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Economy of Madagascar vs Mauritius compared: GDP & Debt

Updated on by Georank

Madagascar has a GDP of $19.6B compared to $16.2B for Mauritius, ranking 136/197 and 144/197 by economy size, respectively.

Madagascar has $9.56B in government debt (48.7% of GDP), compared to $14B (86.5% of GDP) in Mauritius.

Madagascar vs Mauritius GDP by year

Madagascar
Mauritius
1x
Year GDP, current $
Madagascar Mauritius
2025 $19,620,352,036 $16,157,804,492
2024 $17,592,832,696 $14,938,055,690
2023 $16,036,707,976 $14,072,212,290
2022 $15,342,178,598 $12,936,444,123
2021 $14,354,731,964 $11,622,048,697
2020 $13,051,441,204 $11,566,111,138
2019 $14,104,664,679 $14,645,235,205
2018 $13,760,033,282 $14,957,535,716
2017 $13,176,313,594 $13,896,938,315
2016 $11,848,613,858 $12,757,680,847
2015 $11,323,020,701 $12,162,211,503
2014 $12,522,957,399 $13,230,490,082
2013 $12,423,555,455 $12,434,596,541
2012 $11,578,975,062 $11,832,323,837
2011 $11,551,819,618 $11,677,718,382
2010 $9,982,711,338 $10,144,716,155
2009 $9,616,879,409 $9,264,482,256
2008 $10,725,137,724 $10,127,741,915
2007 $8,524,620,890 $8,277,474,850
2006 $6,395,712,491 $7,137,710,413
2005 $5,859,269,753 $6,576,108,447
2004 $5,064,732,626 $6,667,418,752
2003 $6,372,498,890 $5,894,873,920
2002 $5,351,701,663 $4,906,494,249
2001 $5,438,332,602 $4,675,755,867
2000 $4,629,247,204 $4,726,108,622
1999 $4,277,903,780 $4,402,193,195
1998 $4,401,967,633 $4,225,813,976
1997 $4,262,965,420 $4,243,755,308
1996 $4,931,861,039 $4,481,489,762
1995 $3,838,100,904 $4,094,741,652
1994 $3,522,227,092 $3,606,050,873
1993 $4,063,298,919 $3,307,302,126
1992 $3,714,966,678 $3,267,677,814
1991 $3,254,713,056 $2,895,354,736
1990 $3,931,334,875 $2,689,212,760
1989 $3,175,638,333 $2,211,312,823
1988 $3,189,456,965 $2,163,252,449
1987 $3,212,900,556 $1,906,174,438
1986 $4,347,989,788 $1,482,601,552
1985 $3,802,557,895 $1,090,611,325
1984 $3,905,938,481 $1,054,564,759
1983 $4,686,457,031 $1,104,956,573
1982 $4,784,977,326 $1,092,923,636
1981 $4,759,333,998 $1,157,769,444
1980 $5,201,818,348 $1,147,027,924
1979 $3,463,565,854 $1,227,446,632
1978 $2,669,755,115 $1,029,040,323
1977 $2,358,930,406 $834,722,972
1976 $2,181,844,179 $713,510,052
1975 $2,283,049,215 $673,311,287
1974 $1,917,508,190 $669,894,030
1973 $1,653,062,335 $404,285,775
1972 $1,341,590,690 $318,664,900
1971 $1,199,507,631 $251,437,338
1970 $1,111,859,571 $224,125,805
1969 $1,056,391,056 $221,553,613
1968 $1,031,669,637 $206,576,631
1967 $956,436,932 $238,439,291
1966 $900,264,585 $227,534,083
1965 $833,563,473 $230,024,161
1964 $802,482,184 $218,914,569
1963 $759,345,864 $253,839,558
1962 $739,286,908 $197,738,208
1961 $699,161,945 $191,757,729
1960 $673,081,725 $162,089,564

Data sources: World Bank | Economy & Growth (1960–2025, retrieved 2026-07-08).

