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Economy of Malawi vs Uruguay compared: GDP & Debt

Updated on by Georank team

Malawi has a GDP of $11.3B compared to $81B for Uruguay, ranking 151/197 and 81/197 by economy size, respectively.

Malawi has $9.91B in government debt (87.6% of GDP), compared to $55.6B (68.7% of GDP) in Uruguay.

Malawi vs Uruguay GDP by year

Malawi
Uruguay
1x
Year GDP, current $
Malawi Uruguay
2024 $11,316,411,329 $80,961,511,074
2023 $13,363,669,673 $77,991,666,838
2022 $12,429,059,928 $70,594,110,920
2021 $12,378,119,199 $60,739,084,241
2020 $11,769,313,598 $53,559,359,262
2019 $11,051,852,713 $62,222,313,619
2018 $9,879,220,354 $65,344,577,416
2017 $8,943,543,794 $65,005,997,963
2016 $7,909,868,618 $57,480,787,465
2015 $9,219,474,379 $57,680,327,999
2014 $8,801,326,169 $61,496,186,974
2013 $8,031,571,928 $61,337,621,934
2012 $8,773,203,178 $54,232,266,359
2011 $11,648,142,958 $50,342,406,067
2010 $10,128,323,011 $41,950,361,212
2009 $9,009,887,947 $32,708,319,078
2008 $7,743,617,352 $31,119,602,539
2007 $6,451,210,219 $23,797,773,024
2006 $5,818,279,739 $19,741,420,740
2005 $5,320,409,651 $17,362,857,684
2004 $5,058,726,350 $13,686,329,890
2003 $4,669,789,300 $12,045,638,352
2002 $5,087,328,438 $13,606,515,723
2001 $2,498,008,665 $20,898,761,742
2000 $2,537,307,580 $22,823,270,892
1999 $2,584,478,924 $23,983,945,191
1998 $2,547,609,590 $25,385,886,978
1997 $3,875,785,863 $23,969,739,234
1996 $3,319,573,750 $20,515,458,114
1995 $2,033,701,498 $19,297,663,097
1994 $1,719,864,761 $17,474,588,896
1993 $3,013,392,658 $15,002,136,971
1992 $2,618,837,835 $12,878,148,791
1991 $3,206,783,830 $11,206,176,651
1990 $2,737,087,862 $9,298,807,850
1989 $2,314,205,130 $8,438,951,476
1988 $2,008,189,508 $8,213,538,369
1987 $1,721,711,808 $7,367,494,080
1986 $1,722,586,299 $5,880,112,788
1985 $1,646,442,273 $4,732,017,873
1984 $1,758,028,656 $4,850,238,550
1983 $1,780,148,049 $5,102,276,308
1982 $1,717,379,495 $9,178,780,077
1981 $1,801,193,910 $11,048,301,421
1980 $1,801,156,775 $10,163,020,116
1979 - $7,181,182,224
1978 - $4,910,254,566
1977 - $4,114,670,014
1976 - $3,667,161,241
1975 - $3,538,278,047
1974 - $4,090,209,682
1973 - $3,964,296,443
1972 - $2,189,418,689
1971 - $2,807,258,065
1970 - $2,137,096,774
1969 - $2,004,435,484
1968 - $1,593,674,185
1967 - $1,597,713,469
1966 - $1,809,185,094
1965 - $1,890,767,156
1964 - $1,975,701,816
1963 - $1,539,681,491
1962 - $1,710,004,407
1961 - $1,547,388,781
1960 - $1,242,289,239

