Madagascar ranked 136/197 by economy size with a GDP of $17.4B and 193/197 by GDP per capita at $545. Madagascar has $8.78B in government debt, with a debt-to-GDP ratio of 51.3%.
In 2025, Madagascar made up 0.02% of the world's economy, compared to 0.05% in 1960.
The chart below shows GDP in nominal terms, GDP adjusted for inflation (in constant dollars), and a bar chart of year-over-year inflation-adjusted growth.
| Year | GDP | GDP growth | |
|---|---|---|---|
| Current $ | Constant $ | ||
| 1960 | $673,081,725 | $4,151,435,155 | - |
| 1961 | $699,161,945 | $4,236,482,815 | 3.87% |
| 1962 | $739,286,908 | $4,332,696,293 | 5.74% |
| 1963 | $759,345,864 | $4,292,428,143 | 2.71% |
| 1964 | $802,482,184 | $4,462,516,417 | 5.68% |
| 1965 | $833,563,473 | $4,442,334,514 | 3.87% |
| 1966 | $900,264,585 | $4,534,048,838 | 8% |
| 1967 | $956,436,932 | $4,784,716,703 | 6.24% |
| 1968 | $1,031,669,637 | $5,111,454,772 | 7.87% |
| 1969 | $1,056,391,056 | $5,301,663,360 | 2.4% |
| 1970 | $1,111,859,571 | $5,581,403,272 | 5.25% |
| 1971 | $1,199,507,631 | $5,800,716,981 | 7.88% |
| 1972 | $1,341,590,690 | $5,726,895,808 | 11.8% |
| 1973 | $1,653,062,335 | $5,576,938,282 | 23.2% |
| 1974 | $1,917,508,190 | $5,688,860,706 | 16% |
| 1975 | $2,283,049,215 | $5,760,465,920 | 19.1% |
| 1976 | $2,181,844,179 | $5,583,685,378 | -4.43% |
| 1977 | $2,358,930,406 | $5,715,683,721 | 8.12% |
| 1978 | $2,669,755,115 | $5,563,543,311 | 13.2% |
| 1979 | $3,463,565,854 | $6,111,811,048 | 29.7% |
| 1980 | $5,201,818,348 | $6,170,038,735 | 50.2% |
| 1981 | $4,759,333,998 | $5,565,374,939 | -8.51% |
| 1982 | $4,784,977,326 | $5,459,632,815 | 0.54% |
| 1983 | $4,686,457,031 | $5,508,769,511 | -2.06% |
| 1984 | $3,905,938,481 | $5,605,733,877 | -16.7% |
| 1985 | $3,802,557,895 | $5,670,555,452 | -2.65% |
| 1986 | $4,347,989,788 | $5,781,711,091 | 14.3% |
| 1987 | $3,212,900,556 | $5,849,641,181 | -26.1% |
| 1988 | $3,189,456,965 | $6,048,934,315 | -0.73% |
| 1989 | $3,175,638,333 | $6,295,421,170 | -0.43% |
| 1990 | $3,931,334,875 | $6,492,398,920 | 23.8% |
| 1991 | $3,254,713,056 | $6,082,965,418 | -17.2% |
| 1992 | $3,714,966,678 | $6,154,798,241 | 14.1% |
| 1993 | $4,063,298,919 | $6,284,044,276 | 9.38% |
| 1994 | $3,522,227,092 | $6,281,398,611 | -13.3% |
| 1995 | $3,838,100,904 | $6,386,837,686 | 8.97% |
| 1996 | $4,931,861,039 | $6,524,423,229 | 28.5% |
| 1997 | $4,262,965,420 | $6,765,402,319 | -13.6% |
