|MALAWI ECONOMY OVERVIEW|
The economy of Malawi is predominantly agriculture-based, with tobacco, tea, cotton, and sugar being the main exports. Agriculture accounts for about 30% of the country`s GDP. The agriculture industry in Malawi incorporates crop farming, livestock production, agro-processing, fisheries/aquaculture, horticulture production, and honey production. It significantly contributes to 85% of national export earnings, employing almost 80% of the population, 32% of economic growth, poverty reduction, and food and nutrition security. Most agricultural produce in Malawi derives from smallholder and estate sub-sectors.
Tobacco is considered as the “green gold” and remains the most profitable leading cash crop in the economy accounting for over 60% of the country’s total export earnings. Other key essential exports include tea, dried legumes, maize, coffee, macadamia nuts, rice, chili sauce, sugarcane, cotton, groundnuts, soybeans, cowpeas, apparel, clothing, fish, cotton, etc. Malawi`s major exporting destinations include; European Union (EU) countries like Germany, and Belgium; the United Kingdom; and the South Africa Development Community (SADC) countries like South Africa and Zimbabwe.
Apart from the agriculture industry, mining, transport, manufacturing, tourism, financial and professional services, water and energy, transport, construction, infrastructure, and ICT also form the main industries of Malawi's economy.