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Economy of Croatia vs Madagascar compared: GDP & Debt

Updated on by Georank team

Croatia has a GDP of $93B compared to $17.4B for Madagascar, ranking 75/197 and 136/197 by economy size, respectively.

Croatia has $53.5B in government debt (57.6% of GDP), compared to $8.77B (50.3% of GDP) in Madagascar.

Croatia vs Madagascar GDP by year

Croatia
Madagascar
1x
Year GDP, current $
Croatia Madagascar
2024 $92,983,810,329 $17,420,501,490
2023 $85,624,153,964 $15,869,945,478
2022 $71,196,498,671 $15,325,603,273
2021 $69,002,365,163 $14,354,731,964
2020 $57,959,843,541 $13,051,441,204
2019 $61,466,721,186 $14,104,664,679
2018 $61,667,925,219 $13,760,033,282
2017 $56,182,782,586 $13,176,313,594
2016 $52,650,714,172 $11,848,613,858
2015 $50,998,893,385 $11,323,020,701
2014 $59,606,934,501 $12,522,957,399
2013 $59,846,265,182 $12,423,555,455
2012 $57,548,115,904 $11,578,975,062
2011 $62,889,007,657 $11,551,819,618
2010 $58,975,205,417 $9,982,711,338
2009 $62,315,996,675 $9,616,879,409
2008 $68,472,854,617 $10,725,137,724
2007 $59,290,621,398 $8,524,620,890
2006 $49,583,544,860 $6,395,712,491
2005 $45,013,119,282 $5,859,269,753
2004 $41,836,292,157 $5,064,732,626
2003 $35,245,317,002 $6,372,498,890
2002 $26,757,722,429 $5,351,701,663
2001 $23,066,883,850 $5,438,332,602
2000 $22,134,411,297 $4,629,247,204
1999 $23,777,026,779 $4,277,903,780
1998 $25,890,228,430 $4,401,967,633
1997 $24,175,764,812 $4,262,965,420
1996 $24,150,978,347 $4,931,861,039
1995 $22,772,394,547 $3,838,100,904
1994 $15,062,911,617 $3,522,227,092
1993 $11,259,647,874 $4,063,298,919
1992 $10,621,169,291 $3,714,966,678
1991 $18,760,386,775 $3,254,713,056
1990 $25,650,213,280 $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 (1960–2024, retrieved 2026-04-06).

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

GDP per capita in Croatia vs Madagascar by year

Croatia
GDP per capita

GDP per capita, PPP
Madagascar
GDP per capita

GDP per capita, PPP
1x
Year Current $
Croatia Madagascar
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $24,050 $49,551 $545 $1,884
2023 $22,184 $47,760 $509 $1,808
2022 $18,466 $42,125 $504 $1,717
2021 $17,789 $36,930 $483 $1,577
2020 $14,808 $31,594 $451 $1,490
2019 $15,564 $33,064 $500 $1,612
2018 $15,460 $29,789 $500 $1,547
2017 $13,902 $27,888 $492 $1,547
2016 $12,820 $25,803 $454 $1,562
2015 $12,284 $23,750 $445 $1,497
2014 $14,187 $22,706 $506 $1,499
2013 $14,135 $22,430 $515 $1,473
2012 $13,508 $21,619 $494 $1,464
2011 $14,692 $21,191 $506 $1,475
2010 $13,730 $20,139 $450 $1,464
2009 $14,475 $20,358 $446 $1,480
2008 $15,888 $21,018 $513 $1,577
2007 $13,756 $19,568 $420 $1,493
2006 $11,501 $17,629 $324 $1,416
2005 $10,444 $15,451 $306 $1,343
2004 $9,719 $14,686 $272.2 $1,280
2003 $8,190 $13,692 $353 $1,219
2002 $6,220 $12,775 $305 $1,121
2001 $5,365 $11,653 $319 $1,299
2000 $4,954 $10,675 $280.3 $1,236
1999 $5,269 $9,943 $267.4 $1,194
1998 $5,713 $9,890 $284.2 $1,162
1997 $5,331 $9,536 $284.4 $1,142
1996 $5,300 $8,806 $340 $1,119
1995 $4,929 $8,052 $273.1 $1,111
1994 $3,238 $7,337 $258.7 $1,104
1993 $2,448 $6,861 $308 $1,116
1992 $2,321 $7,326 $290.2 $1,101
1991 $4,001 $7,918 $262 $1,096
1990 $5,369 $9,526 $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 (1960–2024, retrieved 2026-04-06).

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

Croatia's GDP per capita is $24,050, ranking 50/197, compared to $545 in Madagascar, ranking 193/197. Adjusted for purchasing power (GDP per capita PPP), Croatia ranks 46th at $49,551, while Madagascar ranks 187th at $1,884.

