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Economy of Guyana vs Madagascar compared: GDP & Debt

Updated on by Georank team

Guyana has a GDP of $24.7B compared to $17.4B for Madagascar, ranking 120/197 and 136/197 by economy size, respectively.

Guyana has $5.99B in government debt (24.3% of GDP), compared to $8.77B (50.3% of GDP) in Madagascar.

Guyana vs Madagascar GDP by year

Guyana
Madagascar
1x
Year GDP, current $
Guyana Madagascar
2024 $24,662,709,832 $17,420,501,490
2023 $16,918,503,597 $15,869,945,478
2022 $14,718,388,489 $15,325,603,273
2021 $8,041,362,110 $14,354,731,964
2020 $5,471,256,595 $13,051,441,204
2019 $5,173,760,192 $14,104,664,679
2018 $4,787,636,998 $13,760,033,282
2017 $4,748,174,334 $13,176,313,594
2016 $4,482,697,337 $11,848,613,858
2015 $4,279,840,194 $11,323,020,701
2014 $4,127,660,152 $12,522,957,399
2013 $4,167,800,929 $12,423,555,455
2012 $4,063,088,536 $11,578,975,062
2011 $3,691,384,318 $11,551,819,618
2010 $3,432,912,517 $9,982,711,338
2009 $3,165,663,153 $9,616,879,409
2008 $3,025,187,433 $10,725,137,724
2007 $2,730,971,595 $8,524,620,890
2006 $2,379,817,991 $6,395,712,491
2005 $824,880,550 $5,859,269,753
2004 $787,814,379 $5,064,732,626
2003 $743,063,950 $6,372,498,890
2002 $726,131,435 $5,351,701,663
2001 $712,167,450 $5,438,332,602
2000 $712,667,897 $4,629,247,204
1999 $694,754,988 $4,277,903,780
1998 $717,530,683 $4,401,967,633
1997 $749,138,010 $4,262,965,420
1996 $705,406,001 $4,931,861,039
1995 $621,626,786 $3,838,100,904
1994 $540,874,934 $3,522,227,092
1993 $454,101,382 $4,063,298,919
1992 $373,573,141 $3,714,966,678
1991 $348,533,095 $3,254,713,056
1990 $396,582,263 $3,931,334,875
1989 $379,779,390 $3,175,638,333
1988 $413,799,990 $3,189,456,965
1987 $354,591,847 $3,212,900,556
1986 $504,651,140 $4,347,989,788
1985 $453,488,372 $3,802,557,895
1984 $437,631,605 $3,905,938,481
1983 $489,333,333 $4,686,457,031
1982 $482,000,000 $4,784,977,326
1981 $570,357,107 $4,759,333,998
1980 $603,200,000 $5,201,818,348
1979 $530,440,000 $3,463,565,854
1978 $507,080,000 $2,669,755,115
1977 $449,880,000 $2,358,930,406
1976 $454,440,000 $2,181,844,179
1975 $494,791,667 $2,283,049,215
1974 $433,954,545 $1,917,508,190
1973 $307,047,619 $1,653,062,335
1972 $285,380,952 $1,341,590,690
1971 $282,050,000 $1,199,507,631
1970 $267,800,000 $1,111,859,571
1969 $249,300,000 $1,056,391,056
1968 $229,750,000 $1,031,669,637
1967 $250,176,471 $956,436,932
1966 $228,705,882 $900,264,585
1965 $213,235,294 $833,563,473
1964 $194,774,513 $802,482,184
1963 $175,757,894 $759,345,864
1962 $194,949,513 $739,286,908
1961 $185,849,535 $699,161,945
1960 $170,216,241 $673,081,725