| 1998 | $4,401,967,633 | $7,030,408,176 | 3.26% |
| 1999 | $4,277,903,780 | $7,360,783,017 | -2.82% |
| 2000 | $4,629,247,204 | $7,688,842,733 | 8.21% |
| 2001 | $5,438,332,602 | $8,148,653,657 | 17.5% |
| 2002 | $5,351,701,663 | $7,137,571,065 | -1.59% |
| 2003 | $6,372,498,890 | $7,835,974,695 | 19.1% |
| 2004 | $5,064,732,626 | $8,247,912,168 | -20.5% |
| 2005 | $5,859,269,753 | $8,640,170,094 | 15.7% |
| 2006 | $6,395,712,491 | $9,106,610,407 | 9.16% |
| 2007 | $8,524,620,890 | $9,626,649,241 | 33.3% |
| 2008 | $10,725,137,724 | $10,272,850,830 | 25.8% |
| 2009 | $9,616,879,409 | $9,864,124,029 | -10.3% |
| 2010 | $9,982,711,338 | $9,925,206,606 | 3.8% |
| 2011 | $11,551,819,618 | $10,081,868,752 | 15.7% |
| 2012 | $11,578,975,062 | $10,385,448,753 | 0.24% |
| 2013 | $12,423,555,455 | $10,624,353,147 | 7.29% |
| 2014 | $12,522,957,399 | $10,979,121,878 | 0.8% |
| 2015 | $11,323,020,701 | $11,323,020,701 | -9.58% |
| 2016 | $11,848,613,858 | $11,775,165,457 | 4.64% |
| 2017 | $13,176,313,594 | $12,238,318,934 | 11.2% |
| 2018 | $13,760,033,282 | $12,629,254,472 | 4.43% |
| 2019 | $14,104,664,679 | $13,186,360,203 | 2.5% |
| 2020 | $13,051,441,204 | $12,245,161,113 | -7.47% |
| 2021 | $14,354,731,964 | $12,814,644,792 | 9.99% |
| 2022 | $15,325,603,273 | $13,347,233,960 | 6.76% |
| 2023 | $15,869,945,478 | $13,908,224,365 | 3.55% |
| 2024 | $17,420,814,801 | $14,492,369,788 | 9.77% |
Economic Statistics of Madagascar
Madagascar
|
Rank | |
|---|---|---|
| Gross domestic product |
$17.4B
2024 |
136/197 |
| GDP growth |
9.77%
2023-2024 |
41/196 |
| GDP per capita |
$545
2024 |
193/197 |
| GDP per capita, PPP |
$1,884
2024 |
188/197 |
| Government debt |
$8.78B
2024 |
132/185 |
| Debt-to-GDP ratio |
51.3%
2025 |
107/185 |
| Government debt per person |
$274.7
2024 |
180/185 |
| Average annual personal income after taxes |
$1,489
2025 |
184/197 |
| Income share by richest 10% |
29.6%
2021 |
66/169 |
| Income share by poorest 10% |
2.9%
2021 |
73/169 |
| Government expenditure, % of GDP |
15.7%
2025 |
183/195 |
| Consumer prices inflation |
9.87%
2022-2023 |
28/195 |
| Unemployment rate |
3.19%
2022 |
149/196 |
| Population |
33368335
|
49/197 |
Madagascar's GDP per capita
Madagascar has a GDP per capita of $545, ranking 193/197, a GDP per capita based on purchasing power parity (PPP) of $1,884, ranking 188/197, and a median annual after tax income of $1,489, ranking 184/197.
