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Economy of Bahrain vs Madagascar compared: GDP & Debt

Updated on by Georank team

Bahrain has a GDP of $47.1B compared to $17.4B for Madagascar, ranking 96/197 and 136/197 by economy size, respectively.

Bahrain has $62.8B in government debt (133.4% of GDP), compared to $8.77B (50.3% of GDP) in Madagascar.

Bahrain vs Madagascar GDP by year

Bahrain
Madagascar
1x
Year GDP, current $
Bahrain Madagascar
2024 $47,109,734,309 $17,420,501,490
2023 $46,192,260,638 $15,869,945,478
2022 $46,458,191,489 $15,325,603,273
2021 $40,840,212,766 $14,354,731,964
2020 $35,837,632,979 $13,051,441,204
2019 $40,446,808,511 $14,104,664,679
2018 $39,567,978,723 $13,760,033,282
2017 $37,204,813,830 $13,176,313,594
2016 $33,884,680,851 $11,848,613,858
2015 $32,523,297,872 $11,323,020,701
2014 $34,772,526,596 $12,522,957,399
2013 $33,823,324,468 $12,423,555,455
2012 $31,963,404,255 $11,578,975,062
2011 $29,914,680,851 $11,551,819,618
2010 $26,805,984,043 $9,982,711,338
2009 $22,938,218,085 $9,616,879,409
2008 $25,710,904,255 $10,725,137,724
2007 $21,730,000,000 $8,524,620,890
2006 $18,504,760,638 $6,395,712,491
2005 $15,968,723,404 $5,859,269,753
2004 $13,150,159,574 $5,064,732,626
2003 $11,074,813,830 $6,372,498,890
2002 $9,593,510,638 $5,351,701,663
2001 $8,976,196,809 $5,438,332,602
2000 $9,062,898,936 $4,629,247,204
1999 $7,528,469,149 $4,277,903,780
1998 $7,031,309,043 $4,401,967,633
1997 $7,219,407,713 $4,262,965,420
1996 $6,938,166,755 $4,931,861,039
1995 $6,651,180,851 $3,838,100,904
1994 $6,330,627,926 $3,522,227,092
1993 $5,913,001,064 $4,063,298,919
1992 $5,402,232,447 $3,714,966,678
1991 $5,248,911,170 $3,254,713,056
1990 $4,809,511,005 $3,931,334,875
1989 $4,393,093,963 $3,175,638,333
1988 $4,209,834,173 $3,189,456,965
1987 $3,856,922,694 $3,212,900,556
1986 $3,470,746,843 $4,347,989,788
1985 $4,152,376,484 $3,802,557,895
1984 $4,440,874,566 $3,905,938,481
1983 $4,247,030,468 $4,686,457,031
1982 $4,145,421,080 $4,784,977,326
1981 $3,943,109,532 $4,759,333,998
1980 $3,493,834,468 $5,201,818,348
1979 $2,710,160,739 $3,463,565,854
1978 $2,272,042,965 $2,669,755,115
1977 $1,989,060,283 $2,358,930,406
1976 $1,581,709,519 $2,181,844,179
1975 $1,099,107,601 $2,283,049,215
1974 $1,042,176,884 $1,917,508,190
1973 $761,132,545 $1,653,062,335
1972 $534,081,184 $1,341,590,690
1971 $422,181,562 $1,199,507,631
1970 $391,577,364 $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/bahrain/madagascar | CC BY

