Madagascar Economy - 2024

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% (2021 est.)

male: 5.2%

female: 4.4%

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.)

Remittances

3.8% of GDP (2020 est.)
2.89% of GDP (2019 est.)
3.09% of GDP (2018 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 -

Exchange rates:
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.)