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

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

GDP per capita in Malawi vs Uruguay by year

Malawi
GDP per capita

GDP per capita, PPP
Uruguay
GDP per capita

GDP per capita, PPP
1x
Year Current $
Malawi Uruguay
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $523 $1,858 $23,907 $36,418
2023 $633 $1,830 $23,019 $34,471
2022 $604 $1,778 $20,819 $33,001
2021 $617 $1,688 $17,882 $29,432
2020 $603 $1,513 $15,758 $25,725
2019 $581 $1,450 $18,316 $25,783
2018 $533 $1,364 $19,250 $24,386
2017 $496 $1,380 $19,185 $23,607
2016 $451 $1,410 $17,010 $22,841
2015 $540 $1,403 $17,126 $22,169
2014 $530 $1,506 $18,322 $21,868
2013 $497 $1,558 $18,335 $20,661
2012 $558 $1,464 $16,260 $19,495
2011 $763 $1,516 $15,132 $19,135
2010 $683 $1,458 $12,641 $17,873
2009 $626 $1,388 $9,881 $16,422
2008 $554 $1,311 $9,424 $15,694
2007 $475 $1,231 $7,222 $14,397
2006 $441 $1,124 $6,001 $13,179
2005 $414 $1,071 $5,284 $12,296
2004 $405 $1,033 $4,169 $11,103
2003 $383 $979 $3,671 $10,303
2002 $428 $931 $4,150 $10,030
2001 $215.5 $924 $6,383 $10,719
2000 $224.2 $974 $6,988 $10,929
1999 $233.9 $961 $7,371 $10,938
1998 $236 $941 $7,837 $11,002
1997 $367 $915 $7,436 $10,461
1996 $321 $884 $6,398 $9,524
1995 $200.4 $825 $6,050 $8,906
1994 $169.2 $692 $5,508 $8,897
1993 $293 $746 $4,753 $8,162
1992 $258.4 $674 $4,102 $7,808
1991 $326 $732 $3,589 $7,112
1990 $286.7 $672 $2,995 $6,683
1989 $252.2 - $2,734 -
1988 $229.4 - $2,677 -
1987 $207.6 - $2,416 -
1986 $217.9 - $1,939 -
1985 $216.1 - $1,568 -
1984 $239.7 - $1,615 -
1983 $252.4 - $1,707 -
1982 $253.3 - $3,085 -
1981 $276.4 - $3,728 -
1980 $287.5 - $3,443 -
1979 - - $2,443 -
1978 - - $1,678 -
1977 - - $1,414 -
1976 - - $1,268 -
1975 - - $1,232 -
1974 - - $1,433 -
1973 - - $1,397 -
1972 - - $776 -
1971 - - $1,000 -
1970 - - $766 -
1969 - - $723 -
1968 - - $579 -
1967 - - $585 -
1966 - - $668 -
1965 - - $705 -
1964 - - $745 -
1963 - - $587 -
1962 - - $659 -
1961 - - $604 -
1960 - - $491 -

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

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

Malawi's GDP per capita is $523, ranking 194/197, compared to $23,907 in Uruguay, ranking 52/197. Adjusted for purchasing power (GDP per capita PPP), Malawi ranks 189th at $1,858, while Uruguay ranks 61st at $36,418.

Economic indicators

Malawi Uruguay
Gross domestic product
$11.3B
2024
$81B
2024
GDP rank
151/197
2024
81/197
2024
GDP growth
1.67%
2023-2024
3.11%
2023-2024
GDP per capita
$523
2024
$23,907
2024
GDP per capita rank
194/197
2024
52/197
2024
GDP per capita, PPP
$1,858
2024
$36,418
2024
GDP per capita PPP rank
189/197
2024
61/197
2024
Government debt
$9.91B
2024
$55.6B
2024
Debt-to-GDP ratio
87.6%
2024
68.7%
2024
Government debt per person
$458
2024
$16,421
2024
Government debt per person rank
168/185
2024
38/185
2024
Average annual personal income after taxes
$3,031
2026
$12,433
2026
Market capitalization of domestic companies n/a
$284M
1996
Income share by richest 10%
31%
2019
30%
2024
Income share by poorest 10%
2.9%
2019
2.2%
2024
Government expenditure, % of GDP
29.5%
2024
31.1%
2024
Consumer prices inflation
32.2%
2023-2024
4.85%
2023-2024
Central bank interest rate
26%
2024
8.25%
2025
Unemployment rate
15.4%
2024
8.21%
2024
Population
22949294
3382789