GDP per capita in Bahrain vs Madagascar by year

Bahrain
GDP per capita

GDP per capita, PPP
Madagascar
GDP per capita

GDP per capita, PPP
1x
Year Current $
Bahrain Madagascar
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $29,654 $66,941 $545 $1,884
2023 $29,290 $64,171 $509 $1,808
2022 $30,471 $61,678 $504 $1,717
2021 $27,148 $54,955 $483 $1,577
2020 $24,343 $53,436 $451 $1,490
2019 $27,260 $56,600 $500 $1,612
2018 $26,324 $51,993 $500 $1,547
2017 $24,785 $50,185 $492 $1,547
2016 $23,800 $47,429 $454 $1,562
2015 $23,734 $48,034 $445 $1,497
2014 $26,452 $54,299 $506 $1,499
2013 $26,990 $56,310 $515 $1,473
2012 $26,439 $56,713 $494 $1,464
2011 $25,033 $52,677 $506 $1,475
2010 $21,819 $49,255 $450 $1,464
2009 $19,465 $48,626 $446 $1,480
2008 $23,299 $50,330 $513 $1,577
2007 $20,908 $49,347 $420 $1,493
2006 $19,267 $48,009 $324 $1,416
2005 $17,966 $47,268 $306 $1,343
2004 $15,964 $46,317 $272.2 $1,280
2003 $14,486 $45,427 $353 $1,219
2002 $13,501 $45,091 $305 $1,121
2001 $13,573 $46,162 $319 $1,299
2000 $14,214 $45,688 $280.3 $1,236
1999 $12,123 $43,561 $267.4 $1,194
1998 $11,625 $42,281 $284.2 $1,162
1997 $12,255 $40,965 $284.4 $1,142
1996 $12,092 $40,106 $340 $1,119
1995 $11,901 $38,839 $273.1 $1,111
1994 $11,629 $37,579 $258.7 $1,104
1993 $11,152 $37,870 $308 $1,116
1992 $10,460 $33,648 $290.2 $1,101
1991 $10,434 $31,657 $262 $1,096
1990 $9,343 $26,902 $326 $1,166
1989 $8,833 - $271.3 -
1988 $8,772 - $280.5 -
1987 $8,333 - $290.8 -
1986 $7,777 - $405 -
1985 $9,649 - $364 -
1984 $10,697 - $385 -
1983 $10,599 - $476 -
1982 $10,712 - $501 -
1981 $10,557 - $513 -
1980 $9,733 - $578 -
1979 $7,891 - $396 -
1978 $6,926 - $315 -
1977 $6,358 - $286.9 -
1976 $5,310 - $273.5 -
1975 $3,880 - $295 -
1974 $3,874 - $255.3 -
1973 $2,981 - $226.8 -
1972 $2,206 - $189.6 -
1971 $1,830 - $174.6 -
1970 $1,742 - $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/bahrain/madagascar | CC BY

Bahrain's GDP per capita is $29,654, ranking 42/197, compared to $545 in Madagascar, ranking 193/197. Adjusted for purchasing power (GDP per capita PPP), Bahrain ranks 26th at $66,941, while Madagascar ranks 187th at $1,884.

Economic indicators

Bahrain Madagascar
Gross domestic product
$47.1B
2024
$17.4B
2024
GDP rank
96/197
2024
136/197
2024
GDP growth
2.6%
2023-2024
4.2%
2023-2024
GDP per capita
$29,654
2024
$545
2024
GDP per capita rank
42/197
2024
193/197
2024
GDP per capita, PPP
$66,941
2024
$1,884
2024
GDP per capita PPP rank
26/197
2024
187/197
2024
Government debt
$62.8B
2024
$8.77B
2024
Debt-to-GDP ratio
133.4%
2024
50.3%
2024
Government debt per person
$39,552
2024
$274.3
2024
Government debt per person rank
14/185
2024
180/185
2024
Average annual personal income after taxes
$23,253
2026
$1,268
2026
Market capitalization of domestic companies
$20.4B
2024
n/a
Income share by richest 10% n/a
29.6%
2021
Income share by poorest 10% n/a
2.9%
2021
Government expenditure, % of GDP
29.1%
2024
16.2%
2024
Consumer prices inflation
0.92%
2023-2024
9.87%
2022-2023
Central bank interest rate
4.25%
2025
n/a
Unemployment rate
1.2%
2012
3.19%
2022
Population
1669503
33750171

