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Economy of Madagascar vs Qatar compared: GDP & Debt

Updated on by Georank

Madagascar has a GDP of $19.6B compared to $216B for Qatar, ranking 136/197 and 56/197 by economy size, respectively.

Madagascar has $9.56B in government debt (48.7% of GDP), compared to $89.2B (41.4% of GDP) in Qatar.

Madagascar vs Qatar GDP by year

Madagascar
Qatar
1x
Year GDP, current $
Madagascar Qatar
2025 $19,620,352,036 $215,559,615,385
2024 $17,592,832,696 $216,294,505,495
2023 $16,036,707,976 $213,002,809,341
2022 $15,342,178,598 $235,709,325,714
2021 $14,354,731,964 $179,732,009,560
2020 $13,051,441,204 $144,411,363,352
2019 $14,104,664,679 $176,371,267,692
2018 $13,760,033,282 $183,334,953,819
2017 $13,176,313,594 $161,099,122,225
2016 $11,848,613,858 $151,732,181,868
2015 $11,323,020,701 $161,739,955,577
2014 $12,522,957,399 $206,224,598,571
2013 $12,423,555,455 $198,727,642,967
2012 $11,578,975,062 $186,833,502,363
2011 $11,551,819,618 $167,775,274,725
2010 $9,982,711,338 $125,122,252,747
2009 $9,616,879,409 $97,798,351,648
2008 $10,725,137,724 $115,269,780,220
2007 $8,524,620,890 $79,711,813,187
2006 $6,395,712,491 $60,882,142,857
2005 $5,859,269,753 $44,530,494,505
2004 $5,064,732,626 $31,734,065,934
2003 $6,372,498,890 $23,533,791,209
2002 $5,351,701,663 $19,363,736,264
2001 $5,438,332,602 $17,538,461,538
2000 $4,629,247,204 $17,759,890,110
1999 $4,277,903,780 $12,393,131,868
1998 $4,401,967,633 $10,255,494,505
1997 $4,262,965,420 $11,297,802,198
1996 $4,931,861,039 $9,059,340,659
1995 $3,838,100,904 $8,137,912,088
1994 $3,522,227,092 $7,374,450,549
1993 $4,063,298,919 $7,156,593,407
1992 $3,714,966,678 $7,646,153,846
1991 $3,254,713,056 $6,883,516,484
1990 $3,931,334,875 $7,360,439,560
1989 $3,175,638,333 $6,487,912,088
1988 $3,189,456,965 $6,038,186,813
1987 $3,212,900,556 $5,446,428,571
1986 $4,347,989,788 $5,053,021,978
1985 $3,802,557,895 $6,153,296,703
1984 $3,905,938,481 $6,870,329,670
1983 $4,686,457,031 $6,484,890,110
1982 $4,784,977,326 $7,611,263,736
1981 $4,759,333,998 $8,672,527,473
1980 $5,201,818,348 $7,837,915,956
1979 $3,463,565,854 $5,632,962,997
1978 $2,669,755,115 $4,052,000,413
1977 $2,358,930,406 $3,617,564,638
1976 $2,181,844,179 $3,284,273,987
1975 $2,283,049,215 $2,512,773,166
1974 $1,917,508,190 $2,401,403,227
1973 $1,653,062,335 $793,885,560
1972 $1,341,590,690 $510,262,500
1971 $1,199,507,631 $387,703,106
1970 $1,111,859,571 $301,791,302
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 (1960–2025, retrieved 2026-07-08).

