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Malawi Economy 1996

Overview:

Landlocked Malawi ranks among the world's least developed countries. The economy is predominately agricultural, with about 90% of the population living in rural areas. Agriculture accounts for 40% of GDP and 90% of export revenues. After two years of weak performance, economic growth improved significantly in 1988-91 as a result of good weather and a broadly based economic adjustment effort by the government. Drought cut overall output sharply in 1992, but the lost ground was recovered in 1993. The economy depends on substantial inflows of economic assistance from the IMF, the World Bank, and individual donor nations. The new government faces strong challenges, e.g., to spur exports, to improve educational and health facilities, and to deal with environmental problems of deforestation and erosion.

National product:

GDP - purchasing power parity - $7.3 billion (1994 est.)

National product real growth rate:

9.3% (1994 est.)

National product per capita:

$750 (1994 est.)

Inflation rate (consumer prices):

30% (1994 est.)

Unemployment rate:

NA%

Budget:

revenues:

$416 million

expenditures:

$498 million, including capital expenditures of $NA (1992 est.)

Exports:

$311 million (f.o.b., 1993 est.)

commodities:

tobacco, tea, sugar, coffee, peanuts, wood products

partners:

US, UK, Zambia, South Africa, Germany

Imports:

$308 million (c.i.f., 1993 est.)

commodities:

food, petroleum products, semimanufactures, consumer goods, transportation equipment

partners:

South Africa, Japan, US, UK, Zimbabwe

External debt:

$1.8 billion (December 1993 est.)

Industrial production:

growth rate 3.5% accounts for about 15% of GDP (1992 est.)

Electricity:

capacity:

190,000 kW

production:

820 million kWh

consumption per capita:

77 kWh (1993)

Industries:

agricultural processing (tea, tobacco, sugar), sawmilling, cement, consumer goods

Agriculture:

accounts for 40% of GDP; cash crops - tobacco, sugarcane, cotton, tea, and corn; subsistence crops - potatoes, cassava, sorghum, pulses; livestock - cattle, goats

Economic aid:

recipient:

US commitments, including Ex-Im (FY70-89), $215 million; Western (non-US) countries, ODA and OOF bilateral commitments (1970-89), $2.15 billion

Currency:

1 Malawian kwacha (MK) = 100 tambala

Exchange rates:

Malawian kwacha (MK) per US$1 - 7.8358 (August 1994), 4.4028 (1993), 3.6033 (1992), 2.8033 (1991), 2.7289 (1990), 2.7595 (1989)

Fiscal year:

1 April - 31 March

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