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Economy of Angola vs Madagascar compared: GDP & Debt

Updated on by Georank team

Angola has a GDP of $101B compared to $17.4B for Madagascar, ranking 71/197 and 136/197 by economy size, respectively.

Angola has $60.5B in government debt (59.9% of GDP), compared to $8.77B (50.3% of GDP) in Madagascar.

Angola vs Madagascar GDP by year

Angola
Madagascar
1x
Year GDP, current $
Angola Madagascar
2024 $100,998,916,781 $17,420,501,490
2023 $107,167,747,140 $15,869,945,478
2022 $131,212,208,930 $15,325,603,273
2021 $79,559,543,805 $14,354,731,964
2020 $58,852,456,454 $13,051,441,204
2019 $80,734,428,593 $14,104,664,679
2018 $89,512,794,227 $13,760,033,282
2017 $84,376,935,689 $13,176,313,594
2016 $59,878,249,719 $11,848,613,858
2015 $102,543,067,841 $11,323,020,701
2014 $153,449,860,496 $12,522,957,399
2013 $148,845,200,697 $12,423,555,455
2012 $143,572,907,528 $11,578,975,062
2011 $125,551,634,704 $11,551,819,618
2010 $95,546,919,755 $9,982,711,338
2009 $81,705,175,408 $9,616,879,409
2008 $98,790,432,989 $10,725,137,724
2007 $73,037,821,927 $8,524,620,890
2006 $58,653,659,980 $6,395,712,491
2005 $41,396,636,383 $5,859,269,753
2004 $26,997,977,897 $5,064,732,626
2003 $20,342,128,112 $6,372,498,890
2002 $17,311,512,432 $5,351,701,663
2001 $8,936,079,118 $5,438,332,602
2000 $9,129,594,970 $4,629,247,204
1999 $6,152,923,310 $4,277,903,780
1998 $6,506,221,616 $4,401,967,633
1997 $7,648,380,196 $4,262,965,420
1996 $7,526,421,519 $4,931,861,039
1995 $5,538,749,260 $3,838,100,904
1994 $4,438,321,017 $3,522,227,092
1993 $5,768,720,422 $4,063,298,919
1992 $8,307,810,974 $3,714,966,678
1991 $10,603,784,541 $3,254,713,056
1990 $11,229,515,599 $3,931,334,875
1989 $10,201,780,977 $3,175,638,333
1988 $8,769,836,769 $3,189,456,965
1987 $8,084,412,414 $3,212,900,556
1986 $7,072,536,109 $4,347,989,788
1985 $7,554,065,410 $3,802,557,895
1984 $6,131,475,065 $3,905,938,481
1983 $5,784,341,596 $4,686,457,031
1982 $5,550,483,036 $4,784,977,326
1981 $5,550,483,036 $4,759,333,998
1980 $5,930,503,401 $5,201,818,348
1979 - $3,463,565,854
1978 - $2,669,755,115
1977 - $2,358,930,406
1976 - $2,181,844,179
1975 - $2,283,049,215
1974 - $1,917,508,190
1973 - $1,653,062,335
1972 - $1,341,590,690
1971 - $1,199,507,631
1970 - $1,111,859,571
1969 - $1,056,391,056
1968 - $1,031,669,637
1967 - $956,436,932
1966 - $900,264,585
1965 - $833,563,473
1964 - $802,482,184
1963 - $759,345,864
1962 - $739,286,908
1961 - $699,161,945
1960 - $673,081,725

Data sources: World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06).