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

GDP per capita in Madagascar vs Mauritius by year

Madagascar
GDP per capita

GDP per capita, PPP
Mauritius
GDP per capita

GDP per capita, PPP
1x
Year Current $
Madagascar Mauritius
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2025 $599 - $12,991 -
2024 $550 $1,884 $11,991 $31,840
2023 $514 $1,808 $11,270 $29,561
2022 $504 $1,717 $10,247 $26,874
2021 $483 $1,577 $9,178 $23,010
2020 $451 $1,490 $9,136 $21,622
2019 $500 $1,612 $11,568 $24,375
2018 $500 $1,547 $11,819 $23,416
2017 $492 $1,547 $10,987 $22,898
2016 $454 $1,562 $10,095 $21,952
2015 $445 $1,497 $9,631 $20,270
2014 $506 $1,499 $10,490 $19,294
2013 $515 $1,473 $9,877 $18,435
2012 $494 $1,464 $9,422 $17,259
2011 $506 $1,475 $9,324 $16,884
2010 $450 $1,464 $8,113 $15,920
2009 $446 $1,480 $7,427 $15,105
2008 $513 $1,577 $8,140 $14,569
2007 $420 $1,493 $6,677 $13,612
2006 $324 $1,416 $5,784 $12,593
2005 $306 $1,343 $5,354 $11,703
2004 $272.2 $1,280 $5,461 $11,216
2003 $353 $1,219 $4,858 $10,535
2002 $305 $1,121 $4,073 $9,824
2001 $319 $1,299 $3,909 $9,586
2000 $280.3 $1,236 $3,982 $9,143
1999 $267.4 $1,194 $3,746 $8,344
1998 $284.2 $1,162 $3,642 $8,121
1997 $284.4 $1,142 $3,696 $7,651
1996 $340 $1,119 $3,952 $7,206
1995 $273.1 $1,111 $3,648 $6,771
1994 $258.7 $1,104 $3,240 $6,414
1993 $308 $1,116 $3,014 $6,116
1992 $290.2 $1,101 $3,013 $5,753
1991 $262 $1,096 $2,705 $5,351
1990 $326 $1,166 $2,540 $5,010
1989 $271.3 - $2,103 -
1988 $280.5 - $2,074 -
1987 $290.8 - $1,840 -
1986 $405 - $1,442 -
1985 $364 - $1,069 -
1984 $385 - $1,042 -
1983 $476 - $1,103 -
1982 $501 - $1,101 -
1981 $513 - $1,181 -
1980 $578 - $1,187 -
1979 $396 - $1,292 -
1978 $315 - $1,102 -
1977 $286.9 - $906 -
1976 $273.5 - $787 -
1975 $295 - $755 -
1974 $255.3 - $763 -
1973 $226.8 - $467 -
1972 $189.6 - $374 -
1971 $174.6 - $299.6 -
1970 $166.6 - $271.3 -
1969 $162.9 - $272.7 -
1968 $163.6 - $258.7 -
1967 $155.9 - $304 -
1966 $150.7 - $296 -
1965 $143.2 - $305 -
1964 $141.5 - $297.3 -
1963 $137.4 - $353 -
1962 $137.3 - $282.3 -
1961 $133.3 - $281.7 -
1960 $131.7 - $238.3 -

Data sources: World Bank | Economy & Growth (1960–2025, retrieved 2026-07-08).

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

Madagascar's GDP per capita is $599, ranking 194/197, compared to $12,991 in Mauritius, ranking 80/197. Adjusted for purchasing power (GDP per capita PPP), Madagascar ranks 187th at $1,884, while Mauritius ranks 71st at $31,840.

Economic indicators

Madagascar Mauritius
Gross domestic product
$19.6B
2025
$16.2B
2025
GDP rank
136/197
2025
144/197
2025
GDP growth
3%
2024-2025
3.15%
2024-2025
GDP per capita
$599
2025
$12,991
2025
GDP per capita rank
194/197
2025
80/197
2025
GDP per capita, PPP
$1,884
2024
$31,840
2024
GDP per capita PPP rank
187/197
2024
71/197
2024
Government debt
$9.56B
2025
$14B
2025
Debt-to-GDP ratio
48.7%
2025
86.5%
2025
Government debt per person
$292
2025
$11,233
2025
Government debt per person rank
179/185
2025
55/185
2025
Average annual personal income after taxes
$1,285
2026
$8,169
2026
Market capitalization of domestic companies n/a
$8.89B
2025
Income share by richest 10%
29.6%
2021
29.9%
2017
Income share by poorest 10%
2.9%
2021
2.9%
2017
Government expenditure, % of GDP
13.5%
2025
31.4%
2025
Consumer prices inflation
8.05%
2024-2025
3.67%
2024-2025
Central bank interest rate n/a
4.5%
2025
Unemployment rate
3.19%
2022
5.21%
2024
Population
33936132
1240721

