Countries
Madagascar
Key Economic Indicators
$60.21 billion
$1,884
4.2%
9.87%
3.04%
$17.421 billion (2024 est.)
38.4% of GDP (2016 est.)
$-829,376,078
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
All Economic Data
Agricultural products
rice, sugarcane, cassava, sweet potatoes, milk, bananas, vegetables, mangoes/guavas, maize, potatoes (2023)
note:
<b>note:</b> top ten agricultural products based on tonnage
Budget
Expenditures:
$2.876 billion (2023 est.)
Note:
<b>note:</b> central government revenues and expenses (excluding grants/extrabudgetary units/social security funds) converted to US dollars at average official exchange rate for year indicated
Revenues:
$2.066 billion (2023 est.)
Currency
code:
MGA
name:
Malagasy ariary (MGA) [Ar]
Current account balance
$-829,376,078
Current account balance 2020:
-$623.653 million (2020 est.)
Current account balance 2021:
-$721.953 million (2021 est.)
Current account balance 2022:
-$829.376 million (2022 est.)
Note:
<b>note:</b> balance of payments - net trade and primary/secondary income in current dollars
Debt - external
$6.65 billion
Debt - external 2023:
$3.548 billion (2023 est.)
Note:
<b>note:</b> present value of external debt in current US dollars
Exchange rates
Currency:
Malagasy ariary (MGA) per US dollar -
Exchange rates 2020:
3,787.754 (2020 est.)
Exchange rates 2021:
3,829.978 (2021 est.)
Exchange rates 2022:
4,096.116 (2022 est.)
Exchange rates 2023:
4,429.579 (2023 est.)
Exchange rates 2024:
4,525.425 (2024 est.)
Exports
$4.05 billion
Exports 2020:
$2.589 billion (2020 est.)
Exports 2021:
$3.362 billion (2021 est.)
Exports 2022:
$4.689 billion (2022 est.)
Note:
<b>note:</b> balance of payments - exports of goods and services in current dollars
Exports - commodities
garments, nickel, vanilla, cloves, gold (2023)
note:
<b>note:</b> top five export commodities based on value in dollars
Exports - partners
USA 16%, France 15%, Japan 8%, China 6%, S. Korea 6% (2023)
note:
<b>note:</b> top five export partners based on percentage share of exports
Foreign direct investment
net inflows:
$606.21 million
GDP - composition, by end use
Exports of goods and services:
23.6% (2024 est.)
Government consumption:
15.3% (2024 est.)
Household consumption:
69.8% (2024 est.)
Imports of goods and services:
-31.3% (2024 est.)
Investment in fixed capital:
22.6% (2024 est.)
Investment in inventories:
0% (2024 est.)
Note:
<b>note:</b> figures may not total 100% due to rounding or gaps in data collection
GDP - composition, by sector of origin
Agriculture:
22.5% (2024 est.)
Industry:
22.8% (2024 est.)
Note:
<b>note:</b> figures may not total 100% due to non-allocated consumption not captured in sector-reported data
Services:
46.4% (2024 est.)
GDP (official exchange rate)
$17.421 billion (2024 est.)
note:
<b>note:</b> data in current dollars at official exchange rate
GDP per capita (nominal)
$545
Gini Index coefficient - distribution of family income
42.6 (2012)
GNI (gross national income)
$16.97 billion
GNI per capita
$510
Gross domestic investment
22 % of GDP
Imports
$5.53 billion
Imports 2020:
$3.718 billion (2020 est.)
Imports 2021:
$4.769 billion (2021 est.)
Imports 2022:
$6.041 billion (2022 est.)
Note:
<b>note:</b> balance of payments - imports of goods and services in current dollars
Imports - commodities
refined petroleum, rice, fabric, cotton fabric, wheat (2023)
note:
<b>note:</b> top five import commodities based on value in dollars
Imports - partners
China 19%, Oman 13%, France 10%, India 8%, South Africa 5% (2023)
note:
<b>note:</b> top five import partners based on percentage share of imports
Industrial production growth rate
3.7% (2024 est.)
note:
<b>note:</b> annual % change in industrial value added based on constant local currency
Industries
meat processing, seafood, soap, beer, leather, sugar, textiles, glassware, cement, automobile assembly plant, paper, petroleum, tourism, mining
Inflation rate (consumer prices)
9.87%
Inflation rate (consumer prices) 2021:
5.8% (2021 est.)
