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Madagascar Economy 2011
https://theodora.com/wfb2011/madagascar/madagascar_economy.html
SOURCE: 2011 CIA WORLD FACTBOOK AND OTHER SOURCES


















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Page last updated on January 12, 2011

Economy - overview:
After discarding socialist economic policies in the mid-1990s, Madagascar followed a World Bank- and IMF-led policy of privatization and liberalization that has been undermined since the start of the political crisis. This strategy placed the country on a slow and steady growth path from an extremely low level. Agriculture, including fishing and forestry, is a mainstay of the economy, accounting for more than one-fourth of GDP and employing 80% of the population. Exports of apparel have boomed in recent years primarily due to duty-free access to the US. However, Madagascar's failure to comply with the requirements of the African Growth and Opportunity Act (AGOA) led to the termination of the country's duty-free access in January 2010. Deforestation and erosion, aggravated by the use of firewood as the primary source of fuel, are serious concerns. Former President RAVALOMANANA worked aggressively to revive the economy following the 2002 political crisis, which triggered a 12% drop in GDP that year. The current political crisis which began in early 2009 has dealt additional blows to the economy. Tourism dropped more than 50% in 2009, compared with the previous year, and many investors are wary of entering the uncertain investment environment.

GDP (purchasing power parity):
$20.73 billion (2010 est.)
country comparison to the world: 123

$20.42 billion (2009 est.)
$20.63 billion (2008 est.)
note: data are in 2010 US dollars
[see also: GDP (purchasing power parity) country ranks ]

GDP (official exchange rate):
$8.33 billion (2009 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
1.5% (2010 est.)
country comparison to the world: 168

-1% (2009 est.)
7% (2008 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$1,000 (2010 est.)
country comparison to the world: 218

$1,000 (2009 est.)
$1,000 (2008 est.)
note: data are in 2010 US dollars
[see also: GDP - per capita country ranks ]

GDP - composition by sector:
agriculture: 26.5%
[see also: GDP - composition by sector - agriculture country ranks ]
industry: 16.7%
[see also: GDP - composition by sector - industry country ranks ]
services: 56.8% (2009 est.)
[see also: GDP - composition by sector - services country ranks ]

Labor force:
9.504 million (2007)
country comparison to the world: 51
[see also: Labor force country ranks ]

Population below poverty line:
50% (2004 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 2.6%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 41.5% (2005)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Distribution of family income - Gini index:
47.5 (2001)
country comparison to the world: 32

38.1 (1999)
[see also: Distribution of family income - Gini index country ranks ]

Investment (gross fixed):
34.6% of GDP (2009 est.)
country comparison to the world: 9
[see also: Investment (gross fixed) country ranks ]

Budget:
revenues: $896.9 million
[see also: Budget - revenues country ranks ]
expenditures: $1.547 billion (2009 est.)
[see also: Budget - expenditures country ranks ]

Inflation rate (consumer prices):
8.1% (2010 est.)
country comparison to the world: 189

9% (2009 est.)
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
NA%
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
45% (31 December 2009 est.)
country comparison to the world: 3

45% (31 December 2008 est.)
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$1.233 billion (31 December 2010 est)

$1.228 billion (31 December 2009 est)
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$2.012 billion (31 December 2010 est.)

$1.994 billion (31 December 2009 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$1.02 billion (31 December 2010 est.)
country comparison to the world: 150

$997.6 million (31 December 2009 est.)
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$NA
[see also: Market value of publicly traded shares country ranks ]

Agriculture - products:
coffee, vanilla, sugarcane, cloves, cocoa, rice, cassava (tapioca), beans, bananas, peanuts; livestock products

Industries:
meat processing, seafood, soap, breweries, tanneries, sugar, textiles, glassware, cement, automobile assembly plant, paper, petroleum, tourism

Industrial production growth rate:
2% (2009 est.)
country comparison to the world: 131
[see also: Industrial production growth rate country ranks ]

Electricity - production:
1.045 billion kWh (2007 est.)
country comparison to the world: 145
[see also: Electricity - production country ranks ]

Electricity - consumption:
971.4 million kWh (2007 est.)
country comparison to the world: 146
[see also: Electricity - consumption country ranks ]

Electricity - exports:
0 kWh (2008 est.)
[see also: Electricity - exports country ranks ]

Electricity - imports:
0 kWh (2008 est.)
[see also: Electricity - imports country ranks ]

Oil - production:
0 bbl/day (2009 est.)
country comparison to the world: 167
[see also: Oil - production country ranks ]

Oil - consumption:
21,000 bbl/day (2009 est.)
country comparison to the world: 125
[see also: Oil - consumption country ranks ]

Oil - exports:
365 bbl/day (2007 est.)
country comparison to the world: 127
[see also: Oil - exports country ranks ]

Oil - imports:
16,940 bbl/day (2007 est.)
country comparison to the world: 118
[see also: Oil - imports country ranks ]

Oil - proved reserves:
0 bbl (1 January 2010 est.)
country comparison to the world: 142
[see also: Oil - proved reserves country ranks ]

Natural gas - production:
0 cu m (2008 est.)
country comparison to the world: 150
[see also: Natural gas - production country ranks ]

Natural gas - consumption:
0 cu m (2008 est.)
country comparison to the world: 143
[see also: Natural gas - consumption country ranks ]

Natural gas - exports:
0 cu m (2008 est.)
country comparison to the world: 157
[see also: Natural gas - exports country ranks ]

Natural gas - imports:
0 cu m (2008 est.)
country comparison to the world: 100
[see also: Natural gas - imports country ranks ]

Natural gas - proved reserves:
0 cu m (1 January 2006 est.)
country comparison to the world: 164
[see also: Natural gas - proved reserves country ranks ]

Current account balance:
-$600 million (2010 est.)
country comparison to the world: 123

-$561 million (2009 est.)
[see also: Current account balance country ranks ]

Exports:
$1.412 billion (2010 est.)
country comparison to the world: 141

$1.309 billion (2009 est.)
[see also: Exports country ranks ]

Exports - commodities:
coffee, vanilla, shellfish, sugar, cotton cloth, chromite, petroleum products

Exports - partners:
France 28.9%, US 20.49%, Germany 5.89%, China 4.36% (2009)

Imports:
$1.958 billion (2010 est.)
country comparison to the world: 153

$1.893 billion (2009 est.)
[see also: Imports country ranks ]

Imports - commodities:
capital goods, petroleum, consumer goods, food

Imports - partners:
China 12.99%, Thailand 11.93%, Bahrain 7.1%, France 6.89%, US 4.13% (2009)

Reserves of foreign exchange and gold:
$1.038 billion (31 December 2010 est.)
country comparison to the world: 108

$1.136 billion (31 December 2009 est.)
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$2.973 billion (31 December 2010 est.)
country comparison to the world: 130

$2.261 billion (31 December 2009 est.)
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$NA
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$NA
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
Malagasy ariary (MGA) per US dollar - 2,062.5 (2010), 1,956.21 (2009), 1,654.78 (2008), 1,880 (2007), 2,161.4 (2006)


NOTE: The information regarding Madagascar on this page is re-published from the 2011 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Madagascar Economy 2011 information contained here. All suggestions for corrections of any errors about Madagascar Economy 2011 should be addressed to the CIA.



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This page was last modified 09-Feb-11
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