Madagascar Economy - 2023

GEOGRAPHICAL NAMES 

Economic overview

low-income East African island economy; natural resource rich; extreme poverty; return of political stability has helped growth; sharp tax revenue drop due to COVID-19; leading vanilla producer; environmentally fragile

Real GDP (purchasing power parity)

$42.322 billion (2021 est.)

$40.537 billion (2020 est.)

$43.653 billion (2019 est.)

note: data are in 2017 dollars

Real GDP growth rate

4.4% (2021 est.)

-7.14% (2020 est.)

4.41% (2019 est.)

Real GDP per capita

$1,500 (2021 est.)

$1,400 (2020 est.)

$1,600 (2019 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$13.964 billion (2019 est.)

Inflation rate (consumer prices)

5.81% (2021 est.)

4.2% (2020 est.)

5.61% (2019 est.)

GDP - composition, by sector of origin

agriculture: 24% (2017 est.)

industry: 19.5% (2017 est.)

services: 56.4% (2017 est.)

GDP - composition, by end use

household consumption: 67.1% (2017 est.)

government consumption: 11.2% (2017 est.)

investment in fixed capital: 15.1% (2017 est.)

investment in inventories: 8.8% (2017 est.)

exports of goods and services: 31.5% (2017 est.)

imports of goods and services: -33.7% (2017 est.)

Agricultural products

rice, sugar cane, cassava, sweet potatoes, milk, vegetables, bananas, mangoes/guavas, tropical fruit, potatoes

Industries

meat processing, seafood, soap, beer, leather, sugar, textiles, glassware, cement, automobile assembly plant, paper, petroleum, tourism, mining

Industrial production growth rate

-21.56% (2020 est.)

Labor force

14.813 million (2021 est.)

Unemployment rate

2.59% (2021 est.)

2.47% (2020 est.)

1.86% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 4.8%

male: 5.2%

female: 4.4% (2021 est.)

Population below poverty line

70.7% (2012 est.)

Gini Index coefficient - distribution of family income

42.6 (2012 est.)

Household income or consumption by percentage share

lowest 10%: 2.2%

highest 10%: 34.7% (2010 est.)

Budget

revenues: $1.51 billion (2020 est.)

expenditures: $2.09 billion (2020 est.)

Budget surplus (+) or deficit (-)

-2.7% (of GDP) (2017 est.)

Public debt

36% of GDP (2017 est.)

38.4% of GDP (2016 est.)

Taxes and other revenues

9.52% (of GDP) (2020 est.)

Fiscal year

calendar year

Current account balance

-$732.252 million (2021 est.)

-$623.149 million (2020 est.)

-$302.357 million (2019 est.)

Exports

$3.341 billion (2021 est.) note: data are in current year dollars

$2.589 billion (2020 est.) note: data are in current year dollars

$4.082 billion (2019 est.)

Exports - partners

United States 19%, France 18%, United Arab Emirates 7%, China 6%, Japan 6%, Germany 5%, India 5% (2019)

Exports - commodities

vanilla, nickel, clothing and apparel, titanium, gold, cloves (2021)

Imports

$4.768 billion (2021 est.) note: data are in current year dollars

$3.718 billion (2020 est.) note: data are in current year dollars

$4.685 billion (2019 est.)

Imports - partners

China 24%, France 11%, United Arab Emirates 9%, India 7%, South Africa 5% (2019)

Imports - commodities

refined petroleum, rice, cars, packaged medicines, clothing and apparel (2019)

Reserves of foreign exchange and gold

$2.335 billion (31 December 2021 est.)

$1.981 billion (31 December 2020 est.)

$1.693 billion (31 December 2019 est.)

Debt - external

$3.085 billion (2019 est.)

$4.107 billion (2018 est.)

Exchange rates

Malagasy ariary (MGA) per US dollar -

3,829.978 (2021 est.)

3,787.754 (2020 est.)

3,618.322 (2019 est.)

3,334.752 (2018 est.)

3,116.11 (2017 est.)

NOTE: The information regarding Madagascar on this page is re-published from the 2023 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Madagascar 2023 information contained here. All suggestions for corrections of any errors about Madagascar 2023 should be addressed to the CIA or the source cited on each page.