Malawi with Gross Domestic Product of USD 3.5 billion and high growth rates averaging 7.5% have been registered in the last 3-4 years, compared to below 3 per cent in previous years. A real GDP growth of 8.6 percent was recorded in 2007, with inflation reaching single digits the same year. Growth is projected at 7.9 percent in 2009. Interest rates have declined from 40% in 2003/4 to the current 15%.
Malawi’s population is 13.1 million. Agriculture is the mainstay of the economy due to Malawi’s tropical climate and fertile soil contributing 35 percent of GDP compared to 46 percent by services and 19 percent by industry, the sector accounts for more than 80 percent of Malawi’s export earnings, and supports 85 percent of the population. The country’s export trade is dominated by tobacco, tea, cotton, coffee, and sugar. There is increasingly more interest in the mining sector’s contribution to the economy. While the country now has a sense of its mineral potential and applications for rights to explore minerals are increasing, a uranium mine is now operational at Kayelekera in the northern part of the country. Uranium is expected to contribute over USD200million annually. Malawi also has proven deposits of asbestos, graphite and titanium.
However, given that Malawi is situated within the mineral-rich Southern African region, it could contain many more mineral deposits. With increased foreign interest in Malawi’s minerals, the government is planning a sophisticated digital survey, where the success of the uranium and bauxite mining projects is likely to attract foreign investors to develop other mines in Malawi.
There are around 100 manufacturing and industrial companies in Malawi, which together accounted for 11% of GDP in 2004. The country’s industry consists mainly of agro-processing, textiles, and the production of clothing and footwear, and building and construction materials.
Hon. Minister Ministry of Commerce & Industry
P O Box 30366
Chamber of Commerce and Industry
Malawi Chamber of Commerce and Industry
P.O. Box 258
Tel: (265) 671988
Fax: (265) 671147
Export Promotion Board
Malawi Export Promotion Council (MEPC)
Delamere House, Victoria Avenue
P.O. Box 1299
Tel: (265) 620499
Tlx: 44589 EXPORT MI
Investment Promotion Agency
Private Bag 302
Lilongwe 3, Malawi
Tel: (265) 780800
Fax: (265) 781781