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

GDP per capita in Madagascar vs Qatar by year

Madagascar
GDP per capita

GDP per capita, PPP
Qatar
GDP per capita

GDP per capita, PPP
1x
Year Current $
Madagascar Qatar
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2025 $599 - $72,525 -
2024 $550 $1,884 $75,685 $126,046
2023 $514 $1,808 $80,196 $129,368
2022 $504 $1,717 $88,701 $122,921
2021 $483 $1,577 $71,752 $116,833
2020 $451 $1,490 $51,684 $82,149
2019 $500 $1,612 $66,841 $107,503
2018 $500 $1,547 $71,040 $110,033
2017 $492 $1,547 $63,280 $99,358
2016 $454 $1,562 $61,254 $89,935
2015 $445 $1,497 $68,985 $102,546
2014 $506 $1,499 $95,841 $148,389
2013 $515 $1,473 $103,697 $169,203
2012 $494 $1,464 $108,470 $180,939
2011 $506 $1,475 $103,262 $174,620
2010 $450 $1,464 $77,387 $151,646
2009 $446 $1,480 $60,786 $125,898
2008 $513 $1,577 $80,781 $126,015
2007 $420 $1,493 $65,954 $124,056
2006 $324 $1,416 $62,582 $127,181
2005 $306 $1,343 $53,950 $115,250
2004 $272.2 $1,280 $41,036 $110,958
2003 $353 $1,219 $31,602 $94,120
2002 $305 $1,121 $27,227 $93,177
2001 $319 $1,299 $25,871 $89,805
2000 $280.3 $1,236 $27,535 $88,849
1999 $267.4 $1,194 $20,234 $84,690
1998 $284.2 $1,162 $17,665 $84,486
1997 $284.4 $1,142 $20,523 $79,219
1996 $340 $1,119 $17,125 $62,331
1995 $273.1 $1,111 $15,823 $60,321
1994 $258.7 $1,104 $14,765 $59,415
1993 $308 $1,116 $14,770 $59,125
1992 $290.2 $1,101 $16,280 $60,387
1991 $262 $1,096 $15,133 $54,759
1990 $326 $1,166 $16,722 $55,659
1989 $271.3 - $15,243 -
1988 $280.5 - $14,682 -
1987 $290.8 - $13,719 -
1986 $405 - $13,213 -
1985 $364 - $16,815 -
1984 $385 - $19,749 -
1983 $476 - $19,669 -
1982 $501 - $24,431 -
1981 $513 - $29,543 -
1980 $578 - $28,407 -
1979 $396 - $21,777 -
1978 $315 - $16,757 -
1977 $286.9 - $16,058 -
1976 $273.5 - $15,710 -
1975 $295 - $13,014 -
1974 $255.3 - $13,540 -
1973 $226.8 - $4,905 -
1972 $189.6 - $3,483 -
1971 $174.6 - $2,952 -
1970 $166.6 - $2,594 -
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 (1960–2025, retrieved 2026-07-08).

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

Madagascar's GDP per capita is $599, ranking 194/197, compared to $72,525 in Qatar, ranking 13/197. Adjusted for purchasing power (GDP per capita PPP), Madagascar ranks 187th at $1,884, while Qatar ranks 5th at $126,046.

Economic indicators

Madagascar Qatar
Gross domestic product
$19.6B
2025
$216B
2025
GDP rank
136/197
2025
56/197
2025
GDP growth
3%
2024-2025
2.9%
2024-2025
GDP per capita
$599
2025
$72,525
2025
GDP per capita rank
194/197
2025
13/197
2025
GDP per capita, PPP
$1,884
2024
$126,046
2024
GDP per capita PPP rank
187/197
2024
5/197
2024
Government debt
$9.56B
2025
$89.2B
2025
Debt-to-GDP ratio
48.7%
2025
41.4%
2025
Government debt per person
$292
2025
$30,009
2025
Government debt per person rank
179/185
2025
24/185
2025
Average annual personal income after taxes
$1,285
2026
$37,042
2026
Market capitalization of domestic companies n/a
$177B
2025
Number of millionaires n/a
30,000
2026
Number of billionaires n/a
2
2026
Income share by richest 10%
29.6%
2021
25.8%
2017
Income share by poorest 10%
2.9%
2021
2.6%
2017
Government expenditure, % of GDP
13.5%
2025
27.1%
2025
Consumer prices inflation
8.05%
2024-2025
0.6%
2024-2025
Central bank interest rate n/a
4.1%
2025
Unemployment rate
3.19%
2022
0.1%
2024
Population
33936132
3058826