GeoRank.org/economy/angola/madagascar | CC BY

GDP per capita in Angola vs Madagascar by year

Angola
GDP per capita

GDP per capita, PPP
Madagascar
GDP per capita

GDP per capita, PPP
1x
Year Current $
Angola Madagascar
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $2,666 $10,119 $545 $1,884
2023 $2,916 $9,754 $509 $1,808
2022 $3,682 $9,588 $504 $1,717
2021 $2,304 $8,862 $483 $1,577
2020 $1,759 $7,827 $451 $1,490
2019 $2,494 $8,573 $500 $1,612
2018 $2,860 $8,278 $500 $1,547
2017 $2,791 $8,007 $492 $1,547
2016 $2,052 $7,767 $454 $1,562
2015 $3,642 $8,067 $445 $1,497
2014 $5,650 $9,018 $506 $1,499
2013 $5,689 $8,504 $515 $1,473
2012 $5,702 $8,246 $494 $1,464
2011 $5,184 $7,538 $506 $1,475
2010 $4,102 $7,412 $450 $1,464
2009 $3,645 $7,228 $446 $1,480
2008 $4,578 $7,316 $513 $1,577
2007 $3,515 $6,728 $420 $1,493
2006 $2,930 $6,018 $324 $1,416
2005 $2,146 $5,416 $306 $1,343
2004 $1,451 $4,771 $272.2 $1,280
2003 $1,134 $4,322 $353 $1,219
2002 $999 $4,241 $305 $1,121
2001 $534 $3,802 $319 $1,299
2000 $564 $3,690 $280.3 $1,236
1999 $393 $3,619 $267.4 $1,194
1998 $429 $3,609 $284.2 $1,162
1997 $522 $3,525 $284.4 $1,142
1996 $531 $3,342 $340 $1,119
1995 $404 $2,990 $273.1 $1,111
1994 $335 $2,633 $258.7 $1,104
1993 $450 $2,628 $308 $1,116
1992 $669 $3,486 $290.2 $1,101
1991 $882 $3,740 $262 $1,096
1990 $966 $3,705 $326 $1,166
1989 $908 - $271.3 -
1988 $807 - $280.5 -
1987 $770 - $290.8 -
1986 $698 - $405 -
1985 $772 - $364 -
1984 $650 - $385 -
1983 $637 - $476 -
1982 $634 - $501 -
1981 $658 - $513 -
1980 $729 - $578 -
1979 - - $396 -
1978 - - $315 -
1977 - - $286.9 -
1976 - - $273.5 -
1975 - - $295 -
1974 - - $255.3 -
1973 - - $226.8 -
1972 - - $189.6 -
1971 - - $174.6 -
1970 - - $166.6 -
1969 - - $162.9 -
1968 - - $163.6 -
1967 - - $155.9 -
1966 - - $150.7 -
1965 - - $143.2 -
1964 - - $141.5 -
1963 - - $137.4 -
1962 - - $137.3 -
1961 - - $133.3 -
1960 - - $131.7 -

Data sources: World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06).

GeoRank.org/economy/angola/madagascar | CC BY

Angola's GDP per capita is $2,666, ranking 144/197, compared to $545 in Madagascar, ranking 193/197. Adjusted for purchasing power (GDP per capita PPP), Angola ranks 133rd at $10,119, while Madagascar ranks 187th at $1,884.

Economic indicators

Angola Madagascar
Gross domestic product
$101B
2024
$17.4B
2024
GDP rank
71/197
2024
136/197
2024
GDP growth
4.42%
2023-2024
4.2%
2023-2024
GDP per capita
$2,666
2024
$545
2024
GDP per capita rank
144/197
2024
193/197
2024
GDP per capita, PPP
$10,119
2024
$1,884
2024
GDP per capita PPP rank
133/197
2024
187/197
2024
Government debt
$60.5B
2024
$8.77B
2024
Debt-to-GDP ratio
59.9%
2024
50.3%
2024
Government debt per person
$1,597
2024
$274.3
2024
Government debt per person rank
127/185
2024
180/185
2024
Average annual personal income after taxes
$28,080
2026
$1,268
2026
Income share by richest 10%
39.6%
2018
29.6%
2021
Income share by poorest 10%
1.3%
2018
2.9%
2021
Government expenditure, % of GDP
18.4%
2024
16.2%
2024
Consumer prices inflation
28.2%
2023-2024
9.87%
2022-2023
Central bank interest rate
18%
2023
n/a
Unemployment rate
14.1%
2022
3.19%
2022
Population
40555924
33750171