Economic indicators

Croatia Madagascar
Gross domestic product
$93B
2024
$17.4B
2024
GDP rank
75/197
2024
136/197
2024
GDP growth
3.83%
2023-2024
4.2%
2023-2024
GDP per capita
$24,050
2024
$545
2024
GDP per capita rank
50/197
2024
193/197
2024
GDP per capita, PPP
$49,551
2024
$1,884
2024
GDP per capita PPP rank
46/197
2024
187/197
2024
Government debt
$53.5B
2024
$8.77B
2024
Debt-to-GDP ratio
57.6%
2024
50.3%
2024
Government debt per person
$13,844
2024
$274.3
2024
Government debt per person rank
42/185
2024
180/185
2024
Average annual personal income after taxes
$20,856
2026
$1,268
2026
Market capitalization of domestic companies
$27.8B
2024
n/a
Number of billionaires
1
2025
n/a
Income share by richest 10%
23.3%
2023
29.6%
2021
Income share by poorest 10%
2.9%
2023
2.9%
2021
Government expenditure, % of GDP
48%
2024
16.2%
2024
Consumer prices inflation
2.97%
2023-2024
9.87%
2022-2023
Unemployment rate
5.03%
2024
3.19%
2022
Population
3812193
33750171

Spending and national debt comparison by year

Croatia
Spending

Debt
Madagascar
Spending

Debt
1x
Year % of GDP
Croatia Madagascar
Government spending Government debt Government spending Government debt
2024 48% 57.6% 16.2% 50.3%
2023 46.8% 61.8% 17.9% 52.7%
2022 45% 68.5% 16.2% 49.9%
2021 48.1% 78.2% 13.9% 49.4%
2020 53.7% 86.5% 16.4% 52.9%
2019 44.3% 70.9% 15.4% 41.3%
2018 44.9% 72.8% 14.4% 42.9%
2017 44.1% 76.2% 14.9% 40.1%
2016 45.9% 79.3% 13.5% 40.3%
2015 47.5% 82.8% 13% 44.1%
2014 48.7% 83.2% 12.6% 37.8%
2013 47.9% 79.5% 12.7% 36.2%
2012 47.3% 68.9% 11.5% 30.4%
2011 48.6% 63.1% 12% 29.9%
2010 48.1% 56.8% 12.3% 32.3%
2009 49.2% 47.9% 12.5% 34.9%
2008 46.3% 38.9% 15.7% 31%
2007 46.3% 37.1% 16.1% 28.2%
2006 44.6% 38.4% 18.5% 32.2%
2005 46.5% 40.9% 18.4% 74.4%
2004 49% 40% 21.7% 81.9%
2003 49.6% 37.8% 16.6% 85.9%
2002 49.2% 36.5% 12.4% 86.7%
2001 50.6% 36.6% 15.3% 82.1%
2000 54.6% 35.4% 15.3% 90.2%
1999 58.9% 30% 15.5% 104.1%
1998 56.8% 23.3% 16.9% 108.5%
1997 51.7% 22.5% 14.5% 89.7%
1996 52.1% - 14.4% 98.7%
1995 50.3% - 14.5% 95.8%
1994 45.4% - 16.7% 96%
1993 36% - 17.1% 105.2%
1992 37.1% - 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 (1980–1997, retrieved 2026-02-20).

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

In 2024, Croatia's government spending was $44.6B, accounting for 48% of its GDP, while Madagascar spent $2.82B, or 16.2% of GDP.

Debt-to-GDP ratio is 57.6% in Croatia and 50.3% in Madagascar, ranking 86/185 and 106/185, respectively.

Government deficit by year

Deficit/surplus
Croatia

Madagascar
1x
Year Deficit/surplus, % of GDP
Croatia Madagascar
2024 -1.95% -2.48%
2023 -0.79% -4.19%
2022 0.12% -5.46%
2021 -2.58% -2.83%
2020 -7.23% -3.96%
2019 2.31% -1.42%
2018 0.23% -1.34%
2017 0.8% -2.1%
2016 -1.04% -1.11%
2015 -3.53% -2.85%
2014 -5.19% -1.96%
2013 -5.52% -3.4%
2012 -5.46% -2.24%
2011 -7.53% -2.04%
2010 -6.46% -0.76%
2009 -7.15% -2.26%
2008 -2.34% -1.72%
2007 -2.28% -2.31%
2006 -2.01% -5.71%
2005 -3.24% -2.47%
2004 -6.09% -4.23%
2003 -5.03% -3.32%
2002 -4.9% -4.09%
2001 -4.79% -3.61%
2000 -9.2% -2.35%
1999 -11.1% -2.42%
1998 -6.36% -5.31%
1997 -4.93% -2%
1996 -4.41% -3.97%
1995 -4.23% -5.09%
1994 -0.82% -7.23%
1993 -2.67% -6.34%
1992 -5.69% -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/croatia/madagascar | CC BY

In 2024, Croatia's government deficit, the difference between spending and revenue, was $1.82B, equivalent to 1.95% of GDP. This compares to Madagascar's deficit of $432M, or 2.48% of GDP.

