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Economy of Kiribati vs Madagascar compared: GDP & Debt

Updated on by Georank team

Kiribati has a GDP of $308M compared to $17.4B for Madagascar, ranking 192/197 and 136/197 by economy size, respectively.

Kiribati has $30.5M in government debt (9.92% of GDP), compared to $8.77B (50.3% of GDP) in Madagascar.

Kiribati vs Madagascar GDP by year

Kiribati
Madagascar
1x
Year GDP, current $
Kiribati Madagascar
2024 $307,862,564 $17,420,501,490
2023 $288,610,748 $15,869,945,478
2022 $270,040,453 $15,325,603,273
2021 $285,259,881 $14,354,731,964
2020 $220,898,020 $13,051,441,204
2019 $216,985,388 $14,104,664,679
2018 $233,514,717 $13,760,033,282
2017 $222,875,736 $13,176,313,594
2016 $206,467,819 $11,848,613,858
2015 $191,559,399 $11,323,020,701
2014 $200,287,282 $12,522,957,399
2013 $201,730,861 $12,423,555,455
2012 $207,001,546 $11,578,975,062
2011 $195,970,140 $11,551,819,618
2010 $165,458,433 $9,982,711,338
2009 $140,177,384 $9,616,879,409
2008 $147,017,895 $10,725,137,724
2007 $138,054,946 $8,524,620,890
2006 $112,338,353 $6,395,712,491
2005 $113,895,437 $5,859,269,753
2004 $104,085,892 $5,064,732,626
2003 $96,105,619 $6,372,498,890
2002 $74,743,869 $5,351,701,663
2001 $64,935,850 $5,438,332,602
2000 $74,910,527 $4,629,247,204
1999 $77,323,978 $4,277,903,780
1998 $74,905,706 $4,401,967,633
1997 $80,205,807 $4,262,965,420
1996 $81,456,854 $4,931,861,039
1995 $68,596,395 $3,838,100,904
1994 $67,055,334 $3,522,227,092
1993 $58,953,596 $4,063,298,919
1992 $61,491,369 $3,714,966,678
1991 $41,247,792 $3,254,713,056
1990 $36,534,295 $3,931,334,875
1989 $37,645,319 $3,175,638,333
1988 $38,278,810 $3,189,456,965
1987 $29,554,413 $3,212,900,556
1986 $25,993,009 $4,347,989,788
1985 $26,126,615 $3,802,557,895
1984 $34,394,167 $3,905,938,481
1983 $31,000,546 $4,686,457,031
1982 $32,742,713 $4,784,977,326
1981 $35,267,489 $4,759,333,998
1980 $33,157,723 $5,201,818,348
1979 $34,466,197 $3,463,565,854
1978 $36,563,965 $2,669,755,115
1977 $31,335,459 $2,358,930,406
1976 $33,246,817 $2,181,844,179
1975 $44,547,454 $2,283,049,215
1974 $69,256,489 $1,917,508,190
1973 $25,645,040 $1,653,062,335
1972 $15,314,346 $1,341,590,690
1971 $12,356,134 $1,199,507,631
1970 $11,560,877 $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/kiribati/madagascar | CC BY