Spending and national debt comparison by year

Angola
Spending

Debt
Madagascar
Spending

Debt
1x
Year % of GDP
Angola Madagascar
Government spending Government debt Government spending Government debt
2024 18.4% 59.9% 16.2% 50.3%
2023 18.8% 72.4% 17.9% 52.7%
2022 19.5% 56.1% 16.2% 49.9%
2021 17.3% 74.3% 13.9% 49.4%
2020 20% 119.1% 16.4% 52.9%
2019 18.2% 101.4% 15.4% 41.3%
2018 18.3% 82.5% 14.4% 42.9%
2017 21% 60.5% 14.9% 40.1%
2016 19.4% 66.7% 13.5% 40.3%
2015 23.9% 50.4% 13% 44.1%
2014 32.3% 35.3% 12.6% 37.8%
2013 32.9% 29.5% 12.7% 36.2%
2012 33.2% 23.8% 11.5% 30.4%
2011 33.3% 26.3% 12% 29.9%
2010 34.6% 32.6% 12.3% 32.3%
2009 38.7% 48.4% 12.5% 34.9%
2008 47.2% 28.1% 15.7% 31%
2007 34.1% 18.8% 16.1% 28.2%
2006 27.3% 16.7% 18.5% 32.2%
2005 23.7% 29.9% 18.4% 74.4%
2004 26% 41.6% 21.7% 81.9%
2003 30.1% 50.8% 16.6% 85.9%
2002 27.6% 65.1% 12.4% 86.7%
2001 30.3% 100.2% 15.3% 82.1%
2000 35.8% 118.2% 15.3% 90.2%
1999 39.4% 104.8% 15.5% 104.1%
1998 26.1% 96.3% 16.9% 108.5%
1997 26.8% 73.5% 14.5% 89.7%
1996 25.2% 92% 14.4% 98.7%
1995 - - 14.5% 95.8%
1994 - - 16.7% 96%
1993 - - 17.1% 105.2%
1992 - - 16.2% 110.9%
1991 - - 13.5% 113.8%
1990 - - 13.3% 92.7%
1989 - - 15.5% 122%
1988 - - 11.4% 126.6%
1987 - - 10.4% 127.5%
1986 - - 11.1% 84.9%
1985 - - 11.8% 82.7%
1984 - - 13.9% 70.9%
1983 - - 13.4% 57.5%
1982 - - 14.3% 56.1%
1981 - - 18.2% 51.5%
1980 - - 22.7% 37.7%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1980–1999, retrieved 2026-02-20).

GeoRank.org/economy/angola/madagascar | CC BY

In 2024, Angola's government spending was $18.6B, accounting for 18.4% of its GDP, while Madagascar spent $2.82B, or 16.2% of GDP.

Debt-to-GDP ratio is 59.9% in Angola and 50.3% in Madagascar, ranking 78/185 and 106/185, respectively.

Government deficit by year

Deficit/surplus
Angola

Madagascar
1x
Year Deficit/surplus, % of GDP
Angola Madagascar
2024 -1.01% -2.48%
2023 -1.83% -4.19%
2022 0.58% -5.46%
2021 3.4% -2.83%
2020 -1.66% -3.96%
2019 0.69% -1.42%
2018 2.03% -1.34%
2017 -5.75% -2.1%
2016 -3.98% -1.11%
2015 -2.57% -2.85%
2014 -5.07% -1.96%
2013 -0.27% -3.4%
2012 3.68% -2.24%
2011 7.2% -2.04%
2010 2.98% -0.76%
2009 -6.8% -2.26%
2008 -3.8% -1.72%
2007 3.85% -2.31%
2006 8.42% -5.71%
2005 6.4% -2.47%
2004 1.03% -4.23%
2003 -4.1% -3.32%
2002 -2.24% -4.09%
2001 2.8% -3.61%
2000 2.02% -2.35%
1999 -8.1% -2.42%
1998 -5.1% -5.31%
1997 -0.23% -2%
1996 4.49% -3.97%
1995 - -5.09%
1994 - -7.23%
1993 - -6.34%
1992 - -5%
1991 - -4.4%
1990 - -0.49%
1989 - -3.35%
1988 - -0.57%
1987 - -2.12%
1986 - -2.24%
1985 - -2.39%
1984 - -6.09%
1983 - -6.04%
1982 - -6.97%
1981 - -9.97%
1980 - -11%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1980–1989, retrieved 2026-02-20).

GeoRank.org/economy/angola/madagascar | CC BY

In 2024, Angola's government deficit, the difference between spending and revenue, was $1.02B, equivalent to 1.01% of GDP. This compares to Madagascar's deficit of $432M, or 2.48% of GDP.