Spending and national debt comparison by year

Bahrain
Spending

Debt
Madagascar
Spending

Debt
1x
Year % of GDP
Bahrain Madagascar
Government spending Government debt Government spending Government debt
2024 29.1% 133.4% 16.2% 50.3%
2023 29.1% 123% 17.9% 52.7%
2022 28.4% 111.6% 16.2% 49.9%
2021 30.6% 122.3% 13.9% 49.4%
2020 34.6% 125.7% 16.4% 52.9%
2019 31.2% 97.1% 15.4% 41.3%
2018 32.1% 90.4% 14.4% 42.9%
2017 30.7% 84% 14.9% 40.1%
2016 33.3% 77.4% 13.5% 40.3%
2015 34.8% 63.2% 13% 44.1%
2014 27.3% 42.6% 12.6% 37.8%
2013 32% 42.3% 12.7% 36.2%
2012 31.1% 34.8% 11.5% 30.4%
2011 30.2% 31.6% 12% 29.9%
2010 31.1% 28.8% 12.3% 32.3%
2009 24.6% 20.5% 12.5% 34.9%
2008 22.7% 12.1% 15.7% 31%
2007 22.4% 15.7% 16.1% 28.2%
2006 23.1% 19.4% 18.5% 32.2%
2005 23.9% 23.2% 18.4% 74.4%
2004 25% 28.2% 21.7% 81.9%
2003 28.1% 31.1% 16.6% 85.9%
2002 30.6% 27.2% 12.4% 86.7%
2001 26.5% 25% 15.3% 82.1%
2000 22.2% 24.7% 15.3% 90.2%
1999 27.1% 24.7% 15.5% 104.1%
1998 25.7% 20% 16.9% 108.5%
1997 31% 14.8% 14.5% 89.7%
1996 22.7% 13.1% 14.4% 98.7%
1995 25.1% 13.6% 14.5% 95.8%
1994 26.1% 5.62% 16.7% 96%
1993 26.7% 5.95% 17.1% 105.2%
1992 29.4% 6.45% 16.2% 110.9%
1991 28.5% 6.71% 13.5% 113.8%
1990 32.4% 7.24% 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 (1980–1989, retrieved 2026-02-20).

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

In 2024, Bahrain's government spending was $13.7B, accounting for 29.1% of its GDP, while Madagascar spent $2.82B, or 16.2% of GDP.

Debt-to-GDP ratio is 133.4% in Bahrain and 50.3% in Madagascar, ranking 9/185 and 106/185, respectively.

Government deficit by year

Deficit/surplus
Bahrain

Madagascar
1x
Year Deficit/surplus, % of GDP
Bahrain Madagascar
2024 -10.6% -2.48%
2023 -9.67% -4.19%
2022 -6.02% -5.46%
2021 -10.6% -2.83%
2020 -17.3% -3.96%
2019 -8.57% -1.42%
2018 -11.3% -1.34%
2017 -13.4% -2.1%
2016 -16.6% -1.11%
2015 -17.5% -2.85%
2014 -3.32% -1.96%
2013 -8.55% -3.4%
2012 -5.77% -2.24%
2011 -4.9% -2.04%
2010 -9.29% -0.76%
2009 -5.36% -2.26%
2008 4.08% -1.72%
2007 1.52% -2.31%
2006 2.24% -5.71%
2005 2.8% -2.47%
2004 0.24% -4.23%
2003 -1.7% -3.32%
2002 -3.27% -4.09%
2001 0.7% -3.61%
2000 7.33% -2.35%
1999 -4.85% -2.42%
1998 -5.49% -5.31%
1997 -6.39% -2%
1996 0.24% -3.97%
1995 -3.99% -5.09%
1994 -5.18% -7.23%
1993 -2.77% -6.34%
1992 -5.41% -5%
1991 -3.47% -4.4%
1990 -6.79% -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/bahrain/madagascar | CC BY

In 2024, Bahrain's government deficit, the difference between spending and revenue, was $5B, equivalent to 10.6% of GDP. This compares to Madagascar's deficit of $432M, or 2.48% of GDP.

Over the past 35 years, Bahrain recorded a fiscal deficit in 27 of those years, while Madagascar ran a deficit in 35 years. On average, Bahrain posted an annual deficit equal to 5.39% of GDP, compared to deficit of 3.21% of GDP for Madagascar.

Inflation comparison by year

Inflation
Bahrain

Madagascar
1x
Year Consumer prices inflation
Bahrain Madagascar
2024 0.92% -
2023 0.07% 9.87%
2022 3.63% 8.16%
2021 -0.61% 5.81%
2020 -2.32% 4.2%
2019 1.01% 5.61%
2018 2.09% 8.59%
2017 1.39% 8.61%
2016 2.79% 6.04%
2015 1.85% 7.4%
2014 2.65% 6.08%
2013 3.3% 5.83%
2012 2.76% 5.71%
2011 -0.4% 9.48%
2010 1.96% 9.25%
2009 2.8% 8.95%
2008 3.53% 9.3%
2007 3.26% 10.3%
2006 2.01% 10.8%
2005 2.59% 18.4%
2004 2.35% 14%
2003 1.59% -1.7%
2002 -0.5% 16.5%
2001 -1.21% 7.92%
2000 -0.7% 11.9%
1999 -1.29% 9.93%
1998 -0.37% 6.21%
1997 2.43% 4.49%

Data sources: World Bank | Economy & Growth (1997–2024, retrieved 2026-04-06).