Spending and national debt comparison by year

Malawi
Spending

Debt
Uruguay
Spending

Debt
1x
Year % of GDP
Malawi Uruguay
Government spending Government debt Government spending Government debt
2024 29.5% 87.6% 31.1% 68.7%
2023 25.5% 86.7% 30.5% 64%
2022 26.7% 75.7% 30% 59.9%
2021 23.7% 66.5% 30.2% 64.1%
2020 22.7% 53.9% 32.8% 68.2%
2019 19.3% 41.2% 30.6% 59.6%
2018 19.4% 40.8% 30.3% 57.9%
2017 21% 40% 29.7% 55.8%
2016 19.7% 37.1% 29.7% 56.4%
2015 19.5% 35.5% 28.4% 57.8%
2014 18.3% 33.5% 29.1% 51.1%
2013 20.7% 35.3% 28.8% 50%
2012 18.8% 28.6% 27.7% 49.8%
2011 17% 20% 26.3% 41.3%
2010 19.6% 19.3% 27.4% 40.9%
2009 20.2% 23.5% 27.2% 46.2%
2008 20.6% 23.5% 26.3% 46.2%
2007 20.7% 18.9% 26.8% 52.8%
2006 17.8% 17.9% 26.8% 61.1%
2005 17.4% 70.9% 26.3% 66.2%
2004 17.2% 74.7% 26.6% 73.7%
2003 15.4% 84.7% 27.7% 91.9%
2002 13.8% 101.5% 27.6% 90.1%
2001 - - 27.8% 39.4%
2000 - - 26.6% 30.5%
1999 - - 27.2% 24.1%
1998 - - 27.3% 19.4%
1997 - - 27.6% 18.8%
1996 - - 26.5% 18.3%
1995 - - 26.2% 18.5%
1994 - - 29.5% 19.3%
1993 - - 27.7% 20%
1992 - - 23.6% 22.2%
1991 - - 22.2% 20.4%
1990 - - 21.1% 26.2%
1989 - - 37% -
1988 - - 26% 34.8%
1987 - - 24.4% 37.3%
1986 - - 25.1% 34.6%
1985 - - 24.6% 29%
1984 - - 25.6% 39.5%
1983 - - 26.5% 21.2%
1982 - - 29.5% 13.5%
1981 - - 25% 4.32%
1980 - - 21.8% 4.59%
1979 - - 20.2% 3.98%
1978 - - 22.9% 5.64%
1977 - - 23.5% 7.26%
1976 - - 24.2% 8.67%
1975 - - 23% 8.13%
1974 - - 23.8% 7.61%
1973 - - 22.6% 7%
1972 - - 24.6% 9.12%
1971 - - 20.1% 9.3%
1970 - - 15.1% 6.11%
1969 - - 14.6% -
1968 - - 14.1% -
1967 - - 14.7% -
1966 - - 14.1% -
1965 - - 15.6% -
1964 - - 14.3% -
1963 - - 14.6% -
1962 - - 16% -
1961 - - 13% -
1960 - - 9.9% -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1999–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1960–1998, retrieved 2026-02-20).

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

In 2024, Malawi's government spending was $3.34B, accounting for 29.5% of its GDP, while Uruguay spent $25.2B, or 31.1% of GDP.

Debt-to-GDP ratio is 87.6% in Malawi and 68.7% in Uruguay, ranking 35/185 and 59/185, respectively.

Government deficit by year

Deficit/surplus
Malawi

Uruguay
1x
Year Deficit/surplus, % of GDP
Malawi Uruguay
2024 -11% -3.22%
2023 -7.84% -3.13%
2022 -9.32% -2.52%
2021 -8.34% -2.61%
2020 -8.03% -4.64%
2019 -4.55% -2.71%
2018 -4.35% -1.89%
2017 -5.15% -2.51%
2016 -4.9% -2.68%
2015 -4.17% -1.86%
2014 -3.08% -2.6%
2013 -3.73% -1.72%
2012 -1.45% -2.17%
2011 -2.85% -0.33%
2010 0.63% -0.39%
2009 -2.97% -1.39%
2008 -2.92% -1.31%
2007 -2.56% -0.16%
2006 -0.05% -0.64%
2005 -1.63% -0.28%
2004 -2.61% -0.87%
2003 -2.6% -2.19%
2002 -4.47% -3.19%
2001 - -2.85%
2000 - -2.76%
1999 - -2.76%
1998 - -0.76%
1997 - -0.97%
1996 - -1.32%
1995 - -1.08%
1994 - -2.37%
1993 - -0.47%
1992 - 0.6%
1991 - 0.88%
1990 - 0.49%
1989 - -13.1%
1988 - -1.47%
1987 - -0.66%
1986 - -0.34%
1985 - -1.88%
1984 - -4.94%
1983 - -3.54%
1982 - -8.22%
1981 - -1.15%
1980 - 0.43%
1979 - 0.99%
1978 - -0.47%
1977 - -0.69%
1976 - -2.01%
1975 - -4.38%
1974 - -3.74%
1973 - -1.09%
1972 - -2.25%
1971 - -5.86%
1970 - -1.33%
1969 - -2.37%
1968 - -2.93%
1967 - -4.12%
1966 - -2.01%
1965 - -5.14%
1964 - -3.61%
1963 - -4.4%
1962 - -5.02%
1961 - -0.86%
1960 - 0.79%
1959 - 0.64%
1958 - -1.38%
1957 - -0.72%
1956 - 0.04%
1955 - -1.24%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1999–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1955–1998, retrieved 2026-02-20).

GeoRank.org/economy/malawi/uruguay | 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 Uruguay's deficit of $2.6B, or 3.22% of GDP.

Over the past 23 years, Malawi recorded a fiscal deficit in 22 of those years, while Uruguay ran a deficit in 23 years. On average, Malawi posted an annual deficit equal to 4.26% of GDP, compared to deficit of 1.96% of GDP for Uruguay.

