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Economy of Belize vs Madagascar compared: GDP & Debt

Updated on by Georank team

Belize has a GDP of $3.2B compared to $17.4B for Madagascar, ranking 168/197 and 136/197 by economy size, respectively.

Belize has $2.1B in government debt (65.4% of GDP), compared to $8.77B (50.3% of GDP) in Madagascar.

Belize vs Madagascar GDP by year

Belize
Madagascar
1x
Year GDP, current $
Belize Madagascar
2024 $3,203,631,800 $17,420,501,490
2023 $3,052,362,650 $15,869,945,478
2022 $2,846,604,350 $15,325,603,273
2021 $2,428,606,250 $14,354,731,964
2020 $2,047,284,600 $13,051,441,204
2019 $2,381,187,850 $14,104,664,679
2018 $2,285,915,050 $13,760,033,282
2017 $2,266,028,250 $13,176,313,594
2016 $2,239,604,950 $11,848,613,858
2015 $2,193,095,150 $11,323,020,701
2014 $2,138,242,200 $12,522,957,399
2013 $2,035,191,450 $12,423,555,455
2012 $1,917,083,500 $11,578,975,062
2011 $1,831,576,700 $11,551,819,618
2010 $1,748,988,400 $9,982,711,338
2009 $1,688,012,750 $9,616,879,409
2008 $1,738,453,600 $10,725,137,724
2007 $1,706,190,450 $8,524,620,890
2006 $1,590,463,100 $6,395,712,491
2005 $1,474,298,400 $5,859,269,753
2004 $1,400,202,000 $5,064,732,626
2003 $1,308,280,250 $6,372,498,890
2002 $1,243,912,050 $5,351,701,663
2001 $1,172,045,150 $5,438,332,602
2000 $1,138,138,100 $4,629,247,204
1999 $999,713,050 $4,277,903,780
1998 $929,047,000 $4,401,967,633
1997 $872,916,050 $4,262,965,420
1996 $850,339,100 $4,931,861,039
1995 $818,590,250 $3,838,100,904
1994 $771,838,000 $3,522,227,092
1993 $752,255,150 $4,063,298,919
1992 $695,741,150 $3,714,966,678
1991 $596,682,100 $3,254,713,056
1990 $546,750,912 $3,931,334,875
1989 $491,100,000 $3,175,638,333
1988 $421,450,000 $3,189,456,965
1987 $371,100,000 $3,212,900,556
1986 $311,500,000 $4,347,989,788
1985 $287,300,000 $3,802,557,895
1984 $290,350,000 $3,905,938,481
1983 $262,150,000 $4,686,457,031
1982 $248,550,000 $4,784,977,326
1981 $260,750,000 $4,759,333,998
1980 $257,400,000 $5,201,818,348
1979 $151,800,000 $3,463,565,854
1978 $136,300,000 $2,669,755,115
1977 $117,650,000 $2,358,930,406
1976 $97,094,227 $2,181,844,179
1975 $118,194,026 $2,283,049,215
1974 $103,160,450 $1,917,508,190
1973 $78,214,768 $1,653,062,335
1972 $65,998,069 $1,341,590,690
1971 $59,074,687 $1,199,507,631
1970 $53,339,893 $1,111,859,571
1969 $47,399,905 $1,056,391,056
1968 $44,999,910 $1,031,669,637
1967 $47,431,256 $956,436,932
1966 $44,450,044 $900,264,585
1965 $40,110,040 $833,563,473
1964 $36,194,586 $802,482,184
1963 $33,750,114 $759,345,864
1962 $31,857,592 $739,286,908
1961 $29,965,000 $699,161,945
1960 $28,072,478 $673,081,725

