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Economy of Madagascar vs North Korea compared: GDP & Debt

Updated on by Georank team

Madagascar has a GDP of $17.4B compared to $34.9B for North Korea, ranking 136/197 and 106/197 by economy size, respectively.

Madagascar vs North Korea GDP by year

Madagascar
North Korea
1x
Year GDP, current $
Madagascar North Korea
2024 $17,420,501,490 $34,943,120,000
2023 $15,869,945,478 $32,155,360,000
2022 $15,325,603,273 $28,971,360,000
2021 $14,354,731,964 $32,301,720,000
2020 $13,051,441,204 $27,728,240,000
2019 $14,104,664,679 $28,222,880,000
2018 $13,760,033,282 $28,536,400,000
2017 $13,176,313,594 $29,105,440,000
2016 $11,848,613,858 $28,882,640,000
2015 $11,323,020,701 $30,723,030,000
2014 $12,522,957,399 $30,554,460,000
2013 $12,423,555,455 $30,588,922,000
2012 $11,578,975,062 $29,890,710,000
2011 $11,551,819,618 $29,005,020,000
2010 $9,982,711,338 $25,995,513,000
2009 $9,616,879,409 $23,356,470,000
2008 $10,725,137,724 -
2007 $8,524,620,890 -
2006 $6,395,712,491 -
2005 $5,859,269,753 -
2004 $5,064,732,626 -
2003 $6,372,498,890 -
2002 $5,351,701,663 -
2001 $5,438,332,602 -
2000 $4,629,247,204 -
1999 $4,277,903,780 -
1998 $4,401,967,633 -
1997 $4,262,965,420 -
1996 $4,931,861,039 -
1995 $3,838,100,904 -
1994 $3,522,227,092 -
1993 $4,063,298,919 -
1992 $3,714,966,678 -
1991 $3,254,713,056 -
1990 $3,931,334,875 -
1989 $3,175,638,333 -
1988 $3,189,456,965 -
1987 $3,212,900,556 -
1986 $4,347,989,788 -
1985 $3,802,557,895 -
1984 $3,905,938,481 -
1983 $4,686,457,031 -
1982 $4,784,977,326 -
1981 $4,759,333,998 -
1980 $5,201,818,348 -
1979 $3,463,565,854 -
1978 $2,669,755,115 -
1977 $2,358,930,406 -
1976 $2,181,844,179 -
1975 $2,283,049,215 -
1974 $1,917,508,190 -
1973 $1,653,062,335 -
1972 $1,341,590,690 -
1971 $1,199,507,631 -
1970 $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/madagascar/north-korea | CC BY

GDP per capita in Madagascar vs North Korea by year

Madagascar
GDP per capita

GDP per capita, PPP
North Korea
GDP per capita

GDP per capita, PPP
1x
Year Current $
Madagascar North Korea
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $545 $1,884 $1,319 -
2023 $509 $1,808 $1,217 -
2022 $504 $1,717 $1,100 -
2021 $483 $1,577 $1,231 -
2020 $451 $1,490 $1,061 -
2019 $500 $1,612 $1,084 -
2018 $500 $1,547 $1,100 -
2017 $492 $1,547 $1,127 -
2016 $454 $1,562 $1,124 -
2015 $445 $1,497 $1,201 $1,700
2014 $506 $1,499 $1,201 $1,800
2013 $515 $1,473 $1,208 -
2012 $494 $1,464 $1,186 -
2011 $506 $1,475 $1,156 $1,800
2010 $450 $1,464 $1,040 -
2009 $446 $1,480 $939 $1,800
2008 $513 $1,577 - $1,800
2007 $420 $1,493 - $1,700
2006 $324 $1,416 - $1,800
2005 $306 $1,343 - $1,700
2004 $272.2 $1,280 - $1,700
2003 $353 $1,219 - $1,300
2002 $305 $1,121 - $1,000
2001 $319 $1,299 - -
2000 $280.3 $1,236 - $1,000
1999 $267.4 $1,194 - $1,000
1998 $284.2 $1,162 - -
1997 $284.4 $1,142 - -
1996 $340 $1,119 - -
1995 $273.1 $1,111 - -
1994 $258.7 $1,104 - -
1993 $308 $1,116 - -
1992 $290.2 $1,101 - -
1991 $262 $1,096 - -
1990 $326 $1,166 - -
1989 $271.3 - - -
1988 $280.5 - - -
1987 $290.8 - - -
1986 $405 - - -
1985 $364 - - -
1984 $385 - - -
1983 $476 - - -
1982 $501 - - -
1981 $513 - - -
1980 $578 - - -
1979 $396 - - -
1978 $315 - - -
1977 $286.9 - - -
1976 $273.5 - - -
1975 $295 - - -
1974 $255.3 - - -
1973 $226.8 - - -
1972 $189.6 - - -
1971 $174.6 - - -
1970 $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); Central Intelligence Agency (CIA) (1999–2015, retrieved 2026-02-20).