Over the past 29 years, Angola recorded a fiscal deficit in 15 of those years, while Madagascar ran a deficit in 29 years. On average, Angola posted an annual deficit equal to 0.1% of GDP, compared to deficit of 2.89% of GDP for Madagascar.

Inflation comparison by year

Inflation
Angola

Madagascar
1x
Year Consumer prices inflation
Angola Madagascar
2024 28.2% -
2023 13.6% 9.87%
2022 21.4% 8.16%
2021 25.8% 5.81%
2020 22.3% 4.2%
2019 17.1% 5.61%
2018 19.6% 8.59%
2017 29.8% 8.61%
2016 30.7% 6.04%
2015 9.2% 7.4%
2014 7.3% 6.08%
2013 8.8% 5.83%
2012 10.3% 5.71%
2011 13.5% 9.48%
2010 14.5% 9.25%
2009 13.7% 8.95%
2008 12.5% 9.3%
2007 12.2% 10.3%
2006 13.3% 10.8%
2005 23% 18.4%
2004 43.5% 14%
2003 98.2% -1.7%
2002 108.9% 16.5%
2001 152.6% 7.92%
2000 325% 11.9%
1999 248.2% 9.93%
1998 107.4% 6.21%
1997 221.5% 4.49%

Data sources: International Monetary Fund (IMF) | World Economic Outlook (1997–2024, retrieved 2026-02-20); World Bank | Economy & Growth (1997–2023, retrieved 2026-04-06).

GeoRank.org/economy/angola/madagascar | CC BY

Over the past 27 years, Angola has recorded an average annual inflation rate of 60.1%, compared with 8.42% in Madagascar. In 2023, inflation was 28.2% in Angola and 9.87% in Madagascar.

Top exports between countries

Angola
Export category Export value
Textiles & consumer goods $262K
Wood & paper products $12K
Machinery & equipment $8K
Raw materials & minerals $1K
Madagascar
Export category Export value
Raw agricultural goods $56K
Machinery & equipment $27K
Raw materials & minerals $25K
Miscellaneous $2K
Textiles & consumer goods $2K
Chemicals & pharma $1K

Balance of trade

Angola Madagascar
Current account balance
$6.31B
2024
-$829M
2022
Current account balance ranking
30/190
2024
119/190
2022
Current account balance, % of GDP
+6.25%
2024
-5.41%
2022
Goods imports
$14.2B
2024
$4.52B
2022
Goods exports
$36.8B
2024
$3.55B
2022
Service imports
$8.49B
2024
$1.52B
2022
Service exports
$129M
2024
$1.14B
2022
Imports of goods and services, % of GDP
19.4%
2024
31.7%
2024
Exports of goods and services, % of GDP
31.5%
2024
23.3%
2024

Economic freedom indices

The indices of economic freedom below are issued by the Heritage Foundation. Higher scores indicate stronger economic health.

Angola Madagascar
Economic freedom 54.4 57
Economic freedom ranking 133/197 119/197
Property rights 36.9 39.8
Government integrity 28.3 26.8
Judicial effectiveness 26.3 33.7
Tax burden 86.9 90.5
Government spending 89.3 91.5
Fiscal health 91.9 68.8
Business freedom 42.8 37.3
Labor freedom 50.8 56.1
Monetary freedom 59 71.8
Trade freedom 70.4 67.6
Investment freedom 30 50
Financial freedom 40 50

Economic freedom comparison by year

Angola
Madagascar
1x
Year Economic freedom index
Angola Madagascar
2026 54.4 57
2025 55 57
2024 54.3 57.3
2023 53 58.9
2022 52.6 58.9
2021 54.2 57.7
2020 52.2 60.5
2019 50.6 56.6
2018 48.6 56.8
2017 48.5 57.4
2016 48.9 61.1
2015 47.9 61.7
2014 47.7 61.7
2013 47.3 62
2012 46.7 62.4
2011 46.2 61.2
2010 48.4 63.2
2009 47 62.2
2008 46.9 62.4
2007 44.7 61.1
2006 43.5 61
2005 - 63.1
2004 - 60.9
2003 - 62.8
2002 - 56.8
2001 - 53.9
2000 24.3 54.4
1999 23.7 52.8
1998 24.9 51.8
1997 24.2 53.8
1996 24.4 52.2
1995 27.4 51.6

Data sources: The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09).