Spending and national debt comparison by year

Madagascar
Spending

Debt
Mauritius
Spending

Debt
1x
Year % of GDP
Madagascar Mauritius
Government spending Government debt Government spending Government debt
2025 13.5% 48.7% 31.4% 86.5%
2024 16.1% 49.8% 32.6% 86.1%
2023 17.7% 52.1% 28.5% 81.5%
2022 16.2% 49.8% 27.6% 81.8%
2021 13.9% 49.4% 28.3% 86.1%
2020 16.4% 52.9% 32.1% 91.9%
2019 15.4% 41.3% 30.2% 81.1%
2018 14.4% 42.9% 23.9% 63.1%
2017 14.9% 40.1% 23.6% 61.3%
2016 13.5% 40.3% 23.3% 62.6%
2015 13% 44.1% 23.7% 63%
2014 12.6% 37.8% 22.5% 59.1%
2013 12.7% 36.2% 23.4% 56.5%
2012 11.5% 30.4% 21.9% 54.2%
2011 12% 29.9% 23% 54.9%
2010 12.3% 32.3% 23.2% 54.4%
2009 12.5% 34.9% 24.5% 56.8%
2008 15.7% 31% 22.4% 48.8%
2007 16.1% 28.2% 20.4% 48.8%
2006 18.5% 32.2% 20.7% 55.3%
2005 18.4% 74.4% 21.8% 58.3%
2004 21.7% 81.9% 21.9% 59.4%
2003 16.6% 85.9% 22.2% 66.9%
2002 12.4% 86.7% 22% 63%
2001 15.3% 82.1% 21.5% 58.2%
2000 15.3% 90.2% 21.2% 56.9%
1999 15.5% 104.1% 25.9% -
1998 16.9% 108.5% - -
1997 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 (1990–2025, retrieved 2026-07-08); International Monetary Fund (IMF) | Public Finances in Modern History (1980–1989, retrieved 2026-07-08).

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

In 2025, Madagascar's government spending was $2.65B, accounting for 13.5% of its GDP, while Mauritius spent $5.07B, or 31.4% of GDP.

Debt-to-GDP ratio is 48.7% in Madagascar and 86.5% in Mauritius, ranking 109/185 and 34/185, respectively.

Government deficit by year

Deficit/surplus
Madagascar

Mauritius
1x
Year Deficit/surplus, % of GDP
Madagascar Mauritius
2025 -2.21% -3.69%
2024 -2.49% -6.84%
2023 -4.15% -4.48%
2022 -5.45% -3.15%
2021 -2.83% -4.08%
2020 -3.96% -10.5%
2019 -1.42% -8.19%
2018 -1.34% -2.15%
2017 -2.1% -1.62%
2016 -1.11% -2.74%
2015 -2.85% -3.48%
2014 -1.96% -3.05%
2013 -3.4% -3.3%
2012 -2.24% -1.73%
2011 -2.04% -3%
2010 -0.76% -2.96%
2009 -2.26% -3.32%
2008 -1.72% -2.63%
2007 -2.31% -2.92%
2006 -5.71% -3.86%
2005 -2.47% -4.2%
2004 -4.23% -4.22%
2003 -3.32% -4.55%
2002 -4.09% -4.89%
2001 -3.61% -5.32%
2000 -2.35% -4.19%
1999 -2.42% -
1998 -5.31% -
1997 -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 (1990–2025, retrieved 2026-07-08); International Monetary Fund (IMF) | Public Finances in Modern History (1980–1989, retrieved 2026-07-08).

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

In 2025, Madagascar's government deficit, the difference between spending and revenue, was $433M, equivalent to 2.21% of GDP. This compares to Mauritius' deficit of $596M, or 3.69% of GDP.

Over the past 26 years, Madagascar recorded a fiscal deficit in 26 of those years, while Mauritius ran a deficit in 26 years. On average, Madagascar posted an annual deficit equal to 2.78% of GDP, compared to deficit of 4.04% of GDP for Mauritius.

Inflation comparison by year

Inflation
Madagascar

Mauritius
1x
Year Consumer prices inflation
Madagascar Mauritius
2025 8.05% 3.67%
2024 7.61% 3.6%
2023 9.87% 7.05%
2022 8.16% 10.8%
2021 5.81% 4.03%
2020 4.2% 2.58%
2019 5.61% 0.41%
2018 8.59% 3.22%
2017 8.61% 3.67%
2016 6.04% 0.98%
2015 7.4% 1.29%
2014 6.08% 3.22%
2013 5.83% 3.54%
2012 5.71% 3.85%
2011 9.48% 6.52%
2010 9.25% 2.93%
2009 8.95% 2.52%
2008 9.3% 9.73%
2007 10.3% 8.83%
2006 10.8% 8.91%
2005 18.4% 4.94%
2004 14% 4.71%
2003 -1.7% 3.92%
2002 16.5% 6.42%
2001 7.92% 5.39%
2000 11.9% 4.2%
1999 9.93% 6.91%
1998 6.21% 6.81%
1997 4.49% 6.83%

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

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

Over the past 29 years, Madagascar has recorded an average annual inflation rate of 8.38%, compared with 4.88% in Mauritius. In 2025, inflation was 8.05% in Madagascar and 3.67% in Mauritius.