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

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

GDP per capita in Guyana vs Madagascar by year

Guyana
GDP per capita

GDP per capita, PPP
Madagascar
GDP per capita

GDP per capita, PPP
1x
Year Current $
Guyana Madagascar
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $29,675 $80,155 $545 $1,884
2023 $20,474 $54,729 $509 $1,808
2022 $17,913 $39,711 $504 $1,717
2021 $9,861 $22,866 $483 $1,577
2020 $6,776 $16,819 $451 $1,490
2019 $6,406 $13,241 $500 $1,612
2018 $6,048 $12,443 $500 $1,547
2017 $6,179 $12,243 $492 $1,547
2016 $5,871 $11,516 $454 $1,562
2015 $5,640 $11,408 $445 $1,497
2014 $5,473 $11,145 $506 $1,499
2013 $5,557 $11,200 $515 $1,473
2012 $5,444 $10,627 $494 $1,464
2011 $4,947 $10,066 $506 $1,475
2010 $4,582 $9,337 $450 $1,464
2009 $4,209 $8,824 $446 $1,480
2008 $4,009 $8,437 $513 $1,577
2007 $3,608 $8,110 $420 $1,493
2006 $3,136 $7,346 $324 $1,416
2005 $1,084 $6,761 $306 $1,343
2004 $1,033 $6,673 $272.2 $1,280
2003 $974 $6,392 $353 $1,219
2002 $951 $6,304 $305 $1,121
2001 $932 $6,131 $319 $1,299
2000 $932 $5,860 $280.3 $1,236
1999 $909 $5,812 $267.4 $1,194
1998 $940 $5,573 $284.2 $1,162
1997 $983 $5,615 $284.4 $1,142
1996 $928 $5,210 $340 $1,119
1995 $820 $4,753 $273.1 $1,111
1994 $716 $4,447 $258.7 $1,104
1993 $603 $4,027 $308 $1,116
1992 $498 $3,651 $290.2 $1,101
1991 $466 $3,322 $262 $1,096
1990 $529 $3,022 $326 $1,166
1989 $503 - $271.3 -
1988 $545 - $280.5 -
1987 $464 - $290.8 -
1986 $657 - $405 -
1985 $588 - $364 -
1984 $565 - $385 -
1983 $631 - $476 -
1982 $621 - $501 -
1981 $735 - $513 -
1980 $779 - $578 -
1979 $689 - $396 -
1978 $663 - $315 -
1977 $593 - $286.9 -
1976 $604 - $273.5 -
1975 $664 - $295 -
1974 $588 - $255.3 -
1973 $421 - $226.8 -
1972 $395 - $189.6 -
1971 $396 - $174.6 -
1970 $381 - $166.6 -
1969 $361 - $162.9 -
1968 $340 - $163.6 -
1967 $378 - $155.9 -
1966 $353 - $150.7 -
1965 $336 - $143.2 -
1964 $313 - $141.5 -
1963 $288.8 - $137.4 -
1962 $327 - $137.3 -
1961 $319 - $133.3 -
1960 $299.1 - $131.7 -

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

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

Guyana's GDP per capita is $29,675, ranking 41/197, compared to $545 in Madagascar, ranking 193/197. Adjusted for purchasing power (GDP per capita PPP), Guyana ranks 15th at $80,155, while Madagascar ranks 187th at $1,884.

Economic indicators

Guyana Madagascar
Gross domestic product
$24.7B
2024
$17.4B
2024
GDP rank
120/197
2024
136/197
2024
GDP growth
43.8%
2023-2024
4.2%
2023-2024
GDP per capita
$29,675
2024
$545
2024
GDP per capita rank
41/197
2024
193/197
2024
GDP per capita, PPP
$80,155
2024
$1,884
2024
GDP per capita PPP rank
15/197
2024
187/197
2024
Government debt
$5.99B
2024
$8.77B
2024
Debt-to-GDP ratio
24.3%
2024
50.3%
2024
Government debt per person
$7,213
2024
$274.3
2024
Government debt per person rank
66/185
2024
180/185
2024
Average annual personal income after taxes
$13,212
2026
$1,268
2026
Income share by richest 10%
34.4%
1998
29.6%
2021
Income share by poorest 10%
1.1%
1998
2.9%
2021
Government expenditure, % of GDP
23.2%
2024
16.2%
2024
Consumer prices inflation
2.5%
2023-2024
9.87%
2022-2023
Unemployment rate
13.2%
2019
3.19%
2022
Population
842249
33750171

