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Economy of Azerbaijan vs Madagascar compared: GDP & Debt

Updated on by Georank

Azerbaijan has a GDP of $75.9B compared to $19.6B for Madagascar, ranking 87/197 and 136/197 by economy size, respectively.

Azerbaijan has $15.3B in government debt (20.1% of GDP), compared to $9.56B (48.7% of GDP) in Madagascar.

Azerbaijan vs Madagascar GDP by year

Azerbaijan
Madagascar
1x
Year GDP, current $
Azerbaijan Madagascar
2025 $75,937,647,059 $19,620,352,036
2024 $74,426,000,000 $17,592,832,696
2023 $72,428,470,588 $16,036,707,976
2022 $78,807,470,588 $15,342,178,598
2021 $54,825,411,765 $14,354,731,964
2020 $42,693,000,000 $13,051,441,204
2019 $48,174,235,294 $14,104,664,679
2018 $47,112,470,052 $13,760,033,282
2017 $40,866,627,352 $13,176,313,594
2016 $37,866,996,883 $11,848,613,858
2015 $53,076,235,355 $11,323,020,701
2014 $75,239,785,452 $12,522,957,399
2013 $74,160,560,124 $12,423,555,455
2012 $69,679,944,504 $11,578,975,062
2011 $65,952,796,428 $11,551,819,618
2010 $52,909,294,792 $9,982,711,338
2009 $44,292,427,185 $9,616,879,409
2008 $48,851,293,785 $10,725,137,724
2007 $33,049,419,431 $8,524,620,890
2006 $20,981,929,498 $6,395,712,491
2005 $13,245,421,881 $5,859,269,753
2004 $8,680,405,741 $5,064,732,626
2003 $7,276,413,079 $6,372,498,890
2002 $6,236,087,738 $5,351,701,663
2001 $5,707,616,204 $5,438,332,602
2000 $5,272,615,723 $4,629,247,204
1999 $4,581,248,567 $4,277,903,780
1998 $4,446,368,571 $4,401,967,633
1997 $3,962,362,387 $4,262,965,420
1996 $3,176,507,376 $4,931,861,039
1995 $2,417,331,193 $3,838,100,904
1994 $1,193,141,110 $3,522,227,092
1993 $1,570,392,598 $4,063,298,919
1992 $444,658,672 $3,714,966,678
1991 $5,344,000,000 $3,254,713,056
1990 $8,884,848,485 $3,931,334,875
1989 - $3,175,638,333
1988 - $3,189,456,965
1987 - $3,212,900,556
1986 - $4,347,989,788
1985 - $3,802,557,895
1984 - $3,905,938,481
1983 - $4,686,457,031
1982 - $4,784,977,326
1981 - $4,759,333,998
1980 - $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 (1960–2025, retrieved 2026-07-08).

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

GDP per capita in Azerbaijan vs Madagascar by year

Azerbaijan
GDP per capita

GDP per capita, PPP
Madagascar
GDP per capita

GDP per capita, PPP
1x
Year Current $
Azerbaijan Madagascar
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2025 $7,411 - $599 -
2024 $7,295 $25,089 $550 $1,884
2023 $7,133 $23,652 $514 $1,808
2022 $7,771 $22,552 $504 $1,717
2021 $5,408 $20,111 $483 $1,577
2020 $4,230 $15,164 $451 $1,490
2019 $4,806 $16,675 $500 $1,612
2018 $4,740 $15,283 $500 $1,547
2017 $4,147 $14,316 $492 $1,547
2016 $3,881 $14,536 $454 $1,562
2015 $5,501 $15,075 $445 $1,497
2014 $7,891 $17,564 $506 $1,499
2013 $7,875 $17,268 $515 $1,473
2012 $7,496 $15,994 $494 $1,464
2011 $7,190 $14,805 $506 $1,475
2010 $5,844 $14,930 $450 $1,464
2009 $4,950 $14,246 $446 $1,480
2008 $5,574 $13,217 $513 $1,577
2007 $3,851 $11,974 $420 $1,493
2006 $2,473 $9,398 $324 $1,416
2005 $1,578 $6,855 $306 $1,343
2004 $1,045 $5,248 $272.2 $1,280
2003 $884 $4,718 $353 $1,219
2002 $763 $4,230 $305 $1,121
2001 $704 $3,835 $319 $1,299
2000 $655 $3,439 $280.3 $1,236
1999 $574 $3,052 $267.4 $1,194
1998 $562 $2,827 $284.2 $1,162
1997 $506 $2,565 $284.4 $1,142
1996 $409 $2,407 $340 $1,119
1995 $315 $2,357 $273.1 $1,111
1994 $157.1 $2,648 $258.7 $1,104
1993 $209.5 $3,272 $308 $1,116
1992 $60.2 $4,220 $290.2 $1,101
1991 $735 $5,412 $262 $1,096
1990 $1,238 $5,343 $326 $1,166
1989 - - $271.3 -
1988 - - $280.5 -
1987 - - $290.8 -
1986 - - $405 -
1985 - - $364 -
1984 - - $385 -
1983 - - $476 -
1982 - - $501 -
1981 - - $513 -
1980 - - $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 (1960–2025, retrieved 2026-07-08).