Top exports between countries

Madagascar
Export category Export value
Textiles & consumer goods $7.71M
Raw agricultural goods $5.41M
Animal & marine products $4.37M
Wood & paper products $3.58M
Machinery & equipment $3.49M
Processed food, beverages & tobacco $1.61M
Chemicals & pharma $749K
Raw materials & minerals $729K
Miscellaneous $244K
Metals $74K
Mauritius
Export category Export value
Textiles & consumer goods $74.4M
Processed food, beverages & tobacco $33.4M
Chemicals & pharma $21.1M
Machinery & equipment $15.8M
Wood & paper products $4.18M
Animal & marine products $2.84M
Raw agricultural goods $1.21M
Metals $932K
Raw materials & minerals $843K
Miscellaneous $722K

Balance of trade

Madagascar Mauritius
Current account balance
-$749M
2024
-$1.05B
2024
Current account balance ranking
110/190
2024
119/190
2024
Current account balance, % of GDP
-4.26%
2024
-7.03%
2024
Goods imports
$4.16B
2024
$6.35B
2024
Goods exports
$2.58B
2024
$2.37B
2024
Service imports
$1.27B
2024
$2.28B
2024
Service exports
$1.53B
2024
$4.19B
2024
Imports of goods and services, % of GDP
32.9%
2025
74.9%
2025
Exports of goods and services, % of GDP
21.3%
2025
65%
2025

Economic freedom indices

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

Madagascar Mauritius
Economic freedom 57 73
Economic freedom ranking 119/197 26/197
Property rights 39.8 83.9
Government integrity 26.8 53.4
Judicial effectiveness 33.7 80.7
Tax burden 90.5 89.6
Government spending 91.5 73.8
Fiscal health 68.8 45.5
Business freedom 37.3 81.5
Labor freedom 56.1 69.6
Monetary freedom 71.8 70.7
Trade freedom 67.6 87
Investment freedom 50 70
Financial freedom 50 70

Economic freedom comparison by year

Madagascar
Mauritius
1x
Year Economic freedom index
Madagascar Mauritius
2026 57 73
2025 57 75
2024 57.3 71.5
2023 58.9 70.6
2022 58.9 70.9
2021 57.7 77
2020 60.5 74.9
2019 56.6 73
2018 56.8 75.1
2017 57.4 74.7
2016 61.1 74.7
2015 61.7 76.4
2014 61.7 76.5
2013 62 76.9
2012 62.4 77
2011 61.2 76.2
2010 63.2 76.3
2009 62.2 74.3
2008 62.4 72.6
2007 61.1 69.4
2006 61 67.4
2005 63.1 67.2
2004 60.9 64.3
2003 62.8 64.4
2002 56.8 67.7
2001 53.9 66.4
2000 54.4 67.2
1999 52.8 68.5
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/madagascar/mauritius | CC BY

The Economic Freedom Index for Madagascar is 57, ranking 119/197, compared to 73 for Mauritius, ranking 26/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Madagascar Mauritius
Services, % of GDP
48.8%
2025
63.9%
2025
Industry, % of GDP
23.9%
2025
17.7%
2025
Agriculture, forestry, and fishing, % of GDP
21.7%
2025
4.62%
2025
GNI, Atlas method
$18.2B
2025
$17.5B
2025
GNI per capita, PPP
$1,910
2025
$37,000
2025
Total reserves including gold
$2.78B
2024
$10.3B
2025
Total reserves ranking
122/177
2024
77/177
2025
Net foreign direct investment
-$472M
2024
$963M
2024
Net inflows of foreign direct investment
$606M
2024
$681M
2024
Net outflows of foreign direct investment
$134M
2024
$38.3M
2024
Servicing debt to the IMF, % of GNI
1.71%
2024
10.1%
2024
Poverty at national poverty lines
75.2%
2021
8.4%
2023
Gross capital formation, % of GDP
24.1%
2025
19.9%
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/madagascar/mauritius | 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 (2025, retrieved 2026-07-08)
  7. United Nations | World Population Prospects (2026, retrieved 2026-07-08)
  8. LivingCost (2026, 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.