Spending and national debt comparison by year

Guyana
Spending

Debt
Madagascar
Spending

Debt
1x
Year % of GDP
Guyana Madagascar
Government spending Government debt Government spending Government debt
2024 23.2% 24.3% 16.2% 50.3%
2023 23.7% 26.7% 17.9% 52.7%
2022 20.3% 24.8% 16.2% 49.9%
2021 24.8% 45.7% 13.9% 49.4%
2020 30.5% 59.5% 16.4% 52.9%
2019 28.1% 54% 15.4% 41.3%
2018 27.6% 47.9% 14.4% 42.9%
2017 26.3% 46.1% 14.9% 40.1%
2016 25.2% 44% 13.5% 40.3%
2015 21.7% 42.2% 13% 44.1%
2014 23.1% 38.7% 12.6% 37.8%
2013 21.4% 41.4% 12.7% 36.2%
2012 21.8% 44.7% 11.5% 30.4%
2011 23.5% 51.7% 12% 29.9%
2010 23.9% 53.1% 12.3% 32.3%
2009 25.4% 52.3% 12.5% 34.9%
2008 24.1% 48.2% 15.7% 31%
2007 25.5% 47.7% 16.1% 28.2%
2006 29% 74.5% 18.5% 32.2%
2005 28.4% 90.7% 18.4% 74.4%
2004 23.7% 91.8% 21.7% 81.9%
2003 23.5% 95.6% 16.6% 85.9%
2002 23.1% 105.1% 12.4% 86.7%
2001 24% 104.6% 15.3% 82.1%
2000 22.9% 97.2% 15.3% 90.2%
1999 17.6% 97.1% 15.5% 104.1%
1998 19.7% 108% 16.9% 108.5%
1997 20.9% 101.3% 14.5% 89.7%
1996 - - 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 (1980–1989, retrieved 2026-02-20).

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

In 2024, Guyana's government spending was $5.72B, accounting for 23.2% of its GDP, while Madagascar spent $2.82B, or 16.2% of GDP.

Debt-to-GDP ratio is 24.3% in Guyana and 50.3% in Madagascar, ranking 168/185 and 106/185, respectively.

Government deficit by year

Deficit/surplus
Guyana

Madagascar
1x
Year Deficit/surplus, % of GDP
Guyana Madagascar
2024 -7.31% -2.48%
2023 -5.78% -4.19%
2022 -5.11% -5.46%
2021 -6.94% -2.83%
2020 -7.78% -3.96%
2019 -2.52% -1.42%
2018 -2.52% -1.34%
2017 -3.14% -2.1%
2016 -3.21% -1.11%
2015 -0.75% -2.85%
2014 -3.88% -1.96%
2013 -2.16% -3.4%
2012 -3.11% -2.24%
2011 -2.13% -2.04%
2010 -1.88% -0.76%
2009 -2.5% -2.26%
2008 -2.78% -1.72%
2007 -3.35% -2.31%
2006 -6.16% -5.71%
2005 -6.54% -2.47%
2004 -2.88% -4.23%
2003 -4.81% -3.32%
2002 -2.42% -4.09%
2001 -3.71% -3.61%
2000 -2.27% -2.35%
1999 -0.47% -2.42%
1998 -2.67% -5.31%
1997 -1.7% -2%
1996 - -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/guyana/madagascar | CC BY

In 2024, Guyana's government deficit, the difference between spending and revenue, was $1.8B, equivalent to 7.31% of GDP. This compares to Madagascar's deficit of $432M, or 2.48% of GDP.

Over the past 28 years, Guyana recorded a fiscal deficit in 28 of those years, while Madagascar ran a deficit in 28 years. On average, Guyana posted an annual deficit equal to 3.59% of GDP, compared to deficit of 2.86% of GDP for Madagascar.

Inflation comparison by year

Inflation
Guyana

Madagascar
1x
Year Consumer prices inflation
Guyana Madagascar
2024 2.5% -
2023 4.5% 9.87%
2022 6.5% 8.16%
2021 3.3% 5.81%
2020 1.2% 4.2%
2019 2.1% 5.61%
2018 1.3% 8.59%
2017 1.9% 8.61%
2016 0.8% 6.04%
2015 -0.9% 7.4%
2014 0.7% 6.08%
2013 1.9% 5.83%
2012 2.4% 5.71%
2011 4.4% 9.48%
2010 4.3% 9.25%
2009 3% 8.95%
2008 8.1% 9.3%
2007 12.2% 10.3%
2006 6.7% 10.8%
2005 6.9% 18.4%
2004 4.7% 14%
2003 6% -1.7%
2002 5.4% 16.5%
2001 2.6% 7.92%
2000 6.1% 11.9%
1999 7.5% 9.93%
1998 4.6% 6.21%
1997 3.6% 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/guyana/madagascar | CC BY

Over the past 27 years, Guyana has recorded an average annual inflation rate of 4.14%, compared with 8.42% in Madagascar. In 2023, inflation was 2.5% in Guyana and 9.87% in Madagascar.