GeoRank.org/economy/angola/madagascar | CC BY

The Economic Freedom Index for Angola is 54.4, ranking 133/197, compared to 57 for Madagascar, ranking 119/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Angola Madagascar
Services, % of GDP
41.1%
2024
47.7%
2024
Industry, % of GDP
34.6%
2024
22.8%
2024
Agriculture, forestry, and fishing, % of GDP
22.1%
2024
22.5%
2024
GNI, Atlas method
$108B
2024
$16.4B
2024
GNI per capita, PPP
$9,460
2024
$1,830
2024
Total reserves including gold
$14.2B
2024
$2.78B
2024
Total reserves ranking
69/177
2024
120/177
2024
Net foreign direct investment
$1.14B
2024
-$326M
2022
Net inflows of foreign direct investment
-$1.11B
2024
$606M
2024
Net outflows of foreign direct investment
$33.1M
2024
$134M
2024
Servicing debt to the IMF, % of GNI
11.5%
2024
1.72%
2024
Poverty at national poverty lines
36.6%
2020
75.2%
2021
Gross capital formation, % of GDP
10.4%
2024
22.2%
2024

GDP per capita map

1x

Data sources: World Bank | Economy & Growth (1985–2024, retrieved 2026-04-06); U.S. Census Bureau (1985–2024, retrieved 2026-02-08).

GeoRank.org/economy/angola/madagascar | CC BY

Compare countries by 7 more topics

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Data sources:

  1. World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06)
  2. International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20)
  3. The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09)
  4. International Monetary Fund (IMF) | Public Finances in Modern History (1980–1999, retrieved 2026-02-20)
  5. U.S. Census Bureau (1985–2024, retrieved 2026-02-08)
  6. TradeMap (2021–2024, retrieved 2026-02-08)
  7. United Nations | World Population Prospects (2026, retrieved 2026-03-10)
  8. LivingCost (2026, retrieved 2025-10-14)
  9. Central Intelligence Agency (CIA) (2020, retrieved 2026-02-20)

Creative Commons Attribution (CC BY) — you’re free to copy, share, remix, adapt, and use even commercially as long as you give appropriate credit and clearly indicate if you made changes. Other sources may be subject to different license terms.

The current account balance is the sum of net trade in goods and services, net earnings from cross-border investments, and net transfer payments. It reflects a country's economic transactions with the rest of the world and is a fundamental component of the balance of payments. A surplus indicates that a country exports more than it imports, while a deficit shows the opposite.

Gross National Income (GNI) measures a country's total income. It encompasses income earned by residents, businesses, and foreign sources, defined as employee compensation and investment profits. GNI adds product taxes not included elsewhere and subtracts subsidies. It accounts for income from residents working abroad but excludes earnings from foreigners within the country.

A negative value for Net Foreign Direct Investment indicates a country is a net receiver of investments, as foreign inflows exceed outflows after Balance of Payments adjustments. A positive value indicates a net provider, with outflows exceeding inflows. Inflows are credits (increasing foreign claims on domestic assets), while outflows are debits (increasing domestic assets abroad).

Foreign direct investment (FDI, net inflows) shows how much capital foreign investors bring into a country after accounting for any funds that flow back in the opposite direction. It represents the net value of overseas companies establishing, expanding, or financing businesses in the reporting country. A positive number means more capital entered the country than was withdrawn, while a negative number means foreign investors pulled out more than they invested.

Foreign direct investment (FDI, net outflows) shows how much capital residents of a country invest abroad after accounting for any funds that flow back in the opposite direction. It represents the net value of domestic companies establishing, expanding, or financing businesses in other countries. A positive number means more capital was invested abroad than withdrawn, while a negative number means residents pulled back more than they invested.

Principal and interest payments to the IMF in currency, goods, or services on long-term debt expressed as a share of GNI.

Formerly gross domestic investment, gross capital formation measures the share of a country’s economic output invested in fixed assets, including buildings, machinery, and infrastructure. It indicates how much of the economy is devoted to building productive capacity.