| Year | Current $ | |
|---|---|---|
| GDP per capita | GDP per capita, PPP | |
| 1960 | $131.7 | - |
| 1961 | $133.3 | - |
| 1962 | $137.3 | - |
| 1963 | $137.4 | - |
| 1964 | $141.5 | - |
| 1965 | $143.2 | - |
| 1966 | $150.7 | - |
| 1967 | $155.9 | - |
| 1968 | $163.6 | - |
| 1969 | $162.9 | - |
| 1970 | $166.6 | - |
| 1971 | $174.6 | - |
| 1972 | $189.6 | - |
| 1973 | $226.8 | - |
| 1974 | $255.3 | - |
| 1975 | $295 | - |
| 1976 | $273.5 | - |
| 1977 | $286.9 | - |
| 1978 | $315 | - |
| 1979 | $396 | - |
| 1980 | $578 | - |
| 1981 | $513 | - |
| 1982 | $501 | - |
| 1983 | $476 | - |
| 1984 | $385 | - |
| 1985 | $364 | - |
| 1986 | $405 | - |
| 1987 | $290.8 | - |
| 1988 | $280.5 | - |
| 1989 | $271.3 | - |
| 1990 | $326 | $1,166 |
| 1991 | $262 | $1,096 |
| 1992 | $290.2 | $1,101 |
| 1993 | $308 | $1,116 |
| 1994 | $258.7 | $1,104 |
| 1995 | $273.1 | $1,111 |
| 1996 | $340 | $1,119 |
| 1997 | $284.4 | $1,142 |
| 1998 | $284.2 | $1,162 |
| 1999 | $267.4 | $1,194 |
| 2000 | $280.3 | $1,236 |
| 2001 | $319 | $1,299 |
| 2002 | $305 | $1,121 |
| 2003 | $353 | $1,219 |
| 2004 | $272.2 | $1,280 |
| 2005 | $306 | $1,343 |
| 2006 | $324 | $1,416 |
| 2007 | $420 | $1,493 |
| 2008 | $513 | $1,577 |
| 2009 | $446 | $1,480 |
| 2010 | $450 | $1,464 |
| 2011 | $506 | $1,475 |
| 2012 | $494 | $1,464 |
| 2013 | $515 | $1,473 |
| 2014 | $506 | $1,499 |
| 2015 | $445 | $1,497 |
| 2016 | $454 | $1,562 |
| 2017 | $492 | $1,547 |
| 2018 | $500 | $1,547 |
| 2019 | $500 | $1,612 |
| 2020 | $451 | $1,490 |
| 2021 | $483 | $1,577 |
| 2022 | $504 | $1,717 |
| 2023 | $509 | $1,808 |
| 2024 | $545 | $1,884 |
Madagascar's government spending, deficit, and chart
This chart shows Madagascar's government spending, budget balance, and debt over time, each expressed as a share of GDP.
Over the past 46 years, Madagascar recorded a fiscal deficit in 46 years — average annual deficit equal to -3.64% of GDP. In 2024, government spending reached $2.86B (15.7% of GDP), with a deficit of -3.88%.
The national debt reached $8.78B, ranking 132nd out of 185 countries by total size, with a debt-to-GDP ratio of 51.3%, ranking 107th.
| Year | % of GDP | ||
|---|---|---|---|
| Government spending | Government debt | Government deficit/surplus | |
| 1980 | 22.7% | 37.7% | -11% |
| 1981 | 18.2% | 51.5% | -9.97% |
| 1982 | 14.3% | 56.1% | -6.97% |
| 1983 | 13.4% | 57.5% | -6.04% |
| 1984 | 13.9% | 70.9% | -6.09% |
| 1985 | 11.8% | 82.7% | -2.39% |
| 1986 | 11.1% | 84.9% | -2.24% |
| 1987 | 10.4% | 127.5% | -2.12% |
| 1988 | 11.4% | 126.6% | -0.57% |
| 1989 | 15.5% | 122% | -3.35% |
| 1990 | 13.3% | 92.7% | -0.49% |
| 1991 | 13.5% | 113.8% | -4.4% |
| 1992 | 16.2% | 110.9% | -5% |
| 1993 | 17.1% | 105.2% | -6.34% |
| 1994 | 16.7% | 96% | -7.23% |
| 1995 | 14.5% | 95.8% | -5.09% |
| 1996 | 14.4% | 98.7% | -3.97% |
| 1997 | 14.5% | 89.7% | -2% |
| 1998 | 16.9% | 108.5% | -5.31% |