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

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

GDP per capita in Belize vs Madagascar by year

Belize
GDP per capita

GDP per capita, PPP
Madagascar
GDP per capita

GDP per capita, PPP
1x
Year Current $
Belize Madagascar
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $7,681 $14,347 $545 $1,884
2023 $7,425 $13,730 $509 $1,808
2022 $7,068 $13,461 $504 $1,717
2021 $6,143 $11,716 $483 $1,577
2020 $5,239 $9,639 $451 $1,490
2019 $6,172 $10,500 $500 $1,612
2018 $6,012 $9,497 $500 $1,547
2017 $6,072 $9,121 $492 $1,547
2016 $6,141 $9,399 $454 $1,562
2015 $6,155 $9,538 $445 $1,497
2014 $6,128 $9,490 $506 $1,499
2013 $5,957 $9,526 $515 $1,473
2012 $5,733 $9,303 $494 $1,464
2011 $5,596 $9,722 $506 $1,475
2010 $5,461 $9,748 $450 $1,464
2009 $5,400 $9,728 $446 $1,480
2008 $5,712 $9,975 $513 $1,577
2007 $5,762 $10,226 $420 $1,493
2006 $5,525 $9,910 $324 $1,416
2005 $5,270 $9,466 $306 $1,343
2004 $5,154 $9,245 $272.2 $1,280
2003 $4,960 $8,850 $353 $1,219
2002 $4,859 $8,154 $305 $1,121
2001 $4,719 $7,852 $319 $1,299
2000 $4,727 $7,544 $280.3 $1,236
1999 $4,290 $6,790 $267.4 $1,194
1998 $4,126 $6,333 $284.2 $1,162
1997 $4,014 $6,243 $284.4 $1,142
1996 $4,043 $6,087 $340 $1,119
1995 $4,010 $6,091 $273.1 $1,111
1994 $3,877 $6,073 $258.7 $1,104
1993 $3,860 $6,075 $308 $1,116
1992 $3,643 $5,706 $290.2 $1,101
1991 $3,190 $5,053 $262 $1,096
1990 $2,986 $4,467 $326 $1,166
1989 $2,742 - $271.3 -
1988 $2,406 - $280.5 -
1987 $2,166 - $290.8 -
1986 $1,859 - $405 -
1985 $1,754 - $364 -
1984 $1,814 - $385 -
1983 $1,677 - $476 -
1982 $1,629 - $501 -
1981 $1,753 - $513 -
1980 $1,774 - $578 -
1979 $1,071 - $396 -
1978 $983 - $315 -
1977 $866 - $286.9 -
1976 $729 - $273.5 -
1975 $906 - $295 -
1974 $805 - $255.3 -
1973 $619 - $226.8 -
1972 $529 - $189.6 -
1971 $481 - $174.6 -
1970 $442 - $166.6 -
1969 $402 - $162.9 -
1968 $392 - $163.6 -
1967 $426 - $155.9 -
1966 $412 - $150.7 -
1965 $383 - $143.2 -
1964 $356 - $141.5 -
1963 $342 - $137.4 -
1962 $332 - $137.3 -
1961 $320 - $133.3 -
1960 $307 - $131.7 -

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

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

Belize's GDP per capita is $7,681, ranking 98/197, compared to $545 in Madagascar, ranking 193/197. Adjusted for purchasing power (GDP per capita PPP), Belize ranks 117th at $14,347, while Madagascar ranks 187th at $1,884.

Economic indicators

Belize Madagascar
Gross domestic product
$3.2B
2024
$17.4B
2024
GDP rank
168/197
2024
136/197
2024
GDP growth
3.5%
2023-2024
4.2%
2023-2024
GDP per capita
$7,681
2024
$545
2024
GDP per capita rank
98/197
2024
193/197
2024
GDP per capita, PPP
$14,347
2024
$1,884
2024
GDP per capita PPP rank
117/197
2024
187/197
2024
Government debt
$2.1B
2024
$8.77B
2024
Debt-to-GDP ratio
65.4%
2024
50.3%
2024
Government debt per person
$5,026
2024
$274.3
2024
Government debt per person rank
78/185
2024
180/185
2024
Average annual personal income after taxes
$9,204
2026
$1,268
2026
Number of billionaires
1
2025
n/a
Income share by richest 10%
30%
2018
29.6%
2021
Income share by poorest 10%
2.2%
2018
2.9%
2021
Government expenditure, % of GDP
26.3%
2024
16.2%
2024
Consumer prices inflation
3.3%
2023-2024
9.87%
2022-2023
Unemployment rate
29.3%
2020
3.19%
2022
Population
430409
33750171

