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Economy of Dominica vs Madagascar compared: GDP & Debt

Updated on by Georank

Dominica has a GDP of $724M compared to $19.6B for Madagascar, ranking 190/197 and 136/197 by economy size, respectively.

Dominica has $743M in government debt (102.6% of GDP), compared to $9.56B (48.7% of GDP) in Madagascar.

Dominica vs Madagascar GDP by year

Dominica
Madagascar
1x
Year GDP, current $
Dominica Madagascar
2025 $723,859,259 $19,620,352,036
2024 $688,881,481 $17,592,832,696
2023 $659,311,111 $16,036,707,976
2022 $623,062,963 $15,342,178,598
2021 $562,911,111 $14,354,731,964
2020 $528,944,444 $13,051,441,204
2019 $644,259,259 $14,104,664,679
2018 $628,244,444 $13,760,033,282
2017 $563,355,556 $13,176,313,594
2016 $612,711,111 $11,848,613,858
2015 $583,177,778 $11,323,020,701
2014 $572,255,556 $12,522,957,399
2013 $545,325,926 $12,423,555,455
2012 $520,355,556 $11,578,975,062
2011 $532,081,481 $11,551,819,618
2010 $519,859,259 $9,982,711,338
2009 $515,618,519 $9,616,879,409
2008 $480,003,704 $10,725,137,724
2007 $444,685,185 $8,524,620,890
2006 $416,674,074 $6,395,712,491
2005 $391,455,556 $5,859,269,753
2004 $396,711,111 $5,064,732,626
2003 $373,318,519 $6,372,498,890
2002 $375,200,000 $5,351,701,663
2001 $377,462,963 $5,438,332,602
2000 $333,470,370 $4,629,247,204
1999 $331,759,259 $4,277,903,780
1998 $322,411,111 $4,401,967,633
1997 $302,988,889 $4,262,965,420
1996 $292,285,185 $4,931,861,039
1995 $274,522,222 $3,838,100,904
1994 $264,374,074 $3,522,227,092
1993 $245,525,926 $4,063,298,919
1992 $234,059,259 $3,714,966,678
1991 $219,762,963 $3,254,713,056
1990 $201,429,630 $3,931,334,875
1989 $185,137,243 $3,175,638,333
1988 $171,106,184 $3,189,456,965
1987 $151,868,754 $3,212,900,556
1986 $135,161,959 $4,347,989,788
1985 $119,491,933 $3,802,557,895
1984 $109,157,071 $3,905,938,481
1983 $98,665,191 $4,686,457,031
1982 $89,527,577 $4,784,977,326
1981 $82,107,391 $4,759,333,998
1980 $72,804,653 $5,201,818,348
1979 $55,017,759 $3,463,565,854
1978 $57,130,216 $2,669,755,115
1977 $45,872,947 $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/dominica/madagascar | CC BY