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

Over the past 27 years, Bahrain has recorded an average annual inflation rate of 1.36%, compared with 8.42% in Madagascar. In 2023, inflation was 0.92% in Bahrain and 9.87% in Madagascar.

Top exports between countries

Bahrain
Export category Export value
Chemicals & pharma $39K
Metals $20K
Machinery & equipment $19K
Wood & paper products $5K
Miscellaneous $1K
Madagascar
Export category Export value
Machinery & equipment $98K
Raw agricultural goods $49K
Processed food, beverages & tobacco $25K
Miscellaneous $1K

Balance of trade

Bahrain Madagascar
Current account balance
$2.28B
2024
-$829M
2022
Current account balance ranking
44/190
2024
119/190
2022
Current account balance, % of GDP
+4.84%
2024
-5.41%
2022
Goods imports
$20.7B
2024
$4.52B
2022
Goods exports
$24.3B
2024
$3.55B
2022
Service imports
$12.4B
2024
$1.52B
2022
Service exports
$17B
2024
$1.14B
2022
Imports of goods and services, % of GDP
70.1%
2024
31.7%
2024
Exports of goods and services, % of GDP
87.7%
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.

Bahrain Madagascar
Economic freedom 65.7 57
Economic freedom ranking 63/197 119/197
Property rights 60.9 39.8
Government integrity 45.9 26.8
Judicial effectiveness 30 33.7
Tax burden 99.9 90.5
Government spending 75 91.5
Fiscal health 0 68.8
Business freedom 75.9 37.3
Labor freedom 55.5 56.1
Monetary freedom 88.8 71.8
Trade freedom 86.8 67.6
Investment freedom 90 50
Financial freedom 80 50

Economic freedom comparison by year

Bahrain
Madagascar
1x
Year Economic freedom index
Bahrain Madagascar
2026 65.7 57
2025 65.6 57
2024 63.4 57.3
2023 62.5 58.9
2022 62 58.9
2021 69.9 57.7
2020 66.3 60.5
2019 66.4 56.6
2018 67.7 56.8
2017 68.5 57.4
2016 74.3 61.1
2015 73.4 61.7
2014 75.1 61.7
2013 75.5 62
2012 75.2 62.4
2011 77.7 61.2
2010 76.3 63.2
2009 74.8 62.2
2008 72.2 62.4
2007 71.2 61.1
2006 71.6 61
2005 71.2 63.1
2004 75.1 60.9
2003 76.3 62.8
2002 75.6 56.8
2001 75.9 53.9
2000 75.7 54.4
1999 75.2 52.8
1998 75.6 51.8
1997 76.1 53.8
1996 76.4 52.2
1995 76.2 51.6

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

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

The Economic Freedom Index for Bahrain is 65.7, ranking 63/197, compared to 57 for Madagascar, ranking 119/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Bahrain Madagascar
Services, % of GDP
53.2%
2024
47.7%
2024
Industry, % of GDP
42.3%
2024
22.8%
2024
Agriculture, forestry, and fishing, % of GDP
0.25%
2024
22.5%
2024
GNI, Atlas method
$44.6B
2024
$16.4B
2024
GNI per capita, PPP
$62,230
2024
$1,830
2024
Total reserves including gold
$4.95B
2024
$2.78B
2024
Total reserves ranking
102/177
2024
120/177
2024
Net foreign direct investment
-$2.43B
2024
-$326M
2022
Net inflows of foreign direct investment
$2.7B
2024
$606M
2024
Net outflows of foreign direct investment
$275M
2024
$134M
2024
Servicing debt to the IMF, % of GNI n/a
1.72%
2024
Poverty at national poverty lines n/a
75.2%
2021
Gross capital formation, % of GDP
28.4%
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/bahrain/madagascar | CC BY

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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 (1980–1989, retrieved 2026-02-20)
  5. U.S. Census Bureau (1985–2024, retrieved 2026-02-08)
  6. TradeMap (2020–2024, retrieved 2026-02-08)
  7. United Nations | World Population Prospects (2026, retrieved 2026-03-10)
  8. LivingCost (2026, retrieved 2025-10-14)

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.