Over the past 33 years, Croatia recorded a fiscal deficit in 29 of those years, while Madagascar ran a deficit in 33 years. On average, Croatia posted an annual deficit equal to 3.97% of GDP, compared to deficit of 3.26% of GDP for Madagascar.

Inflation comparison by year

Inflation
Croatia

Madagascar
1x
Year Consumer prices inflation
Croatia Madagascar
2024 2.97% -
2023 7.94% 9.87%
2022 10.8% 8.16%
2021 2.55% 5.81%
2020 0.15% 4.2%
2019 0.77% 5.61%
2018 1.5% 8.59%
2017 1.13% 8.61%
2016 -1.12% 6.04%
2015 -0.46% 7.4%
2014 -0.22% 6.08%
2013 2.22% 5.83%
2012 3.41% 5.71%
2011 2.27% 9.48%
2010 1.03% 9.25%
2009 2.38% 8.95%
2008 6.08% 9.3%
2007 2.9% 10.3%
2006 3.19% 10.8%
2005 3.32% 18.4%
2004 2.06% 14%
2003 1.77% -1.7%
2002 1.67% 16.5%
2001 3.78% 7.92%
2000 4.61% 11.9%
1999 4.02% 9.93%
1998 6.4% 6.21%
1997 4.17% 4.49%

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

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

Over the past 27 years, Croatia has recorded an average annual inflation rate of 2.9%, compared with 8.42% in Madagascar. In 2023, inflation was 2.97% in Croatia and 9.87% in Madagascar.

Top exports between countries

Croatia
Export category Export value
Metals $97K
Machinery & equipment $9K
Miscellaneous $9K
Textiles & consumer goods $6K
Chemicals & pharma $4K
Madagascar
Export category Export value
Raw agricultural goods $48K
Wood & paper products $4K

Balance of trade

Croatia Madagascar
Current account balance
-$1.05B
2024
-$829M
2022
Current account balance ranking
125/190
2024
119/190
2022
Current account balance, % of GDP
-1.13%
2024
-5.41%
2022
Goods imports
$41.5B
2024
$4.52B
2022
Goods exports
$21.9B
2024
$3.55B
2022
Service imports
$8.35B
2024
$1.52B
2022
Service exports
$24.7B
2024
$1.14B
2022
Imports of goods and services, % of GDP
54.8%
2024
31.7%
2024
Exports of goods and services, % of GDP
50.1%
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.

Croatia Madagascar
Economic freedom 67.5 57
Economic freedom ranking 56/197 119/197
Property rights 81.1 39.8
Government integrity 52.6 26.8
Judicial effectiveness 71.7 33.7
Tax burden 70 90.5
Government spending 34.9 91.5
Fiscal health 92.2 68.8
Business freedom 79.6 37.3
Labor freedom 58.9 56.1
Monetary freedom 69.9 71.8
Trade freedom 79.4 67.6
Investment freedom 60 50
Financial freedom 60 50

Economic freedom comparison by year

Croatia
Madagascar
1x
Year Economic freedom index
Croatia Madagascar
2026 67.5 57
2025 68.7 57
2024 67.2 57.3
2023 66.4 58.9
2022 67.6 58.9
2021 63.6 57.7
2020 62.2 60.5
2019 61.4 56.6
2018 61 56.8
2017 59.4 57.4
2016 59.1 61.1
2015 61.5 61.7
2014 60.4 61.7
2013 61.3 62
2012 60.9 62.4
2011 61.1 61.2
2010 59.2 63.2
2009 55.1 62.2
2008 54.1 62.4
2007 53.4 61.1
2006 53.6 61
2005 51.9 63.1
2004 53.1 60.9
2003 53.3 62.8
2002 51.1 56.8
2001 50.7 53.9
2000 53.6 54.4
1999 53.1 52.8
1998 51.7 51.8
1997 46.7 53.8
1996 48 52.2
1995 - 51.6

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

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

The Economic Freedom Index for Croatia is 67.5, ranking 56/197, compared to 57 for Madagascar, ranking 119/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Croatia Madagascar
Services, % of GDP
60.8%
2024
47.7%
2024
Industry, % of GDP
19.2%
2024
22.8%
2024
Agriculture, forestry, and fishing, % of GDP
2.9%
2024
22.5%
2024
GNI, Atlas method
$86B
2024
$16.4B
2024
GNI per capita, PPP
$49,740
2024
$1,830
2024
Total reserves including gold
$3.34B
2024
$2.78B
2024
Total reserves ranking
116/177
2024
120/177
2024
Net foreign direct investment
-$1.88B
2024
-$326M
2022
Net inflows of foreign direct investment
$4.54B
2024
$606M
2024
Net outflows of foreign direct investment
$2.79B
2024
$134M
2024
Servicing debt to the IMF, % of GNI n/a
1.72%
2024
Poverty at national poverty lines
20.3%
2023
75.2%
2021
Gross capital formation, % of GDP
24.4%
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/croatia/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 (1980–1997, 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.