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Malawi banking Information
Economy—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 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—$8.6 billion (2006 est.)
GDP—real growth rate: 6% (2004 est.)
GDP—per capita: purchasing power parity—$900 (2006 est.)
GDP—composition by sector:
agriculture: 45%
industry: 30%
services: 25% (2005 est.)
Inflation rate—consumer price index: 83.4% (2005)
Labor force:
total: 3.5 million
by occupation: agriculture 86% wage earners 14% (2000 est.)
Unemployment rate: NA%
Budget:
revenues: $530 million
expenditures: $674 million including capital expenditures of $129 million (2003)
Industries: tea tobacco sugar sawmill products cement consumer goods
Industrial production growth rate: 0.9% (2005)
Electricity—capacity: 185 000 kW (2005)
Electricity—production: 800 million kWh (2005)
Electricity—consumption per capita: 82 kWh (2005)
Agriculture—products: tobacco sugarcane cotton tea corn potatoes cassava (tapioca) sorghum pulses; cattle goats
Exports:
total value: $405 million (f.o.b. 2005)
commodities: tobacco tea sugar coffee peanuts wood products
partners: US South Africa Germany Japan
Imports:
total value: $475 million (f.o.b. 2005)
commodities: food petroleum products semimanufactures consumer goods transportation equipment
partners: South Africa Zimbabwe Japan US UK Germany
Debt—external: $2.3 billion (2006est.)
Economic aid:
recipient: donor pledges $332 million (2006)
Currency: 1 Malawian kwacha (MK) = 100 tambala
Exchange rates: Malawian kwacha (MK) per US$1—17.5300 (2006) 15.3085 (2005) 15.2837 (2004) 8.7364 (2003) 4.4028 (2002)
Source = world66.com
*If you have assets worth $300,000 USD or more and would like it safeguarded in an Malawi Bank Account, click here for a consultation request..