Inflation comparison by year

Inflation
Malawi

Uruguay
1x
Year Consumer prices inflation
Malawi Uruguay
2024 32.2% 4.85%
2023 28.8% 5.87%
2022 20.8% 9.1%
2021 9.3% 7.75%
2020 8.6% 9.76%
2019 9.4% 7.88%
2018 9.2% 7.61%
2017 11.5% 6.22%
2016 21.7% 9.64%
2015 21.9% 8.67%
2014 23.8% 8.88%
2013 28.3% 8.58%
2012 21.3% 8.1%
2011 7.6% 8.09%
2010 7.4% 6.7%
2009 8.4% 7.06%
2008 8.7% 7.88%
2007 7.9% 8.11%
2006 13.9% 6.4%
2005 15.5% 4.7%
2004 11.4% 9.16%
2003 9.6% 19.4%
2002 14.7% 14%
2001 22.7% 4.36%
2000 29.6% 4.76%
1999 44.8% 5.66%
1998 29.8% 10.8%
1997 9.1% 19.8%

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/uruguay | CC BY

Over the past 28 years, Malawi has recorded an average annual inflation rate of 17.4%, compared with 8.56% in Uruguay. In 2024, inflation was 32.2% in Malawi and 4.85% in Uruguay.

Top exports between countries

Malawi
Export category Export value
Processed food, beverages & tobacco $876K
Uruguay
Export category Export value

Balance of trade

Malawi Uruguay
Current account balance
-$2.13B
2024
-$633M
2024
Current account balance ranking
145/190
2024
111/190
2024
Current account balance, % of GDP
-18.8%
2024
-0.78%
2024
Goods imports
$3.02B
2024
$13B
2024
Goods exports
$1.02B
2024
$16.3B
2024
Service imports
$895M
2024
$6.22B
2024
Service exports
$508M
2024
$7.1B
2024
Imports of goods and services, % of GDP
31.2%
2023
23.7%
2024
Exports of goods and services, % of GDP
11.2%
2023
28.8%
2024

Economic freedom indices

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

Malawi Uruguay
Economic freedom 50.7 69.8
Economic freedom ranking 159/197 39/197
Property rights 49.5 87.4
Government integrity 35 79
Judicial effectiveness 51.8 80.9
Tax burden 77 73.3
Government spending 77.8 72
Fiscal health 4.7 76.6
Business freedom 34.1 83.8
Labor freedom 55.2 61.7
Monetary freedom 55.1 70.2
Trade freedom 68.6 73.2
Investment freedom 50 50
Financial freedom 50 30

Economic freedom comparison by year

Malawi
Uruguay
1x
Year Economic freedom index
Malawi Uruguay
2026 50.7 69.8
2025 50.9 70.2
2024 52.1 69.8
2023 52.8 70.2
2022 53 70
2021 53 69.3
2020 52.8 69.1
2019 51.4 68.6
2018 52 69.2
2017 52.2 69.7
2016 51.8 68.8
2015 54.8 68.6
2014 55.4 69.3
2013 55.3 69.7
2012 56.4 69.9
2011 55.8 70
2010 54.1 69.8
2009 53.7 69.1
2008 52.7 67.9
2007 52.9 68.4
2006 55.4 65.3
2005 53.6 66.9
2004 53.6 66.7
2003 53.2 69.8
2002 56.9 68.7
2001 56.2 70.7
2000 57.4 69.3
1999 54 68.5
1998 54.1 68.6
1997 53.4 67.5
1996 56.2 63.7
1995 54.7 62.5

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

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

The Economic Freedom Index for Malawi is 50.7, ranking 159/197, compared to 69.8 for Uruguay, ranking 39/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Malawi Uruguay
Services, % of GDP
44.2%
2024
65.3%
2024
Industry, % of GDP
17.1%
2024
16.8%
2024
Agriculture, forestry, and fishing, % of GDP
31.8%
2024
6.42%
2024
GNI, Atlas method
$12.3B
2024
$73.3B
2024
GNI per capita, PPP
$1,830
2024
$34,170
2024
Total reserves including gold
$594M
2020
$17.4B
2024
Total reserves ranking
154/177
2020
66/177
2024
Net foreign direct investment
-$202M
2024
$2.58B
2024
Net inflows of foreign direct investment
$681M
2024
-$3.94B
2024
Net outflows of foreign direct investment
$56.4M
2024
-$1.37B
2024
Servicing debt to the IMF, % of GNI
1.47%
2024
n/a
Poverty at national poverty lines
50.7%
2019
17.3%
2024
Gross capital formation, % of GDP
14.5%
2023
15.6%
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/uruguay | 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 (1999–2024, retrieved 2026-02-20)
  3. International Monetary Fund (IMF) | Public Finances in Modern History (1955–1998, retrieved 2026-02-20)
  4. The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09)
  5. U.S. Census Bureau (1985–2024, retrieved 2026-02-08)
  6. United Nations | World Population Prospects (2026, retrieved 2026-03-10)
  7. LivingCost (2026, retrieved 2025-10-14)
  8. TradeMap (2024, retrieved 2026-02-08)

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.