A Malawi Extractive Industry Transparency Initiative (MwEITI) report has revealed that the country earned over US$13.69 million (MK5.94billion) from extractive industries, between 2013 and 2015.According to the report released in the capital Lilongwe on Thursday, the revenue collected contributed 0.9 per cent of the country’s Gross Domestic Product (GDP) and 0.69 per cent of the total exports for the period under review.
“If Malawi can concentrate on the sector, more revenue can be collected thereby changing the economic outlook for the country.”
Most of the revenue came from forestry with 49 per cent, 40 per cent from solid minerals and 11 per cent from oils and gas, it added.
The report indicated that the mining and quarrying sector are expected to grow by 1.6 per cent in 2017, compared to 0.4 per cent in 2016 and 1.1 per cent in 2015.
However, it continued, the contribution of the mining sector to GDP has been significantly reduced due to the closure of Kayelekera Mining, following low prices in the international market.