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

Azerbaijan's GDP per capita is $7,411, ranking 101/197, compared to $599 in Madagascar, ranking 194/197. Adjusted for purchasing power (GDP per capita PPP), Azerbaijan ranks 82nd at $25,089, while Madagascar ranks 187th at $1,884.

Economic indicators

Azerbaijan Madagascar
Gross domestic product
$75.9B
2025
$19.6B
2025
GDP rank
87/197
2025
136/197
2025
GDP growth
1.45%
2024-2025
3%
2024-2025
GDP per capita
$7,411
2025
$599
2025
GDP per capita rank
101/197
2025
194/197
2025
GDP per capita, PPP
$25,089
2024
$1,884
2024
GDP per capita PPP rank
82/197
2024
187/197
2024
Government debt
$15.3B
2025
$9.56B
2025
Debt-to-GDP ratio
20.1%
2025
48.7%
2025
Government debt per person
$1,492
2025
$292
2025
Government debt per person rank
131/185
2025
179/185
2025
Average annual personal income after taxes
$6,426
2026
$1,285
2026
Market capitalization of domestic companies
$1.57B
2025
n/a
Income share by richest 10%
24.2%
2005
29.6%
2021
Income share by poorest 10%
4.8%
2005
2.9%
2021
Government expenditure, % of GDP
34.6%
2025
13.5%
2025
Consumer prices inflation
5.62%
2024-2025
8.05%
2024-2025
Central bank interest rate
6.5%
2026
n/a
Unemployment rate
5.7%
2022
3.19%
2022
Population
10333222
33936132

Spending and national debt comparison by year

Azerbaijan
Spending

Debt
Madagascar
Spending

Debt
1x
Year % of GDP
Azerbaijan Madagascar
Government spending Government debt Government spending Government debt
2025 34.6% 20.1% 13.5% 48.7%
2024 33.9% 21.6% 16.1% 49.8%
2023 32.7% 21.8% 17.7% 52.1%
2022 26.2% 17.3% 16.2% 49.8%
2021 32.2% 26.3% 13.9% 49.4%
2020 40.2% 21.3% 16.4% 52.9%
2019 32.5% 17.7% 15.4% 41.3%
2018 33.2% 18.7% 14.4% 42.9%
2017 35.6% 22.5% 14.9% 40.1%
2016 35.4% 20.6% 13.5% 40.3%
2015 38.7% 18% 13% 44.1%
2014 36.4% 8.53% 12.6% 37.8%
2013 37.8% 6.18% 12.7% 36.2%
2012 36.6% 5.83% 11.5% 30.4%
2011 33.7% 4.97% 12% 29.9%
2010 32% 4.98% 12.3% 32.3%
2009 34.5% 4.73% 12.5% 34.9%
2008 31.4% 3.22% 15.7% 31%
2007 26.1% 4% 16.1% 28.2%
2006 25.3% 5.3% 18.5% 32.2%
2005 22.5% 6.85% 18.4% 74.4%
2004 24.2% 9.71% 21.7% 81.9%
2003 21.7% 10.7% 16.6% 85.9%
2002 23.1% 11.9% 12.4% 86.7%
2001 16.8% 13% 15.3% 82.1%
2000 18.2% 13.1% 15.3% 90.2%
1999 19.5% 25.4% 15.5% 104.1%
1998 18.7% 14.3% 16.9% 108.5%
1997 18.5% 11.4% 14.5% 89.7%
1996 19.8% 16.7% 14.4% 98.7%
1995 18.9% 19.2% 14.5% 95.8%
1994 14.7% 11.7% 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 (1990–2025, retrieved 2026-07-08); International Monetary Fund (IMF) | Public Finances in Modern History (1980–1994, retrieved 2026-07-08).

