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Economy of Madagascar vs Maldives compared: GDP & Debt

Updated on by Georank team

Madagascar has a GDP of $17.4B compared to $7.06B for Maldives, ranking 136/197 and 159/197 by economy size, respectively.

Madagascar has $8.77B in government debt (50.3% of GDP), compared to $9.41B (133.3% of GDP) in Maldives.

Madagascar vs Maldives GDP by year

Madagascar
Maldives
1x
Year GDP, current $
Madagascar Maldives
2024 $17,420,501,490 $7,061,608,267
2023 $15,869,945,478 $6,621,008,704
2022 $15,325,603,273 $6,177,123,352
2021 $14,354,731,964 $5,252,457,370
2020 $13,051,441,204 $3,712,604,583
2019 $14,104,664,679 $5,726,094,799
2018 $13,760,033,282 $5,404,344,163
2017 $13,176,313,594 $4,816,426,257
2016 $11,848,613,858 $4,409,942,624
2015 $11,323,020,701 $4,129,505,319
2014 $12,522,957,399 $3,697,353,039
2013 $12,423,555,455 $3,295,009,238
2012 $11,578,975,062 $2,886,163,997
2011 $11,551,819,618 $2,774,350,240
2010 $9,982,711,338 $2,588,176,055
2009 $9,616,879,409 $2,345,294,875
2008 $10,725,137,724 $2,271,646,188
2007 $8,524,620,890 $1,868,383,461
2006 $6,395,712,491 $1,575,200,391
2005 $5,859,269,753 $1,163,362,438
2004 $5,064,732,626 $1,226,829,563
2003 $6,372,498,890 $1,052,121,055
2002 $5,351,701,663 $897,031,250
2001 $5,438,332,602 $870,031,677
2000 $4,629,247,204 $624,337,145
1999 $4,277,903,780 $589,239,754
1998 $4,401,967,633 $540,096,398
1997 $4,262,965,420 $508,223,602
1996 $4,931,861,039 $450,382,328
1995 $3,838,100,904 $398,988,955
1994 $3,522,227,092 $356,014,932
1993 $4,063,298,919 $322,417,837
1992 $3,714,966,678 $284,875,809
1991 $3,254,713,056 $244,396,762
1990 $3,931,334,875 $215,043,970
1989 $3,175,638,333 $189,514,434
1988 $3,189,456,965 $168,514,513
1987 $3,212,900,556 $141,223,029
1986 $4,347,989,788 $141,882,254
1985 $3,802,557,895 $127,190,758
1984 $3,905,938,481 $109,503,546
1983 $4,686,457,031 $57,829,787
1982 $4,784,977,326 $47,911,340
1981 $4,759,333,998 $44,781,457
1980 $5,201,818,348 $42,463,576
1979 $3,463,565,854 $38,523,364
1978 $2,669,755,115 $24,369,109
1977 $2,358,930,406 $20,853,789
1976 $2,181,844,179 $22,399,467
1975 $2,283,049,215 $24,540,878
1974 $1,917,508,190 $39,120,171
1973 $1,653,062,335 $30,862,042
1972 $1,341,590,690 $25,177,138
1971 $1,199,507,631 $21,566,404
1970 $1,111,859,571 $19,328,038
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/madagascar/maldives | CC BY

