fiscal deficit in 22 of those years, while Rwanda ran a deficit in 19 years. On average, Malawi posted an annual deficit equal to 4.26% of GDP, compared to deficit of 2.54% of GDP for Rwanda.

Inflation comparison by year

Inflation
Malawi

Rwanda
1x
Year Consumer prices inflation
Malawi Rwanda
2024 32.2% 1.77%
2023 28.8% 19.8%
2022 20.8% 17.7%
2021 9.3% -0.39%
2020 8.6% 9.85%
2019 9.4% 3.35%
2018 9.2% -0.31%
2017 11.5% 8.28%
2016 21.7% 7.17%
2015 21.9% 2.53%
2014 23.8% 2.35%
2013 28.3% 5.92%
2012 21.3% 10.3%
2011 7.6% 3.08%
2010 7.4% -0.25%
2009 8.4% 12.9%
2008 8.7% 15.4%
2007 7.9% 9.08%
2006 13.9% 8.88%
2005 15.5% 9.01%
2004 11.4% 12.3%
2003 9.6% 7.45%
2002 14.7% 1.99%
2001 22.7% 3.34%
2000 29.6% 3.9%
1999 44.8% -2.41%
1998 29.8% 6.21%
1997 9.1% 12%

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/malawi/rwanda | CC BY

Over the past 28 years, Malawi has recorded an average annual inflation rate of 17.4%, compared with 6.83% in Rwanda. In 2024, inflation was 32.2% in Malawi and 1.77% in Rwanda.

Top exports between countries

Malawi
Export category Export value
Machinery & equipment $9.63M
Metals $3.64M
Raw agricultural goods $2.18M
Processed food, beverages & tobacco $725K
Precious metals & jewellery $456K
Chemicals & pharma $85K
Animal & marine products $57K
Textiles & consumer goods $43K
Rwanda
Export category Export value
Processed food, beverages & tobacco $335K
Raw materials & minerals $109K
Machinery & equipment $97K
Chemicals & pharma $36K
Textiles & consumer goods $28K
Raw agricultural goods $23K
Metals $2K
Miscellaneous $2K
Precious metals & jewellery $1K
Wood & paper products $1K

Balance of trade

Malawi Rwanda
Current account balance
-$2.13B
2024
-$1.81B
2024
Current account balance ranking
145/190
2024
140/190
2024
Current account balance, % of GDP
-18.8%
2024
-12.7%
2024
Goods imports
$3.02B
2024
$5.55B
2024
Goods exports
$1.02B
2024
$3.2B
2024
Service imports
$895M
2024
$991M
2024
Service exports
$508M
2024
$1.08B
2024
Imports of goods and services, % of GDP
31.2%
2023
39.1%
2024
Exports of goods and services, % of GDP
11.2%
2023
30.8%
2024

Economic freedom indices

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

Malawi Rwanda
Economic freedom 50.7 56.5
Economic freedom ranking 159/197 121/197
Property rights 49.5 60.3
Government integrity 35 53.9
Judicial effectiveness 51.8 27.5
Tax burden 77 80.6
Government spending 77.8 75.7
Fiscal health 4.7 37.5
Business freedom 34.1 60.1
Labor freedom 55.2 49.1
Monetary freedom 55.1 72.3
Trade freedom 68.6 61.8
Investment freedom 50 60
Financial freedom 50 40

Economic freedom comparison by year

Malawi
Rwanda
1x
Year Economic freedom index
Malawi Rwanda
2026 50.7 56.5
2025 50.9 54.8
2024 52.1 51.6
2023 52.8 52.2
2022 53 57.1
2021 53 68.3
2020 52.8 70.9
2019 51.4 71.1
2018 52 69.1
2017 52.2 67.6
2016 51.8 63.1
2015 54.8 64.8
2014 55.4 64.7
2013 55.3 64.1
2012 56.4 64.9
2011 55.8 62.7
2010 54.1 59.1
2009 53.7 54.2
2008 52.7 54.2
2007 52.9 52.4
2006 55.4 52.8
2005 53.6 51.7
2004 53.6 53.3
2003 53.2 47.8
2002 56.9 50.4
2001 56.2 45.4
2000 57.4 42.3
1999 54 39.8
1998 54.1 39.1
1997 53.4 38.3
1996 56.2 -
1995 54.7 -

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

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

The Economic Freedom Index for Malawi is 50.7, ranking 159/197, compared to 56.5 for Rwanda, ranking 121/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Malawi Rwanda
Services, % of GDP
44.2%
2024
47.6%
2024
Industry, % of GDP
17.1%
2024
21%
2024
Agriculture, forestry, and fishing, % of GDP
31.8%
2024
24.6%
2024
GNI, Atlas method
$12.3B
2024
$14.8B
2024
GNI per capita, PPP
$1,830
2024
$3,620
2024
Total reserves including gold
$594M
2020
$2.41B
2024
Total reserves ranking
154/177
2020
123/177
2024
Net foreign direct investment
-$202M
2024
-$560M
2024
Net inflows of foreign direct investment
$681M
2024
$573M
2024
Net outflows of foreign direct investment
$56.4M
2024
$13.2M
2024
Servicing debt to the IMF, % of GNI
1.47%
2024
3.09%
2024
Poverty at national poverty lines
50.7%
2019
27.4%
2023
Gross capital formation, % of GDP
14.5%
2023
25.9%
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/malawi/rwanda | 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 (1992–2024, retrieved 2026-02-20)
  3. The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09)
  4. U.S. Census Bureau (1985–2024, retrieved 2026-02-08)
  5. TradeMap (2020–2024, retrieved 2026-02-08)
  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.