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

In 2025, Azerbaijan's government spending was $26.3B, accounting for 34.6% of its GDP, while Madagascar spent $2.65B, or 13.5% of GDP.

Debt-to-GDP ratio is 20.1% in Azerbaijan and 48.7% in Madagascar, ranking 174/185 and 109/185, respectively.

Government deficit by year

Deficit/surplus
Azerbaijan

Madagascar
1x
Year Deficit/surplus, % of GDP
Azerbaijan Madagascar
2025 2.56% -2.21%
2024 4.05% -2.49%
2023 7.92% -4.15%
2022 5.96% -5.45%
2021 4.21% -2.83%
2020 -6.44% -3.96%
2019 8.95% -1.42%
2018 5.43% -1.34%
2017 -1.34% -2.1%
2016 -1.17% -1.11%
2015 -4.83% -2.85%
2014 2.74% -1.96%
2013 1.64% -3.4%
2012 3.71% -2.24%
2011 10.9% -2.04%
2010 13.8% -0.76%
2009 5.86% -2.26%
2008 17.2% -1.72%
2007 2.34% -2.31%
2006 0.66% -5.71%
2005 2.74% -2.47%
2004 1.78% -4.23%
2003 1.6% -3.32%
2002 19.4% -4.09%
2001 21.8% -3.61%
2000 0.14% -2.35%
1999 -1.03% -2.42%
1998 1.63% -5.31%
1997 -0.94% -2%
1996 -2.25% -3.97%
1995 -1.34% -5.09%
1994 3.21% -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 (1990–2025, retrieved 2026-07-08); International Monetary Fund (IMF) | Public Finances in Modern History (1980–1989, retrieved 2026-07-08).

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

In 2025, Azerbaijan's government surplus, the difference between spending and revenue, was $1.94B, equivalent to 2.56% of GDP. This compares to Madagascar's deficit of $433M, or 2.21% of GDP.

Over the past 32 years, Azerbaijan recorded a fiscal deficit in 8 of those years, while Madagascar ran a deficit in 32 years. On average, Azerbaijan posted an annual surplus equal to 4.09% of GDP, compared to deficit of 3.08% of GDP for Madagascar.

Inflation comparison by year

Inflation
Azerbaijan

Madagascar
1x
Year Consumer prices inflation
Azerbaijan Madagascar
2025 5.62% 8.05%
2024 2.21% 7.61%
2023 8.79% 9.87%
2022 13.9% 8.16%
2021 6.65% 5.81%
2020 2.76% 4.2%
2019 2.61% 5.61%
2018 2.27% 8.59%
2017 12.9% 8.61%
2016 12.4% 6.04%
2015 4.03% 7.4%
2014 1.37% 6.08%
2013 2.42% 5.83%
2012 1.07% 5.71%
2011 7.86% 9.48%
2010 5.73% 9.25%
2009 1.46% 8.95%
2008 20.8% 9.3%
2007 16.7% 10.3%
2006 8.33% 10.8%
2005 9.68% 18.4%
2004 6.71% 14%
2003 2.23% -1.7%
2002 2.77% 16.5%
2001 1.55% 7.92%
2000 1.81% 11.9%
1999 -8.53% 9.93%
1998 -0.77% 6.21%
1997 3.67% 4.49%

Data sources: World Bank | Economy & Growth (1997–2025, retrieved 2026-07-08).

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

Over the past 29 years, Azerbaijan has recorded an average annual inflation rate of 5.49%, compared with 8.38% in Madagascar. In 2025, inflation was 5.62% in Azerbaijan and 8.05% in Madagascar.