Top exports between countries

Guyana
Export category Export value
Machinery & equipment $1K
Madagascar
Export category Export value
Raw agricultural goods $315K
Miscellaneous $9K
Wood & paper products $7K

Balance of trade

Guyana Madagascar
Current account balance
$2.35B
2023
-$829M
2022
Current account balance ranking
43/190
2023
119/190
2022
Current account balance, % of GDP
+13.9%
2023
-5.41%
2022
Goods imports
$6B
2023
$4.52B
2022
Goods exports
$13.2B
2023
$3.55B
2022
Service imports
$4.95B
2023
$1.52B
2022
Service exports
$529M
2023
$1.14B
2022
Imports of goods and services, % of GDP
109.7%
2005
31.7%
2024
Exports of goods and services, % of GDP
84.6%
2005
23.3%
2024

Economic freedom indices

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

Guyana Madagascar
Economic freedom 58.7 57
Economic freedom ranking 109/197 119/197
Property rights 46.7 39.8
Government integrity 38.8 26.8
Judicial effectiveness 48.6 33.7
Tax burden 76.4 90.5
Government spending 85 91.5
Fiscal health 39.9 68.8
Business freedom 70.9 37.3
Labor freedom 76 56.1
Monetary freedom 78.5 71.8
Trade freedom 59.2 67.6
Investment freedom 55 50
Financial freedom 30 50

Economic freedom comparison by year

Guyana
Madagascar
1x
Year Economic freedom index
Guyana Madagascar
2026 58.7 57
2025 58.2 57
2024 57.3 57.3
2023 56.9 58.9
2022 59.5 58.9
2021 57.4 57.7
2020 56.2 60.5
2019 56.8 56.6
2018 58.7 56.8
2017 58.5 57.4
2016 55.4 61.1
2015 55.5 61.7
2014 55.7 61.7
2013 53.8 62
2012 51.3 62.4
2011 49.4 61.2
2010 48.4 63.2
2009 48.4 62.2
2008 48.8 62.4
2007 53.7 61.1
2006 56.6 61
2005 56.5 63.1
2004 53 60.9
2003 50.3 62.8
2002 54.3 56.8
2001 53.3 53.9
2000 52.4 54.4
1999 53.3 52.8
1998 52.7 51.8
1997 53.2 53.8
1996 50.1 52.2
1995 45.7 51.6

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

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

The Economic Freedom Index for Guyana is 58.7, ranking 109/197, compared to 57 for Madagascar, ranking 119/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Guyana Madagascar
Services, % of GDP
14.5%
2024
47.7%
2024
Industry, % of GDP
76%
2024
22.8%
2024
Agriculture, forestry, and fishing, % of GDP
7.62%
2024
22.5%
2024
GNI, Atlas method
$16.7B
2024
$16.4B
2024
GNI per capita, PPP
$52,290
2024
$1,830
2024
Total reserves including gold
$1.01B
2024
$2.78B
2024
Total reserves ranking
141/177
2024
120/177
2024
Net foreign direct investment
$1.14B
2023
-$326M
2022
Net inflows of foreign direct investment
$8.63B
2024
$606M
2024
Net outflows of foreign direct investment
$5.7M
2024
$134M
2024
Servicing debt to the IMF, % of GNI
3.73%
2024
1.72%
2024
Poverty at national poverty lines
35%
2020
75.2%
2021
Gross capital formation, % of GDP
32.3%
2005
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/guyana/madagascar | CC BY

Compare countries by 7 more topics

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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)
  9. Central Intelligence Agency (CIA) (2020, retrieved 2026-02-20)

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.