GDP per capita in Dominica vs Madagascar by year

Dominica
GDP per capita

GDP per capita, PPP
Madagascar
GDP per capita

GDP per capita, PPP
1x
Year Current $
Dominica Madagascar
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2025 $10,989 - $599 -
2024 $10,405 $21,301 $550 $1,884
2023 $9,913 $20,286 $514 $1,808
2022 $9,324 $18,802 $504 $1,717
2021 $8,376 $15,809 $483 $1,577
2020 $7,828 $14,244 $451 $1,490
2019 $9,491 $16,021 $500 $1,612
2018 $9,215 $15,070 $500 $1,547
2017 $8,225 $12,696 $492 $1,547
2016 $8,803 $12,945 $454 $1,562
2015 $8,283 $12,093 $445 $1,497
2014 $8,132 $12,083 $506 $1,499
2013 $7,822 $11,286 $515 $1,473
2012 $7,529 $10,921 $494 $1,464
2011 $7,705 $11,123 $506 $1,475
2010 $7,550 $10,924 $450 $1,464
2009 $7,487 $10,804 $446 $1,480
2008 $6,971 $10,862 $513 $1,577
2007 $6,459 $9,949 $420 $1,493
2006 $6,056 $9,200 $324 $1,416
2005 $5,695 $8,557 $306 $1,343
2004 $5,779 $8,232 $272.2 $1,280
2003 $5,447 $7,714 $353 $1,219
2002 $5,488 $7,167 $305 $1,121
2001 $5,528 $7,291 $319 $1,299
2000 $4,867 $7,111 $280.3 $1,236
1999 $4,817 $6,759 $267.4 $1,194
1998 $4,664 $6,617 $284.2 $1,162
1997 $4,372 $6,290 $284.4 $1,142
1996 $4,211 $6,041 $340 $1,119
1995 $3,952 $5,749 $273.1 $1,111
1994 $3,805 $5,465 $258.7 $1,104
1993 $3,536 $5,352 $308 $1,116
1992 $3,376 $5,125 $290.2 $1,101
1991 $3,171 $4,914 $262 $1,096
1990 $2,893 $4,667 $326 $1,166
1989 $2,639 - $271.3 -
1988 $2,423 - $280.5 -
1987 $2,138 - $290.8 -
1986 $1,893 - $405 -
1985 $1,666 - $364 -
1984 $1,515 - $385 -
1983 $1,363 - $476 -
1982 $1,232 - $501 -
1981 $1,125 - $513 -
1980 $996 - $578 -
1979 $754 - $396 -
1978 $786 - $315 -
1977 $634 - $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/dominica/madagascar | CC BY

Dominica's GDP per capita is $10,989, ranking 84/197, compared to $599 in Madagascar, ranking 194/197. Adjusted for purchasing power (GDP per capita PPP), Dominica ranks 91st at $21,301, while Madagascar ranks 187th at $1,884.

Economic indicators

Dominica Madagascar
Gross domestic product
$724M
2025
$19.6B
2025
GDP rank
190/197
2025
136/197
2025
GDP growth
3.05%
2024-2025
3%
2024-2025
GDP per capita
$10,989
2025
$599
2025
GDP per capita rank
84/197
2025
194/197
2025
GDP per capita, PPP
$21,301
2024
$1,884
2024
GDP per capita PPP rank
91/197
2024
187/197
2024
Government debt
$743M
2025
$9.56B
2025
Debt-to-GDP ratio
102.6%
2025
48.7%
2025
Government debt per person
$11,275
2025
$292
2025
Government debt per person rank
54/185
2025
179/185
2025
Average annual personal income after taxes
$6,105
2026
$1,285
2026
Income share by richest 10% n/a
29.6%
2021
Income share by poorest 10% n/a
2.9%
2021
Government expenditure, % of GDP
55.4%
2025
13.5%
2025
Consumer prices inflation
2.53%
2024-2025
8.05%
2024-2025
Unemployment rate
11%
2001
3.19%
2022
Population
65501
33936132

Spending and national debt comparison by year

Dominica
Spending

Debt
Madagascar
Spending

Debt
1x
Year % of GDP
Dominica Madagascar
Government spending Government debt Government spending Government debt
2025 55.4% 102.6% 13.5% 48.7%
2024 67.4% 108.2% 16.1% 49.8%
2023 64.8% 101.3% 17.7% 52.1%
2022 69.7% 110% 16.2% 49.8%
2021 67% 116.3% 13.9% 49.4%
2020 66.8% 118.4% 16.4% 52.9%
2019 48.3% 97.8% 15.4% 41.3%
2018 63.4% 85.7% 14.4% 42.9%
2017 54% 84.2% 14.9% 40.1%
2016 48% 76.9% 13.5% 40.3%
2015 32.4% 68.2% 13% 44.1%
2014 32.7% 71.3% 12.6% 37.8%
2013 33.4% 73.9% 12.7% 36.2%
2012 36.2% 73.1% 11.5% 30.4%
2011 35.2% 69.7% 12% 29.9%
2010 39.4% 66.8% 12.3% 32.3%
2009 35.9% 62.5% 12.5% 34.9%
2008 34.7% 64.4% 15.7% 31%
2007 34.1% 71.8% 16.1% 28.2%
2006 29.7% 77.4% 18.5% 32.2%
2005 31% 82% 18.4% 74.4%
2004 30.2% 86.2% 21.7% 81.9%
2003 30.1% 94.9% 16.6% 85.9%
2002 28.6% 97.9% 12.4% 86.7%
2001 29.6% 98.5% 15.3% 82.1%
2000 38.5% 68.9% 15.3% 90.2%
1999 35.2% 61.8% 15.5% 104.1%
1998 33% 56.3% 16.9% 108.5%
1997 28.2% 47.7% 14.5% 89.7%
1996 28.5% 53.7% 14.4% 98.7%
1995 28.8% 57.4% 14.5% 95.8%
1994 27.2% 55.9% 16.7% 96%
1993 25.2% 53.4% 17.1% 105.2%
1992 27.4% 54% 16.2% 110.9%
1991 29% 56.9% 13.5% 113.8%
1990 31.5% 54.1% 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 (1980–1989, retrieved 2026-07-08).