| 1999 | 15.5% | 104.1% | -2.42% |
| 2000 | 15.3% | 90.2% | -2.35% |
| 2001 | 15.3% | 82.1% | -3.61% |
| 2002 | 12.4% | 86.7% | -4.09% |
| 2003 | 16.6% | 85.9% | -3.32% |
| 2004 | 21.7% | 81.9% | -4.23% |
| 2005 | 18.4% | 74.4% | -2.47% |
| 2006 | 18.5% | 32.2% | -5.71% |
| 2007 | 16.1% | 28.2% | -2.31% |
| 2008 | 15.7% | 31% | -1.72% |
| 2009 | 12.5% | 34.9% | -2.26% |
| 2010 | 12.3% | 32.3% | -0.76% |
| 2011 | 12% | 29.9% | -2.04% |
| 2012 | 11.5% | 30.4% | -2.24% |
| 2013 | 12.7% | 36.2% | -3.4% |
| 2014 | 12.6% | 37.8% | -1.96% |
| 2015 | 13% | 44.1% | -2.85% |
| 2016 | 13.5% | 40.3% | -1.11% |
| 2017 | 14.9% | 40.1% | -2.1% |
| 2018 | 14.4% | 42.9% | -1.34% |
| 2019 | 15.4% | 41.3% | -1.42% |
| 2020 | 16.4% | 52.1% | -3.96% |
| 2021 | 13.9% | 49.5% | -2.83% |
| 2022 | 16.2% | 50% | -5.46% |
| 2023 | 17.9% | 52.7% | -4.19% |
| 2024 | 16.4% | 50.4% | -2.79% |
| 2025 | 15.7% | 51.3% | -3.88% |
Inflation rate by year
Over the past 20 years, Madagascar has had an average annual inflation rate of 8.61%. In 2023, inflation was 9.87%. The bar chart below shows consumer price inflation by year.
| Year | Inflation |
|---|---|
| 1965 | 4.2% |
| 1966 | 3.21% |
| 1967 | 0.82% |
| 1968 | 0.96% |
| 1969 | 3.83% |
| 1970 | 2.88% |
| 1971 | 5.39% |
| 1972 | 5.62% |
| 1973 | 6.12% |
| 1974 | 22.1% |
| 1975 | 8.19% |
| 1976 | 4.99% |
| 1977 | 3.11% |
| 1978 | 6.53% |
| 1979 | 14.1% |
| 1980 | 18.2% |
| 1981 | 30.5% |
| 1982 | 31.8% |
| 1983 | 19.3% |
| 1984 | 9.86% |
| 1985 | 10.6% |
| 1986 | 14.5% |
| 1987 | 15% |
| 1988 | 26.9% |
| 1989 | 9.01% |
| 1990 | 11.8% |
| 1991 | 8.59% |
| 1992 | 14.5% |
| 1993 | 10% |
| 1994 | 38.9% |
| 1995 | 49.1% |
| 1996 | 19.8% |
| 1997 | 4.49% |
| 1998 | 6.21% |
| 1999 | 9.93% |
| 2000 | 11.9% |
| 2001 | 7.92% |
| 2002 | 16.5% |
| 2003 | -1.7% |
| 2004 | 14% |
| 2005 | 18.4% |
| 2006 | 10.8% |
| 2007 | 10.3% |
| 2008 | 9.3% |
| 2009 | 8.95% |
| 2010 | 9.25% |
| 2011 | 9.48% |
| 2012 | 5.71% |
| 2013 | 5.83% |
| 2014 | 6.08% |
| 2015 | 7.4% |
| 2016 | 6.04% |
| 2017 | 8.61% |
| 2018 | 8.59% |
| 2019 | 5.61% |
| 2020 | 4.2% |
| 2021 | 5.81% |
| 2022 | 8.16% |
| 2023 | 9.87% |
Balance of trade
|
Madagascar
|
Rank | |
|---|---|---|
Current account balance
|
-$829M
2022 |
117/189 |
| Current account balance, % of GDP |
-5.41%
2022 |
138/189 |
| Goods imports |
$4.52B
2022 |
138/188 |
| Goods exports |
$3.55B
2022 |
130/188 |
| Service imports |
$1.52B
2022 |
131/188 |
| Service exports |
$1.14B
2022 |
131/188 |
| Imports of goods and services, % of GDP |
31.3%
2024 |
127/180 |
| Exports of goods and services, % of GDP |
23.6%
2024 |
133/193 |
Madagascar's top 10 trading partners
Madagascar's biggest trading partner accounting for 19.9%% of all exports and imports is China, with a trade balance between the two of -$919M — Madagascar exports $268M worth of goods and services to China and imports $1.19B.