GDP per capita in Madagascar vs Maldives by year

Madagascar
GDP per capita

GDP per capita, PPP
Maldives
GDP per capita

GDP per capita, PPP
1x
Year Current $
Madagascar Maldives
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $545 $1,884 $13,379 $26,183
2023 $509 $1,808 $12,588 $24,786
2022 $504 $1,717 $11,786 $22,881
2021 $483 $1,577 $10,176 $19,053
2020 $451 $1,490 $7,394 $13,425
2019 $500 $1,612 $11,740 $23,077
2018 $500 $1,547 $11,423 $21,899
2017 $492 $1,547 $10,510 $19,768
2016 $454 $1,562 $9,948 $18,770
2015 $445 $1,497 $9,645 $17,875
2014 $506 $1,499 $8,939 $16,723
2013 $515 $1,473 $8,236 $15,264
2012 $494 $1,464 $7,461 $13,989
2011 $506 $1,475 $7,425 $13,726
2010 $450 $1,464 $7,174 $12,797
2009 $446 $1,480 $6,734 $12,266
2008 $513 $1,577 $6,757 $13,779
2007 $420 $1,493 $5,758 $12,852
2006 $324 $1,416 $5,019 $12,075
2005 $306 $1,343 $3,797 $9,704
2004 $272.2 $1,280 $4,070 $10,770
2003 $353 $1,219 $3,549 $10,065
2002 $305 $1,121 $3,076 $8,823
2001 $319 $1,299 $3,034 $8,236
2000 $280.3 $1,236 $2,214 $8,526
1999 $267.4 $1,194 $2,124 $8,162
1998 $284.2 $1,162 $1,980 $7,710
1997 $284.4 $1,142 $1,898 $7,226
1996 $340 $1,119 $1,717 $6,687
1995 $273.1 $1,111 $1,555 $6,223
1994 $258.7 $1,104 $1,419 $5,520
1993 $308 $1,116 $1,317 $5,138
1992 $290.2 $1,101 $1,194 $4,881
1991 $262 $1,096 $1,054 $4,604
1990 $326 $1,166 $957 $4,528
1989 $271.3 - $870 -
1988 $280.5 - $799 -
1987 $290.8 - $692 -
1986 $405 - $720 -
1985 $364 - $669 -
1984 $385 - $594 -
1983 $476 - $323 -
1982 $501 - $274.8 -
1981 $513 - $264.1 -
1980 $578 - $257.6 -
1979 $396 - $240.2 -
1978 $315 - $156.1 -
1977 $286.9 - $137.3 -
1976 $273.5 - $151.8 -
1975 $295 - $171.4 -
1974 $255.3 - $281.5 -
1973 $226.8 - $228.7 -
1972 $189.6 - $192.2 -
1971 $174.6 - $169.8 -
1970 $166.6 - $156.9 -
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/madagascar/maldives | CC BY

Madagascar's GDP per capita is $545, ranking 193/197, compared to $13,379 in Maldives, ranking 75/197. Adjusted for purchasing power (GDP per capita PPP), Madagascar ranks 187th at $1,884, while Maldives ranks 81st at $26,183.

Economic indicators

Madagascar Maldives
Gross domestic product
$17.4B
2024
$7.06B
2024
GDP rank
136/197
2024
159/197
2024
GDP growth
4.2%
2023-2024
3.49%
2023-2024
GDP per capita
$545
2024
$13,379
2024
GDP per capita rank
193/197
2024
75/197
2024
GDP per capita, PPP
$1,884
2024
$26,183
2024
GDP per capita PPP rank
187/197
2024
81/197
2024
Government debt
$8.77B
2024
$9.41B
2024
Debt-to-GDP ratio
50.3%
2024
133.3%
2024
Government debt per person
$274.3
2024
$17,837
2024
Government debt per person rank
180/185
2024
35/185
2024
Average annual personal income after taxes
$1,268
2026
$9,909
2026
Income share by richest 10%
29.6%
2021
23.3%
2019
Income share by poorest 10%
2.9%
2021
3.8%
2019
Government expenditure, % of GDP
16.2%
2024
46.1%
2024
Consumer prices inflation
9.87%
2022-2023
1.4%
2023-2024
Unemployment rate
3.19%
2022
4.56%
2019
Population
33750171
532057