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

In 2025, Dominica's government spending was $401M, accounting for 55.4% of its GDP, while Madagascar spent $2.65B, or 13.5% of GDP.

Debt-to-GDP ratio is 102.6% in Dominica and 48.7% in Madagascar, ranking 20/185 and 109/185, respectively.

Government deficit by year

Deficit/surplus
Dominica

Madagascar
1x
Year Deficit/surplus, % of GDP
Dominica Madagascar
2025 -1.35% -2.21%
2024 -6.75% -2.49%
2023 -4.52% -4.15%
2022 -7.18% -5.45%
2021 -8.22% -2.83%
2020 -7.53% -3.96%
2019 -8.72% -1.42%
2018 -17.2% -1.34%
2017 -3.27% -2.1%
2016 11.6% -1.11%
2015 11.4% -2.85%
2014 -5.54% -1.96%
2013 -2.88% -3.4%
2012 -5.41% -2.24%
2011 -4.4% -2.04%
2010 -3.38% -0.76%
2009 -0.31% -2.26%
2008 0.7% -1.72%
2007 1.8% -2.31%
2006 2.93% -5.71%
2005 0.95% -2.47%
2004 -0.67% -4.23%
2003 0.85% -3.32%
2002 -4.07% -4.09%
2001 -6.54% -3.61%
2000 -8.66% -2.35%
1999 -9.18% -2.42%
1998 -5.99% -5.31%
1997 -2.24% -2%
1996 -1.59% -3.97%
1995 -2.88% -5.09%
1994 -3.35% -7.23%
1993 -1.41% -6.34%
1992 -2.22% -5%
1991 -2.99% -4.4%
1990 -4.66% -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/dominica/madagascar | CC BY

In 2025, Dominica's government deficit, the difference between spending and revenue, was $9.76M, equivalent to 1.35% of GDP. This compares to Madagascar's deficit of $433M, or 2.21% of GDP.

Over the past 36 years, Dominica recorded a fiscal deficit in 29 of those years, while Madagascar ran a deficit in 36 years. On average, Dominica posted an annual deficit equal to 3.14% of GDP, compared to deficit of 3.18% of GDP for Madagascar.

Inflation comparison by year

Inflation
Dominica

Madagascar
1x
Year Consumer prices inflation
Dominica Madagascar
2025 2.53% 8.05%
2024 2.74% 7.61%
2023 5.09% 9.87%
2022 2.88% 8.16%
2021 2.23% 5.81%
2020 1.22% 4.2%
2019 1.5% 5.61%
2018 0.99% 8.59%
2017 0.3% 8.61%
2016 0.14% 6.04%
2015 -0.84% 7.4%
2014 0.8% 6.08%
2013 -0.05% 5.83%
2012 1.36% 5.71%
2011 1.13% 9.48%
2010 3% 9.25%
2009 0.006% 8.95%
2008 6.36% 9.3%
2007 3.63% 10.3%
2006 2.2% 10.8%
2005 1.68% 18.4%
2004 2.39% 14%
2003 1.45% -1.7%
2002 0.17% 16.5%
2001 1.3% 7.92%
2000 0.86% 11.9%
1999 1.18% 9.93%
1998 1% 6.21%
1997 2.44% 4.49%

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

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

Over the past 29 years, Dominica has recorded an average annual inflation rate of 1.71%, compared with 8.38% in Madagascar. In 2025, inflation was 2.53% in Dominica and 8.05% in Madagascar.