Below is the list of the top 10 trade partners of Madagascar.
| Rank | Country | Trade value | Share of total trade | Export to | Import from | Top export to | Top import from |
|---|---|---|---|---|---|---|---|
| 1 |
China
|
$1.46B | 19.9% | $268M | $1.19B | Raw materials & minerals | Machinery & equipment |
| 2 |
France
|
$745M | 10.2% | $454M | $291M | Textiles & consumer goods | Machinery & equipment |
| 3 |
Oman
|
$653M | 8.94% | $218K | $653M | Raw agricultural goods | Raw materials & minerals |
| 4 |
United States
|
$487M | 6.67% | $395M | $91.9M | Textiles & consumer goods | Machinery & equipment |
| 5 |
India
|
$427M | 5.84% | $160M | $266M | Raw agricultural goods | Chemicals & pharma |
| 6 |
South Africa
|
$300M | 4.11% | $94.5M | $206M | Textiles & consumer goods | Raw materials & minerals |
| 7 |
South Korea
|
$238M | 3.26% | $184M | $54.1M | Metals | Machinery & equipment |
| 8 |
Japan
|
$238M | 3.26% | $177M | $61.8M | Metals | Machinery & equipment |
| 9 |
UAE
|
$236M | 3.23% | $32M | $204M | Raw agricultural goods | Raw materials & minerals |
| 10 |
Pakistan
|
$215M | 2.94% | $3.23M | $212M | Raw agricultural goods | Raw agricultural goods |
Madagascar's top 10 exports
|
Madagascar
|
Rank | |
|---|---|---|
| Transport & tourism services | $709M | 127/188 |
| Textiles & consumer goods | $562M | 80/193 |
| Raw agricultural goods | $558M | 85/193 |
| Metals | $531M | 85/192 |
| Raw materials & minerals | $394M | 129/193 |
| IT & IP services | $239M | 87/183 |
| Processed food, beverages & tobacco | $144M | 126/192 |
| Business & finance services | $121M | 124/188 |
| Animal & marine products | $105M | 104/192 |
| Precious metals & jewellery | $91.6M | 105/190 |
Madagascar's top 10 imports
|
Madagascar
|
Rank | |
|---|---|---|
| Raw materials & minerals | $1.18B | 135/193 |
| Machinery & equipment | $996M | 143/193 |
| Transport & tourism services | $962M | 123/188 |
| Textiles & consumer goods | $804M | 107/193 |
| Processed food, beverages & tobacco | $510M | 132/193 |
| Chemicals & pharma | $509M | 134/193 |
| Raw agricultural goods | $322M | 124/193 |
| Metals | $244M | 142/193 |
| Government & miscellaneous services | $228M | 45/180 |
| Business & finance services | $221M | 136/188 |
Economic freedom indices
|
Madagascar
|
Rank | |
|---|---|---|
| Economic freedom | 57 | 115/197 |
| Property rights | 40.8 | 121/182 |
| Government integrity | 25.5 | 121/182 |
| Judicial effectiveness | 34.5 | 121/182 |
| Tax burden | 91.1 | 29/181 |
| Government spending | 92.3 | 18/180 |
| Fiscal health | 66.3 | 100/181 |
| Business freedom | 38.1 | 159/182 |
| Labor freedom | 56.1 | 106/182 |
| Monetary freedom | 70.9 | 93/180 |
| Trade freedom | 68.8 | 105/181 |
| Investment freedom | 50 | 116/181 |
| Financial freedom | 50 | 87/181 |
Madagascar's economic freedom by year
Madagascar is ranked 102/180 for economic freedom with a score of 57, compared to 52/163 and a score of 63.1 in 2005.