Spending and national debt comparison by year

Belize
Spending

Debt
Madagascar
Spending

Debt
1x
Year % of GDP
Belize Madagascar
Government spending Government debt Government spending Government debt
2024 26.3% 65.4% 16.2% 50.3%
2023 25.8% 67.5% 17.9% 52.7%
2022 23.4% 66.8% 16.2% 49.9%
2021 25.7% 82.2% 13.9% 49.4%
2020 33.2% 103% 16.4% 52.9%
2019 27.5% 78.6% 15.4% 41.3%
2018 26.9% 79% 14.4% 42.9%
2017 27.7% 78.1% 14.9% 40.1%
2016 27.7% 70.5% 13.5% 40.3%
2015 27.9% 65.1% 13% 44.1%
2014 24.8% 61.5% 12.6% 37.8%
2013 23.8% 62.8% 12.7% 36.2%
2012 22.1% 63.1% 11.5% 30.4%
2011 23.5% 66.2% 12% 29.9%
2010 23.3% 68.4% 12.3% 32.3%
2009 23.2% 69.7% 12.5% 34.9%
2008 21.8% 64.7% 15.7% 31%
2007 22.1% 66.4% 16.1% 28.2%
2006 21.2% 71.4% 18.5% 32.2%
2005 21.4% 72.7% 18.4% 74.4%
2004 21.7% 70.7% 21.7% 81.9%
2003 24.6% 67.2% 16.6% 85.9%
2002 24.4% 53.2% 12.4% 86.7%
2001 25.9% 49.5% 15.3% 82.1%
2000 23.2% 79% 15.3% 90.2%
1999 23.6% 41.5% 15.5% 104.1%
1998 20.9% 38.7% 16.9% 108.5%
1997 19.9% 39.4% 14.5% 89.7%
1996 19.9% 38.4% 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 (1980–2000, retrieved 2026-02-20).

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

In 2024, Belize's government spending was $842M, accounting for 26.3% of its GDP, while Madagascar spent $2.82B, or 16.2% of GDP.

Debt-to-GDP ratio is 65.4% in Belize and 50.3% in Madagascar, ranking 67/185 and 106/185, respectively.

Government deficit by year

Deficit/surplus
Belize

Madagascar
1x
Year Deficit/surplus, % of GDP
Belize Madagascar
2024 -1.23% -2.48%
2023 -2.42% -4.19%
2022 -1.04% -5.46%
2021 -3.29% -2.83%
2020 -8.57% -3.96%
2019 -2.9% -1.42%
2018 -1.37% -1.34%
2017 -3.48% -2.1%
2016 -4.47% -1.11%
2015 -5.14% -2.85%
2014 -1.72% -1.96%
2013 -1.21% -3.4%
2012 -0.22% -2.24%
2011 -1.06% -2.04%
2010 -1.9% -0.76%
2009 -2.46% -2.26%
2008 1.25% -1.72%
2007 -0.19% -2.31%
2006 -2.27% -5.71%
2005 -3.7% -2.47%
2004 -4.52% -4.23%
2003 -8.41% -3.32%
2002 -5.41% -4.09%
2001 -7.23% -3.61%
2000 -6.68% -2.35%
1999 -6.51% -2.42%
1998 -2.69% -5.31%
1997 -1.81% -2%
1996 -1.76% -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/belize/madagascar | CC BY

In 2024, Belize's government deficit, the difference between spending and revenue, was $39.4M, equivalent to 1.23% of GDP. This compares to Madagascar's deficit of $432M, or 2.48% of GDP.

Over the past 29 years, Belize recorded a fiscal deficit in 28 of those years, while Madagascar ran a deficit in 29 years. On average, Belize posted an annual deficit equal to 3.19% of GDP, compared to deficit of 2.89% of GDP for Madagascar.

