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Malawi Economy 1999
Economyoverview: 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 45% of GDP and 90% of export revenues. 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. GDP: purchasing power parity$8.9 billion (1998 est.) GDPreal growth rate: 3.2% (1998 est.) GDPper capita: purchasing power parity$940 (1998 est.)
GDPcomposition by sector:
Population below poverty line: 54% (1990-91 est.)
Household income or consumption by percentage share:
Inflation rate (consumer prices): 83.4% (1995) Labor force: 3.5 million Labor forceby occupation: agriculture 86%, wage earners 14% (1990 est.) Unemployment rate: NA%
Budget:
Industries: tea, tobacco, sugar, sawmill products, cement, consumer goods Industrial production growth rate: 0.9% (1995) Electricityproduction: 800 million kWh (1996)
Electricityproduction by source:
Electricityconsumption: 800 million kWh (1996) Electricityexports: 0 kWh (1996) Electricityimports: 0 kWh (1996) Agricultureproducts: tobacco, sugarcane, cotton, tea, corn, potatoes, cassava (tapioca), sorghum, pulses; cattle, goats Exports: $405 million (f.o.b., 1995) Exportscommodities: tobacco, tea, sugar, coffee, peanuts, wood products Exportspartners: US, South Africa, Germany, Japan Imports: $475 million (f.o.b., 1995) Importscommodities: food, petroleum products, semimanufactures, consumer goods, transportation equipment Importspartners: South Africa, Zimbabwe, Japan, US, UK, Germany Debtexternal: $2.3 billion (1996 est.) Economic aidrecipient: $416.5 million (1995) Currency: 1 Malawian kwacha (MK) = 100 tambala Exchange rates: Malawian kwachas (MK) per US$143.5426 (January 1999), 31.0727 (1998), 16.4442 (1997), 15.3085 (1996), 15.2837 (1995), 8.7364 (1994) Fiscal year: 1 April31 March
Revised 1-Mar-99 Copyright © 1999 Photius Coutsoukis (all rights reserved) |