Top exports between countries

Azerbaijan
Export category Export value
Madagascar
Export category Export value
Raw agricultural goods $62K

Balance of trade

Azerbaijan Madagascar
Current account balance
$3.48B
2025
-$749M
2024
Current account balance ranking
35/190
2025
110/190
2024
Current account balance, % of GDP
+4.58%
2025
-4.26%
2024
Goods imports
$17.7B
2025
$4.16B
2024
Goods exports
$24.1B
2025
$2.58B
2024
Service imports
$10.3B
2025
$1.27B
2024
Service exports
$8.6B
2025
$1.53B
2024
Imports of goods and services, % of GDP
36.8%
2025
32.9%
2025
Exports of goods and services, % of GDP
43%
2025
21.3%
2025

Economic freedom indices

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

Azerbaijan Madagascar
Economic freedom 64.3 57
Economic freedom ranking 74/197 119/197
Property rights 53.3 39.8
Government integrity 23.6 26.8
Judicial effectiveness 16.5 33.7
Tax burden 87.9 90.5
Government spending 71.3 91.5
Fiscal health 99.1 68.8
Business freedom 71.2 37.3
Labor freedom 56.9 56.1
Monetary freedom 76 71.8
Trade freedom 75.8 67.6
Investment freedom 70 50
Financial freedom 70 50

Economic freedom comparison by year

Azerbaijan
Madagascar
1x
Year Economic freedom index
Azerbaijan Madagascar
2026 64.3 57
2025 62.5 57
2024 61.6 57.3
2023 61.4 58.9
2022 61.6 58.9
2021 70.1 57.7
2020 69.3 60.5
2019 65.4 56.6
2018 64.3 56.8
2017 63.6 57.4
2016 60.2 61.1
2015 61 61.7
2014 61.3 61.7
2013 59.7 62
2012 58.9 62.4
2011 59.7 61.2
2010 58.8 63.2
2009 58 62.2
2008 55.3 62.4
2007 54.6 61.1
2006 53.2 61
2005 54.4 63.1
2004 53.4 60.9
2003 54.1 62.8
2002 53.3 56.8
2001 50.3 53.9
2000 49.8 54.4
1999 47.4 52.8
1998 43.1 51.8
1997 34 53.8
1996 30 52.2
1995 - 51.6

Data sources: The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-07-08).

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

The Economic Freedom Index for Azerbaijan is 64.3, ranking 74/197, compared to 57 for Madagascar, ranking 119/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Azerbaijan Madagascar
Services, % of GDP
45.3%
2025
48.8%
2025
Industry, % of GDP
39.5%
2025
23.9%
2025
Agriculture, forestry, and fishing, % of GDP
5.93%
2025
21.7%
2025
GNI, Atlas method
$75.4B
2025
$18.2B
2025
GNI per capita, PPP
$25,430
2025
$1,910
2025
Total reserves including gold
$13.6B
2025
$2.78B
2024
Total reserves ranking
74/177
2025
122/177
2024
Net foreign direct investment
$536M
2025
-$472M
2024
Net inflows of foreign direct investment
$231M
2024
$606M
2024
Net outflows of foreign direct investment
$742M
2024
$134M
2024
Servicing debt to the IMF, % of GNI
5.82%
2024
1.71%
2024
Poverty at national poverty lines
6%
2012
75.2%
2021
Gross capital formation, % of GDP
18.9%
2025
24.1%
2025

GDP per capita map

1x

Data sources: World Bank | Economy & Growth (1985–2025, retrieved 2026-07-08); U.S. Census Bureau (1985–2025, retrieved 2026-07-08).

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

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Data sources:

  1. World Bank | Economy & Growth (1960–2025, retrieved 2026-07-08)
  2. International Monetary Fund (IMF) | Fiscal Monitor (1990–2025, retrieved 2026-07-08)
  3. The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-07-08)
  4. International Monetary Fund (IMF) | Public Finances in Modern History (1980–1994, retrieved 2026-07-08)
  5. U.S. Census Bureau (1985–2025, retrieved 2026-07-08)
  6. United Nations | World Population Prospects (2026, retrieved 2026-07-08)
  7. LivingCost (2026, retrieved 2026-07-08)
  8. TradeMap (2024, retrieved 2026-07-08)

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.