Inflation comparison by year

Inflation
Belize

Madagascar
1x
Year Consumer prices inflation
Belize Madagascar
2024 3.3% -
2023 4.4% 9.87%
2022 6.3% 8.16%
2021 3.2% 5.81%
2020 0.1% 4.2%
2019 0.2% 5.61%
2018 0.3% 8.59%
2017 1.1% 8.61%
2016 0.7% 6.04%
2015 -0.9% 7.4%
2014 1.2% 6.08%
2013 0.5% 5.83%
2012 1.2% 5.71%
2011 1.7% 9.48%
2010 0.9% 9.25%
2009 -1.1% 8.95%
2008 6.4% 9.3%
2007 2.3% 10.3%
2006 4.2% 10.8%
2005 3.7% 18.4%
2004 3.1% 14%
2003 2.6% -1.7%
2002 2.2% 16.5%
2001 1.1% 7.92%
2000 0.6% 11.9%
1999 -1.2% 9.93%
1998 -0.8% 6.21%
1997 1% 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/belize/madagascar | CC BY

Over the past 27 years, Belize has recorded an average annual inflation rate of 1.67%, compared with 8.42% in Madagascar. In 2023, inflation was 3.3% in Belize and 9.87% in Madagascar.

Balance of trade

Belize Madagascar
Current account balance
-$51.7M
2024
-$829M
2022
Current account balance ranking
84/190
2024
119/190
2022
Current account balance, % of GDP
-1.61%
2024
-5.41%
2022
Goods imports
$1.36B
2024
$4.52B
2022
Goods exports
$482M
2024
$3.55B
2022
Service imports
$362M
2024
$1.52B
2022
Service exports
$1.16B
2024
$1.14B
2022
Imports of goods and services, % of GDP
53.7%
2024
31.7%
2024
Exports of goods and services, % of GDP
55.2%
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.

Belize Madagascar
Economic freedom 64.7 57
Economic freedom ranking 71/197 119/197
Property rights 46.3 39.8
Government integrity 46.2 26.8
Judicial effectiveness 73.9 33.7
Tax burden 81.8 90.5
Government spending 81 91.5
Fiscal health 87.5 68.8
Business freedom 67.2 37.3
Labor freedom 57.6 56.1
Monetary freedom 72.6 71.8
Trade freedom 57.8 67.6
Investment freedom 55 50
Financial freedom 50 50

Economic freedom comparison by year

Belize
Madagascar
1x
Year Economic freedom index
Belize Madagascar
2026 64.7 57
2025 64.2 57
2024 61.2 57.3
2023 59.8 58.9
2022 56.6 58.9
2021 57.5 57.7
2020 57.4 60.5
2019 55.4 56.6
2018 57.1 56.8
2017 58.6 57.4
2016 57.4 61.1
2015 56.8 61.7
2014 56.7 61.7
2013 57.3 62
2012 61.9 62.4
2011 63.8 61.2
2010 61.5 63.2
2009 63 62.2
2008 63 62.4
2007 63.3 61.1
2006 64.7 61
2005 64.5 63.1
2004 62.8 60.9
2003 63.5 62.8
2002 65.6 56.8
2001 65.9 53.9
2000 63.3 54.4
1999 60.7 52.8
1998 59.1 51.8
1997 64.3 53.8
1996 61.6 52.2
1995 62.9 51.6

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

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

The Economic Freedom Index for Belize is 64.7, ranking 71/197, compared to 57 for Madagascar, ranking 119/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Belize Madagascar
Services, % of GDP
62.4%
2024
47.7%
2024
Industry, % of GDP
14.6%
2024
22.8%
2024
Agriculture, forestry, and fishing, % of GDP
7.95%
2024
22.5%
2024
GNI, Atlas method
$2.98B
2024
$16.4B
2024
GNI per capita, PPP
$13,760
2024
$1,830
2024
Total reserves including gold
$498M
2024
$2.78B
2024
Total reserves ranking
156/177
2024
120/177
2024
Net foreign direct investment
-$126M
2024
-$326M
2022
Net inflows of foreign direct investment
$128M
2024
$606M
2024
Net outflows of foreign direct investment
$2.61M
2024
$134M
2024
Servicing debt to the IMF, % of GNI
4.15%
2024
1.72%
2024
Poverty at national poverty lines
52%
2018
75.2%
2021
Gross capital formation, % of GDP
19.8%
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/belize/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 (1980–2000, retrieved 2026-02-20)
  5. U.S. Census Bureau (1985–2024, retrieved 2026-02-08)
  6. United Nations | World Population Prospects (2026, retrieved 2026-03-10)
  7. 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.