GDP per capita in Kiribati vs Madagascar by year

Kiribati
GDP per capita

GDP per capita, PPP
Madagascar
GDP per capita

GDP per capita, PPP
1x
Year Current $
Kiribati Madagascar
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $2,289 $3,702 $545 $1,884
2023 $2,178 $3,486 $509 $1,808
2022 $2,070 $3,329 $504 $1,717
2021 $2,222 $3,020 $483 $1,577
2020 $1,752 $2,711 $451 $1,490
2019 $1,751 $2,763 $500 $1,612
2018 $1,913 $2,672 $500 $1,547
2017 $1,853 $2,562 $492 $1,547
2016 $1,743 $2,463 $454 $1,562
2015 $1,640 $2,311 $445 $1,497
2014 $1,737 $2,084 $506 $1,499
2013 $1,772 $2,049 $515 $1,473
2012 $1,844 $1,896 $494 $1,464
2011 $1,771 $1,786 $506 $1,475
2010 $1,522 $1,724 $450 $1,464
2009 $1,317 $1,718 $446 $1,480
2008 $1,411 $1,735 $513 $1,577
2007 $1,353 $1,792 $420 $1,493
2006 $1,123 $1,728 $324 $1,416
2005 $1,162 $1,617 $306 $1,343
2004 $1,083 $1,579 $272.2 $1,280
2003 $1,021 $1,578 $353 $1,219
2002 $810 $1,605 $305 $1,121
2001 $719 $1,591 $319 $1,299
2000 $845 $1,638 $280.3 $1,236
1999 $887 $1,526 $267.4 $1,194
1998 $874 $1,593 $284.2 $1,162
1997 $953 $1,535 $284.4 $1,142
1996 $986 $1,519 $340 $1,119
1995 $844 $1,518 $273.1 $1,111
1994 $838 $1,469 $258.7 $1,104
1993 $748 $1,431 $308 $1,116
1992 $792 $1,421 $290.2 $1,101
1991 $540 $1,139 $262 $1,096
1990 $488 $1,192 $326 $1,166
1989 $515 - $271.3 -
1988 $536 - $280.5 -
1987 $424 - $290.8 -
1986 $382 - $405 -
1985 $393 - $364 -
1984 $527 - $385 -
1983 $483 - $476 -
1982 $519 - $501 -
1981 $568 - $513 -
1980 $542 - $578 -
1979 $573 - $396 -
1978 $611 - $315 -
1977 $520 - $286.9 -
1976 $548 - $273.5 -
1975 $730 - $295 -
1974 $1,131 - $255.3 -
1973 $422 - $226.8 -
1972 $256.2 - $189.6 -
1971 $210.7 - $174.6 -
1970 $201 - $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/kiribati/madagascar | CC BY

Kiribati's GDP per capita is $2,289, ranking 152/197, compared to $545 in Madagascar, ranking 193/197. Adjusted for purchasing power (GDP per capita PPP), Kiribati ranks 169th at $3,702, while Madagascar ranks 187th at $1,884.

Economic indicators

Kiribati Madagascar
Gross domestic product
$308M
2024
$17.4B
2024
GDP rank
192/197
2024
136/197
2024
GDP growth
5.27%
2023-2024
4.2%
2023-2024
GDP per capita
$2,289
2024
$545
2024
GDP per capita rank
152/197
2024
193/197
2024
GDP per capita, PPP
$3,702
2024
$1,884
2024
GDP per capita PPP rank
169/197
2024
187/197
2024
Government debt
$30.5M
2024
$8.77B
2024
Debt-to-GDP ratio
9.92%
2024
50.3%
2024
Government debt per person
$226.9
2024
$274.3
2024
Government debt per person rank
181/185
2024
180/185
2024
Average annual personal income after taxes
$1,967
2026
$1,268
2026
Income share by richest 10%
22.8%
2019
29.6%
2021
Income share by poorest 10%
4%
2019
2.9%
2021
Government expenditure, % of GDP
98.1%
2024
16.2%
2024
Consumer prices inflation
2.5%
2023-2024
9.87%
2022-2023
Unemployment rate
2.79%
2023
3.19%
2022
Population
139020
33750171