Spending and national debt comparison by year

Madagascar
Spending

Debt
Maldives
Spending

Debt
1x
Year % of GDP
Madagascar Maldives
Government spending Government debt Government spending Government debt
2024 16.2% 50.3% 46.1% 133.3%
2023 17.9% 52.7% 46.7% 122.4%
2022 16.2% 49.9% 42% 111.6%
2021 13.9% 49.4% 40.6% 123.4%
2020 16.4% 52.9% 50.4% 155.7%
2019 15.4% 41.3% 32.9% 77.2%
2018 14.4% 42.9% 31.9% 70.7%
2017 14.9% 40.1% 30.4% 63.8%
2016 13.5% 40.3% 37.3% 61.9%
2015 13% 44.1% 33.8% 54.8%
2014 12.6% 37.8% 29.1% 55.1%
2013 12.7% 36.2% 27% 55.9%
2012 11.5% 30.4% 29.8% 57.1%
2011 12% 29.9% 31.3% 51.9%
2010 12.3% 32.3% 33.2% 52.7%
2009 12.5% 34.9% 37% 48.4%
2008 15.7% 31% 35.6% 39%
2007 16.1% 28.2% 34.8% 35.8%
2006 18.5% 32.2% 35% 36.8%
2005 18.4% 74.4% 38.8% 43.2%
2004 21.7% 81.9% 24.1% 34.7%
2003 16.6% 85.9% 26.4% 37.6%
2002 12.4% 86.7% 29.6% 44.3%
2001 15.3% 82.1% 29.6% 41.8%
2000 15.3% 90.2% 29% 39%
1999 15.5% 104.1% 28% 38.9%
1998 16.9% 108.5% 25.9% 39.3%
1997 14.5% 89.7% 25.2% 38.1%
1996 14.4% 98.7% 27.3% 46.9%
1995 14.5% 95.8% 31.3% 52.2%
1994 16.7% 96% 30.7% 54.6%
1993 17.1% 105.2% 34.7% 55.7%
1992 16.2% 110.9% 36.1% 49%
1991 13.5% 113.8% 37.7% 46.7%
1990 13.3% 92.7% 33.3% 42.4%
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 (1980–1996, retrieved 2026-02-20).

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

In 2024, Madagascar's government spending was $2.82B, accounting for 16.2% of its GDP, while Maldives spent $3.25B, or 46.1% of GDP.

Debt-to-GDP ratio is 50.3% in Madagascar and 133.3% in Maldives, ranking 106/185 and 10/185, respectively.

Government deficit by year

Deficit/surplus
Madagascar

Maldives
1x
Year Deficit/surplus, % of GDP
Madagascar Maldives
2024 -2.48% -13.9%
2023 -4.19% -13.2%
2022 -5.46% -11.2%
2021 -2.83% -14.2%
2020 -3.96% -23.7%
2019 -1.42% -6.54%
2018 -1.34% -5.17%
2017 -2.1% -3.02%
2016 -1.11% -9.93%
2015 -2.85% -6.52%
2014 -1.96% -2.42%
2013 -3.4% -3.49%
2012 -2.24% -6.91%
2011 -2.04% -8.13%
2010 -0.76% -13.6%
2009 -2.26% -17.9%
2008 -1.72% -9.92%
2007 -2.31% -3.16%
2006 -5.71% -4.52%
2005 -2.47% -7.81%
2004 -4.23% -2.26%
2003 -3.32% -3.45%
2002 -4.09% -3.97%
2001 -3.61% -3.97%
2000 -2.35% -3.89%
1999 -2.42% -3.03%
1998 -5.31% -2.25%
1997 -2% -1.46%
1996 -3.97% -2.01%
1995 -5.09% -5.66%
1994 -7.23% -4.82%
1993 -6.34% -13.9%
1992 -5% -12.6%
1991 -4.4% -10.2%
1990 -0.49% -12.8%
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/madagascar/maldives | CC BY

In 2024, Madagascar's government deficit, the difference between spending and revenue, was $432M, equivalent to 2.48% of GDP. This compares to Maldives' deficit of $982M, or 13.9% of GDP.

Over the past 35 years, Madagascar recorded a fiscal deficit in 35 of those years, while Maldives ran a deficit in 35 years. On average, Madagascar posted an annual deficit equal to 3.21% of GDP, compared to deficit of 7.75% of GDP for Maldives.