GeoRank.org/economy/madagascar/north-korea | CC BY

Madagascar's GDP per capita is $545, ranking 193/197, compared to $1,319 in North Korea, ranking 168/197. Adjusted for purchasing power (GDP per capita PPP), Madagascar ranks 187th at $1,884, while North Korea ranks 193rd at $1,700.

Economic indicators

Madagascar North Korea
Gross domestic product
$17.4B
2024
$34.9B
2024
GDP rank
136/197
2024
106/197
2024
GDP growth
4.2%
2023-2024
n/a
GDP per capita
$545
2024
$1,319
2024
GDP per capita rank
193/197
2024
168/197
2024
GDP per capita, PPP
$1,884
2024
$1,700
2015
GDP per capita PPP rank
187/197
2024
193/197
2015
Government debt
$8.77B
2024
n/a
Debt-to-GDP ratio
50.3%
2024
n/a
Government debt per person
$274.3
2024
n/a
Government debt per person rank
180/185
2024
n/a
Average annual personal income after taxes
$1,268
2026
$1,426
2026
Income share by richest 10%
29.6%
2021
n/a
Income share by poorest 10%
2.9%
2021
n/a
Government expenditure, % of GDP
16.2%
2024
n/a
Consumer prices inflation
9.87%
2022-2023
n/a
Unemployment rate
3.19%
2022
25.6%
2013
Population
33750171
26659144

Top exports between countries

Madagascar
Export category Export value
Raw agricultural goods $4K
Textiles & consumer goods $1K
North Korea
Export category Export value
Raw materials & minerals $18K
Machinery & equipment $2K
Textiles & consumer goods $2K

Balance of trade

Madagascar North Korea
Current account balance
-$829M
2022
n/a
Current account balance ranking
119/190
2022
n/a
Current account balance, % of GDP
-5.41%
2022
n/a
Goods imports
$4.52B
2022
n/a
Goods exports
$3.55B
2022
n/a
Service imports
$1.52B
2022
n/a
Service exports
$1.14B
2022
n/a
Imports of goods and services, % of GDP
31.7%
2024
n/a
Exports of goods and services, % of GDP
23.3%
2024
n/a

Economic freedom indices

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

Madagascar North Korea
Economic freedom 57 3.1
Economic freedom ranking 119/197 197/197
Property rights 39.8 16.3
Government integrity 26.8 4.3
Judicial effectiveness 33.7 6.3
Tax burden 90.5 0
Government spending 91.5 0
Fiscal health 68.8 0
Business freedom 37.3 5
Labor freedom 56.1 5
Monetary freedom 71.8 0
Trade freedom 67.6 0
Investment freedom 50 0
Financial freedom 50 0

Economic freedom comparison by year

Madagascar
North Korea
1x
Year Economic freedom index
Madagascar North Korea
2026 57 3.1
2025 57 3
2024 57.3 2.9
2023 58.9 2.9
2022 58.9 3
2021 57.7 5.2
2020 60.5 4.2
2019 56.6 5.9
2018 56.8 5.8
2017 57.4 4.9
2016 61.1 2.3
2015 61.7 1.3
2014 61.7 1
2013 62 1.5
2012 62.4 1
2011 61.2 1
2010 63.2 1
2009 62.2 2
2008 62.4 3
2007 61.1 3
2006 61 4
2005 63.1 8
2004 60.9 8.9
2003 62.8 8.9
2002 56.8 8.9
2001 53.9 8.9
2000 54.4 8.9
1999 52.8 8.9
1998 51.8 8.9
1997 53.8 8.9
1996 52.2 8.9
1995 51.6 8.9

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

GeoRank.org/economy/madagascar/north-korea | CC BY

The Economic Freedom Index for Madagascar is 57, ranking 119/197, compared to 3.1 for North Korea, ranking 197/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Madagascar North Korea
Services, % of GDP
47.7%
2024
n/a
Industry, % of GDP
22.8%
2024
n/a
Agriculture, forestry, and fishing, % of GDP
22.5%
2024
n/a
GNI, Atlas method
$16.4B
2024
n/a
GNI per capita, PPP
$1,830
2024
n/a
Total reserves including gold
$2.78B
2024
n/a
Total reserves ranking
120/177
2024
n/a
Net foreign direct investment
-$326M
2022
n/a
Net inflows of foreign direct investment
$606M
2024
$203K
1989
Net outflows of foreign direct investment
$134M
2024
$0
2024
Servicing debt to the IMF, % of GNI
1.72%
2024
n/a
Poverty at national poverty lines
75.2%
2021
n/a
Gross capital formation, % of GDP
22.2%
2024
n/a

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/north-korea | 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. The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09)
  3. U.S. Census Bureau (1985–2024, retrieved 2026-02-08)
  4. Central Intelligence Agency (CIA) (1999–2015, retrieved 2026-02-20)
  5. TradeMap (2022–2024, retrieved 2026-02-08)
  6. International Monetary Fund (IMF) | Fiscal Monitor (2024, retrieved 2026-02-20)
  7. United Nations | World Population Prospects (2026, retrieved 2026-03-10)
  8. 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.