Spending and national debt comparison by year

Kiribati
Spending

Debt
Madagascar
Spending

Debt
1x
Year % of GDP
Kiribati Madagascar
Government spending Government debt Government spending Government debt
2024 98.1% 9.92% 16.2% 50.3%
2023 95.3% 11.4% 17.9% 52.7%
2022 87.5% 16.3% 16.2% 49.9%
2021 84% 17.3% 13.9% 49.4%
2020 102.2% 21% 16.4% 52.9%
2019 108.3% 19% 15.4% 41.3%
2018 108.8% 19% 14.4% 42.9%
2017 92.1% 20.2% 14.9% 40.1%
2016 99% 21.2% 13.5% 40.3%
2015 90.9% 18.8% 13% 44.1%
2014 101.2% 8.97% 12.6% 37.8%
2013 78% 8.86% 12.7% 36.2%
2012 83.9% 8.13% 11.5% 30.4%
2011 80.9% 8.8% 12% 29.9%
2010 75.7% 9.43% 12.3% 32.3%
2009 74.7% 10.3% 12.5% 34.9%
2008 79.4% 13.9% 15.7% 31%
2007 77.3% 11.1% 16.1% 28.2%
2006 82.1% 12.9% 18.5% 32.2%
2005 95.6% 12.1% 18.4% 74.4%
2004 103.8% 13.6% 21.7% 81.9%
2003 84.4% 12.3% 16.6% 85.9%
2002 96.9% 13.3% 12.4% 86.7%
2001 101.3% 17% 15.3% 82.1%
2000 66% 12.7% 15.3% 90.2%
1999 77.6% 11.8% 15.5% 104.1%
1998 74.7% 9.81% 16.9% 108.5%
1997 70.9% 10.7% 14.5% 89.7%
1996 68.4% 11% 14.4% 98.7%
1995 69.6% 12.3% 14.5% 95.8%
1994 54.6% 12.3% 16.7% 96%
1993 55.3% 10.9% 17.1% 105.2%
1992 65.9% 7.31% 16.2% 110.9%
1991 82.1% 8.43% 13.5% 113.8%
1990 105.5% 7.72% 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/kiribati/madagascar | CC BY

In 2024, Kiribati's government spending was $302M, accounting for 98.1% of its GDP, while Madagascar spent $2.82B, or 16.2% of GDP.

Debt-to-GDP ratio is 9.92% in Kiribati and 50.3% in Madagascar, ranking 180/185 and 106/185, respectively.

Government deficit by year

Deficit/surplus
Kiribati

Madagascar
1x
Year Deficit/surplus, % of GDP
Kiribati Madagascar
2024 -22% -2.48%
2023 0.13% -4.19%
2022 -18.3% -5.46%
2021 -10.8% -2.83%
2020 3.57% -3.96%
2019 10.8% -1.42%
2018 5.18% -1.34%
2017 34.1% -2.1%
2016 20.1% -1.11%
2015 42.5% -2.85%
2014 35% -1.96%
2013 11.8% -3.4%
2012 -5.43% -2.24%
2011 -17.6% -2.04%
2010 -7.8% -0.76%
2009 -8.56% -2.26%
2008 -15.8% -1.72%
2007 -12.5% -2.31%
2006 -12.3% -5.71%
2005 -9.96% -2.47%
2004 -19.2% -4.23%
2003 -8.93% -3.32%
2002 3.13% -4.09%
2001 -10.9% -3.61%
2000 -0.03% -2.35%
1999 -1.81% -2.42%
1998 14.6% -5.31%
1997 5.92% -2%
1996 -20.2% -3.97%
1995 -5.14% -5.09%
1994 0.74% -7.23%
1993 6.27% -6.34%
1992 0.79% -5%
1991 3.87% -4.4%
1990 -4.62% -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/kiribati/madagascar | CC BY

In 2024, Kiribati's government deficit, the difference between spending and revenue, was $67.7M, equivalent to 22% of GDP. This compares to Madagascar's deficit of $432M, or 2.48% of GDP.

Over the past 35 years, Kiribati recorded a fiscal deficit in 19 of those years, while Madagascar ran a deficit in 35 years. On average, Kiribati posted an annual deficit equal to 0.38% of GDP, compared to deficit of 3.21% of GDP for Madagascar.