Top exports between countries

Dominica
Export category Export value
Madagascar
Export category Export value
Miscellaneous $9K
Raw agricultural goods $3K

Balance of trade

Dominica Madagascar
Current account balance
-$275M
2025
-$749M
2024
Current account balance ranking
94/190
2025
110/190
2024
Current account balance, % of GDP
-38%
2025
-4.26%
2024
Goods imports
$275M
2025
$4.16B
2024
Goods exports
$29.8M
2025
$2.58B
2024
Service imports
$208M
2025
$1.27B
2024
Service exports
$181M
2025
$1.53B
2024
Imports of goods and services, % of GDP n/a
32.9%
2025
Exports of goods and services, % of GDP
8.5%
2026
21.3%
2025

Economic freedom indices

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

Dominica Madagascar
Economic freedom 56.1 57
Economic freedom ranking 124/197 119/197
Property rights 65.8 39.8
Government integrity 61.2 26.8
Judicial effectiveness 77.3 33.7
Tax burden 76.1 90.5
Government spending 0 91.5
Fiscal health 45.6 68.8
Business freedom 66.2 37.3
Labor freedom 49.8 56.1
Monetary freedom 77.7 71.8
Trade freedom 53.2 67.6
Investment freedom 60 50
Financial freedom 40 50

Economic freedom comparison by year

Dominica
Madagascar
1x
Year Economic freedom index
Dominica Madagascar
2026 56.1 57
2025 55.3 57
2024 54 57.3
2023 59.7 58.9
2022 54.4 58.9
2021 53 57.7
2020 60.8 60.5
2019 63.6 56.6
2018 64.5 56.8
2017 63.7 57.4
2016 67 61.1
2015 66.1 61.7
2014 65.2 61.7
2013 63.9 62
2012 61.6 62.4
2011 63.3 61.2
2010 63.2 63.2
2009 62.6 62.2
2008 - 62.4
2007 - 61.1
2006 - 61
2005 - 63.1
2004 - 60.9
2003 - 62.8
2002 - 56.8
2001 - 53.9
2000 - 54.4
1999 - 52.8
1998 - 51.8
1997 - 53.8
1996 - 52.2
1995 - 51.6

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

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

The Economic Freedom Index for Dominica is 56.1, ranking 124/197, compared to 57 for Madagascar, ranking 119/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Dominica Madagascar
Services, % of GDP
57.2%
2025
48.8%
2025
Industry, % of GDP
14.1%
2025
23.9%
2025
Agriculture, forestry, and fishing, % of GDP
12.1%
2025
21.7%
2025
GNI, Atlas method
$704M
2025
$18.2B
2025
GNI per capita, PPP
$22,130
2025
$1,910
2025
Total reserves including gold
$165M
2025
$2.78B
2024
Total reserves ranking
172/177
2025
122/177
2024
Net foreign direct investment
-$49.5M
2025
-$472M
2024
Net inflows of foreign direct investment
$60M
2024
$606M
2024
Net outflows of foreign direct investment
-$401K
2024
$134M
2024
Servicing debt to the IMF, % of GNI
9.81%
2024
1.71%
2024
Poverty at national poverty lines
29%
2020
75.2%
2021
Gross capital formation, % of GDP n/a
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/dominica/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. U.S. Census Bureau (1985–2025, retrieved 2026-07-08)
  5. International Monetary Fund (IMF) | Public Finances in Modern History (1980–1989, retrieved 2026-07-08)
  6. TradeMap (2020–2021, retrieved 2026-07-08)
  7. United Nations | World Population Prospects (2026, retrieved 2026-07-08)
  8. LivingCost (2026, retrieved 2026-07-08)
  9. Central Intelligence Agency (CIA) (2020, 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.