Inflation rate (consumer prices) 2022:
8.2% (2022 est.)
Inflation rate (consumer prices) 2023:
9.9% (2023 est.)
Note:
<b>note:</b> annual % change based on consumer prices
Labor force
16.519 million (2024 est.)
note:
<b>note:</b> number of people ages 15 or older who are employed or seeking work
total:
17.09 million persons
Labor force - by occupation
agriculture:
69.21%
industry:
9.9%
services:
20.89%
Population below poverty line
75.2%
Public debt
Public debt 2016:
38.4% of GDP (2016 est.)
Real GDP (purchasing power parity)
$60.21 billion
Note:
<b>note:</b> data in 2021 dollars
Real GDP (purchasing power parity) 2022:
$48.782 billion (2022 est.)
Real GDP (purchasing power parity) 2023:
$50.833 billion (2023 est.)
Real GDP (purchasing power parity) 2024:
$52.968 billion (2024 est.)
Real GDP growth rate
4.2%
Note:
<b>note:</b> annual GDP % growth based on constant local currency
Real GDP growth rate 2022:
4.2% (2022 est.)
Real GDP growth rate 2023:
4.2% (2023 est.)
Real GDP growth rate 2024:
4.2% (2024 est.)
Real GDP per capita
$1,884
Note:
<b>note:</b> data in 2021 dollars
Real GDP per capita 2022:
$1,600 (2022 est.)
Real GDP per capita 2023:
$1,600 (2023 est.)
Real GDP per capita 2024:
$1,700 (2024 est.)
Remittances
$406.26 million
Note:
<b>note:</b> personal transfers and compensation between resident and non-resident individuals/households/entities
Remittances 2021:
3.1% of GDP (2021 est.)
Remittances 2022:
2.5% of GDP (2022 est.)
Remittances 2023:
2.4% of GDP (2023 est.)
Reserves of foreign exchange and gold
$2.78 billion
Note:
<b>note:</b> holdings of gold (year-end prices)/foreign exchange/special drawing rights in current dollars
Reserves of foreign exchange and gold 2022:
$2.16 billion (2022 est.)
Reserves of foreign exchange and gold 2023:
$2.632 billion (2023 est.)
Reserves of foreign exchange and gold 2024:
$2.785 billion (2024 est.)
Revenue (excl grants)
11 % of GDP
Tax revenue
10 % of GDP
Taxes and other revenues
9.6% (of GDP) (2023 est.)
note:
<b>note:</b> central government tax revenue as a % of GDP
Unemployment rate
3.04%
Note:
<b>note:</b> % of labor force seeking employment
Unemployment rate 2022:
3.2% (2022 est.)
Unemployment rate 2023:
3.1% (2023 est.)
Unemployment rate 2024:
3.1% (2024 est.)
Youth unemployment rate (ages 15-24)
Female:
5.4% (2024 est.)
Male:
5.3% (2024 est.)
Note:
<b>note:</b> % of labor force ages 15-24 seeking employment
Total:
5.4% (2024 est.)
World Bank Indicators
Currency
Moroccan dirham (MAD) .. (2025)
Gini Index
39.50 (2013)
Languages
Arabic, Berber (2025)
Economic Rankings
Gini Index
#47
Inflation Rate
#74
External Debt
#80
Reserves
#119
GDP Growth Rate
#120
GDP (PPP)
#122
GDP (Nominal)
#133
Exports
#140
Unemployment Rate
#143
Imports
#144
GDP per Capita
#184
Quick Facts
Industries
meat processing, seafood, soap, beer, leather, sugar, textiles, glassware, cement, automobile assembly plant, paper, petroleum, tourism, mining
Agricultural products
rice, sugarcane, cassava, sweet potatoes, milk, bananas, vegetables, mangoes/guavas, maize, potatoes (2023)
Labor force
16.519 million (2024 est.)
Exports - partners
USA 16%, France 15%, Japan 8%, China 6%, S. Korea 6% (2023)
Imports - partners
China 19%, Oman 13%, France 10%, India 8%, South Africa 5% (2023)
Exchange rates
Malagasy ariary (MGA) per US dollar -
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