Inflation comparison by year

Inflation
Kiribati

Madagascar
1x
Year Consumer prices inflation
Kiribati Madagascar
2024 2.5% -
2023 9.3% 9.87%
2022 5.3% 8.16%
2021 2.1% 5.81%
2020 2.6% 4.2%
2019 -1.8% 5.61%
2018 0.6% 8.59%
2017 0.4% 8.61%
2016 1.9% 6.04%
2015 0.6% 7.4%
2014 2.1% 6.08%
2013 -1.5% 5.83%
2012 -3% 5.71%
2011 1.5% 9.48%
2010 -3.9% 9.25%
2009 9.8% 8.95%
2008 13.7% 9.3%
2007 3.6% 10.3%
2006 -1% 10.8%
2005 -0.4% 18.4%
2004 -0.7% 14%
2003 1.6% -1.7%
2002 3.2% 16.5%
2001 6% 7.92%
2000 0.4% 11.9%
1999 1.8% 9.93%
1998 3.7% 6.21%
1997 2.6% 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/kiribati/madagascar | CC BY

Over the past 27 years, Kiribati has recorded an average annual inflation rate of 2.24%, compared with 8.42% in Madagascar. In 2023, inflation was 2.5% in Kiribati and 9.87% in Madagascar.

Balance of trade

Kiribati Madagascar
Current account balance
-$59.5M
2024
-$829M
2022
Current account balance ranking
85/190
2024
119/190
2022
Current account balance, % of GDP
-19.3%
2024
-5.41%
2022
Goods imports
$227M
2024
$4.52B
2022
Goods exports
$8.49M
2024
$3.55B
2022
Service imports
$108M
2024
$1.52B
2022
Service exports
$7M
2024
$1.14B
2022
Imports of goods and services, % of GDP
94.9%
2024
31.7%
2024
Exports of goods and services, % of GDP
6.27%
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.

Kiribati Madagascar
Economic freedom 50.8 57
Economic freedom ranking 158/197 119/197
Property rights 69.6 39.8
Government integrity 50.5 26.8
Judicial effectiveness 54.6 33.7
Tax burden 72.6 90.5
Government spending 0 91.5
Fiscal health 19.8 68.8
Business freedom 60.2 37.3
Labor freedom 65.3 56.1
Monetary freedom 76.7 71.8
Trade freedom 80 67.6
Investment freedom 30 50
Financial freedom 30 50

Economic freedom comparison by year

Kiribati
Madagascar
1x
Year Economic freedom index
Kiribati Madagascar
2026 50.8 57
2025 50.9 57
2024 51.3 57.3
2023 58.8 58.9
2022 59.2 58.9
2021 44.4 57.7
2020 45.2 60.5
2019 47.3 56.6
2018 50.8 56.8
2017 50.9 57.4
2016 46.2 61.1
2015 46.4 61.7
2014 46.3 61.7
2013 45.9 62
2012 46.9 62.4
2011 44.8 61.2
2010 43.7 63.2
2009 45.7 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 2026-03-09).

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

The Economic Freedom Index for Kiribati is 50.8, ranking 158/197, compared to 57 for Madagascar, ranking 119/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Kiribati Madagascar
Services, % of GDP
67.1%
2023
47.7%
2024
Industry, % of GDP
11.5%
2023
22.8%
2024
Agriculture, forestry, and fishing, % of GDP
27.2%
2023
22.5%
2024
GNI, Atlas method
$493M
2024
$16.4B
2024
GNI per capita, PPP
$6,060
2024
$1,830
2024
Total reserves including gold n/a
$2.78B
2024
Total reserves ranking n/a
120/177
2024
Net foreign direct investment
-$8.06M
2024
-$326M
2022
Net inflows of foreign direct investment
$8.07M
2024
$606M
2024
Net outflows of foreign direct investment
$16.4K
2024
$134M
2024
Servicing debt to the IMF, % of GNI n/a
1.72%
2024
Poverty at national poverty lines
5.5%
2023
75.2%
2021
Gross capital formation, % of GDP
25.8%
2023
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/kiribati/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. 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.