| Year | Index | ||||
|---|---|---|---|---|---|
| Economic freedom | Judicial effectiveness | Tax burden | Government spending | Fiscal health | |
| 1995 | 51.6 | - | 74.7 | 87.9 | - |
| 1996 | 52.2 | - | 74.8 | 87.3 | - |
| 1997 | 53.8 | - | 74.9 | 88.2 | - |
| 1998 | 51.8 | - | 74.8 | 90.7 | - |
| 1999 | 52.8 | - | 74.8 | 90.5 | - |
| 2000 | 54.4 | - | 74.6 | 84.1 | - |
| 2001 | 53.9 | - | 74.5 | 84.1 | - |
| 2002 | 56.8 | - | 74.3 | 90.3 | - |
| 2003 | 62.8 | - | 74.2 | 90.2 | - |
| 2004 | 60.9 | - | 74.6 | 89.8 | - |
| 2005 | 63.1 | - | 81.4 | 92.6 | - |
| 2006 | 61 | - | 81 | 88.6 | - |
| 2007 | 61.1 | - | 80.8 | 81.1 | - |
| 2008 | 62.4 | - | 80.9 | 86.4 | - |
| 2009 | 62.2 | - | 80.9 | 86.3 | - |
| 2010 | 63.2 | - | 87.3 | 88.8 | - |
| 2011 | 61.2 | - | 87.8 | 89.7 | - |
| 2012 | 62.4 | - | 88.3 | 93.6 | - |
| 2013 | 62 | - | 90 | 94.6 | - |
| 2014 | 61.7 | - | 90.8 | 92.3 | - |
| 2015 | 61.7 | - | 90.9 | 94.7 | - |
| 2016 | 61.1 | - | 91.1 | 93.4 | - |
| 2017 | 57.4 | 21.4 | 91 | 93.2 | 79.8 |
| 2018 | 56.8 | 21.4 | 90.3 | 92.9 | 82.5 |
| 2019 | 56.6 | 24.4 | 91 | 91.8 | 85.5 |
| 2020 | 60.5 | 39.6 | 90.7 | 91.5 | 90.6 |
| 2021 | 57.7 | 25.7 | 90.6 | 93.4 | 92.9 |
| 2022 | 58.9 | 33.4 | 90.7 | 92.9 | 87.8 |
| 2023 | 58.9 | 23.8 | 90.7 | 93 | 82.3 |
| 2024 | 57.3 | 34.5 | 90.9 | 92.5 | 64 |
| 2025 | 57 | 34.5 | 91.1 | 92.3 | 66.3 |
More economic indicators
|
Madagascar
|
Rank | |
|---|---|---|
| Services, % of GDP |
46.4%
2024 |
151/191 |
| Industry, % of GDP |
22.8%
2024 |
110/194 |
| Agriculture, forestry, and fishing, % of GDP |
22.5%
2024 |
28/193 |
|
GNI, Atlas method
|
$16.4B
2024 |
136/194 |
| GNI per capita, PPP |
$1,830
2024 |
182/191 |
| Total reserves including gold |
$2.78B
2024 |
120/177 |
|
Net foreign direct investment
|
-$326M
2022 |
93/188 |
|
Net inflows of foreign direct investment
|
$413M
2024 |
120/193 |
|
Net outflows of foreign direct investment
|
$125M
2024 |
82/187 |
|
Servicing debt to the IMF, % of GNI
|
1.72%
2023 |
93/119 |
| Poverty at national poverty lines |
75.2%
2021 |
1/176 |
|
Gross capital formation, % of GDP
|
22.6%
2024 |
95/176 |
Compare countries by 7 more topics
GDP per capita map
GDP per capita
Relevant pages:
Madagascar topic pages:
Economy comparisons
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.