Inflation comparison by year

Inflation
Madagascar

Maldives
1x
Year Consumer prices inflation
Madagascar Maldives
2024 - 1.4%
2023 9.87% 2.6%
2022 8.16% 2.6%
2021 5.81% 0.2%
2020 4.2% -1.6%
2019 5.61% 1.3%
2018 8.59% 1.4%
2017 8.61% 2.3%
2016 6.04% 0.8%
2015 7.4% 1.4%
2014 6.08% 2.4%
2013 5.83% 4%
2012 5.71% 10.9%
2011 9.48% 11.3%
2010 9.25% 6.1%
2009 8.95% 4.5%
2008 9.3% 12%
2007 10.3% 6.8%
2006 10.8% 3.5%
2005 18.4% 2.5%
2004 14% 6.3%
2003 -1.7% -2.8%
2002 16.5% 0.9%
2001 7.92% 0.7%
2000 11.9% -1.2%
1999 9.93% 3%
1998 6.21% -1.4%
1997 4.49% 7.6%

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/madagascar/maldives | CC BY

Over the past 27 years, Madagascar has recorded an average annual inflation rate of 8.42%, compared with 3.26% in Maldives. In 2023, inflation was 9.87% in Madagascar and 1.4% in Maldives.

Top exports between countries

Madagascar
Export category Export value
Raw materials & minerals $23K
Textiles & consumer goods $11K
Chemicals & pharma $6K
Animal & marine products $2K
Maldives
Export category Export value

Balance of trade

Madagascar Maldives
Current account balance
-$829M
2022
-$1.32B
2024
Current account balance ranking
119/190
2022
130/190
2024
Current account balance, % of GDP
-5.41%
2022
-18.7%
2024
Goods imports
$4.52B
2022
$3.46B
2024
Goods exports
$3.55B
2022
$383M
2024
Service imports
$1.52B
2022
$1.89B
2024
Service exports
$1.14B
2022
$5.03B
2024
Imports of goods and services, % of GDP
31.7%
2024
78.3%
2024
Exports of goods and services, % of GDP
23.3%
2024
78.2%
2024

Economic freedom indices

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

Madagascar Maldives
Economic freedom 57 47.6
Economic freedom ranking 119/197 174/197
Property rights 39.8 52.2
Government integrity 26.8 41.9
Judicial effectiveness 33.7 39.3
Tax burden 90.5 89.9
Government spending 91.5 39.5
Fiscal health 68.8 0
Business freedom 37.3 49.7
Labor freedom 56.1 54.1
Monetary freedom 71.8 76.4
Trade freedom 67.6 62.8
Investment freedom 50 35
Financial freedom 50 30

Economic freedom comparison by year

Madagascar
Maldives
1x
Year Economic freedom index
Madagascar Maldives
2026 57 47.6
2025 57 48.3
2024 57.3 47.8
2023 58.9 46.6
2022 58.9 47.3
2021 57.7 55.2
2020 60.5 56.5
2019 56.6 53.2
2018 56.8 51.1
2017 57.4 50.3
2016 61.1 53.9
2015 61.7 53.4
2014 61.7 51
2013 62 49
2012 62.4 49.2
2011 61.2 48.3
2010 63.2 49
2009 62.2 51.3
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/madagascar/maldives | CC BY

The Economic Freedom Index for Madagascar is 57, ranking 119/197, compared to 47.6 for Maldives, ranking 174/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Madagascar Maldives
Services, % of GDP
47.7%
2024
72.1%
2024
Industry, % of GDP
22.8%
2024
9.2%
2024
Agriculture, forestry, and fishing, % of GDP
22.5%
2024
3.84%
2024
GNI, Atlas method
$16.4B
2024
$6.15B
2024
GNI per capita, PPP
$1,830
2024
$23,400
2024
Total reserves including gold
$2.78B
2024
$674M
2024
Total reserves ranking
120/177
2024
150/177
2024
Net foreign direct investment
-$326M
2022
-$806M
2024
Net inflows of foreign direct investment
$606M
2024
$806M
2024
Net outflows of foreign direct investment
$134M
2024
$0
2024
Servicing debt to the IMF, % of GNI
1.72%
2024
7.95%
2024
Poverty at national poverty lines
75.2%
2021
15%
2020
Gross capital formation, % of GDP
22.2%
2024
30.8%
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/madagascar/maldives | 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 (1980–1996, retrieved 2026-02-20)
  5. U.S. Census Bureau (1985–2024, retrieved 2026-02-08)
  6. TradeMap (2021–2024, 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.