Spending and national debt comparison by year

Madagascar
Spending

Debt
Qatar
Spending

Debt
1x
Year % of GDP
Madagascar Qatar
Government spending Government debt Government spending Government debt
2025 13.5% 48.7% 27.1% 41.4%
2024 16.1% 49.8% 26% 41.3%
2023 17.7% 52.1% 26.7% 42.8%
2022 16.2% 49.8% 24.3% 42.6%
2021 13.9% 49.4% 29.4% 58.4%
2020 16.4% 52.9% 34.7% 72.6%
2019 15.4% 41.3% 32.5% 62.1%
2018 14.4% 42.9% 28.9% 52.2%
2017 14.9% 40.1% 34.7% 51.6%
2016 13.5% 40.3% 40.1% 46.7%
2015 13% 44.1% 38.6% 35.5%
2014 12.6% 37.8% 32.3% 24.9%
2013 12.7% 36.2% 28.3% 30.9%
2012 11.5% 30.4% 31% 32.1%
2011 12% 29.9% 28.5% 33.5%
2010 12.3% 32.3% 32% 30.4%
2009 12.5% 34.9% 36.4% 36%
2008 15.7% 31% 23.5% 11.4%
2007 16.1% 28.2% 29.5% 9.37%
2006 18.5% 32.2% 29.5% 13.9%
2005 18.4% 74.4% 29% 19.1%
2004 21.7% 81.9% 29.9% 30.1%
2003 16.6% 85.9% 28.5% 38.8%
2002 12.4% 86.7% 31.6% 47.7%
2001 15.3% 82.1% 32.1% 59.2%
2000 15.3% 90.2% 29.8% 51.6%
1999 15.5% 104.1% 42.4% 81.8%
1998 16.9% 108.5% 55.1% 76.6%
1997 14.5% 89.7% 47.6% 54.4%
1996 14.4% 98.7% 55.2% 57.8%
1995 14.5% 95.8% 52.2% 50.2%
1994 16.7% 96% 59.8% 54.8%
1993 17.1% 105.2% 62.8% 46.3%
1992 16.2% 110.9% 54.2% 19.9%
1991 13.5% 113.8% 57.5% 21.8%
1990 13.3% 92.7% 50% 12.6%
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/qatar | CC BY

In 2025, Madagascar's government spending was $2.65B, accounting for 13.5% of its GDP, while Qatar spent $58.4B, or 27.1% of GDP.

Debt-to-GDP ratio is 48.7% in Madagascar and 41.4% in Qatar, ranking 109/185 and 127/185, respectively.

Government deficit by year

Deficit/surplus
Madagascar

Qatar
1x
Year Deficit/surplus, % of GDP
Madagascar Qatar
2025 -2.21% -1%
2024 -2.49% 0.71%
2023 -4.15% 5.51%
2022 -5.45% 10.4%
2021 -2.83% 0.24%
2020 -3.96% -2.13%
2019 -1.42% 1%
2018 -1.34% 2.26%
2017 -2.1% -6.82%
2016 -1.11% -9.2%
2015 -2.85% 18.4%
2014 -1.96% 13.4%
2013 -3.4% 19.3%
2012 -2.24% 8.55%
2011 -2.04% 5.24%
2010 -0.76% 4.6%
2009 -2.26% 14.1%
2008 -1.72% 9.49%
2007 -2.31% 10.3%
2006 -5.71% 8.39%
2005 -2.47% 9.8%
2004 -4.23% 17.7%
2003 -3.32% 6.71%
2002 -4.09% 7.89%
2001 -3.61% 4.48%
2000 -2.35% 4.62%
1999 -2.42% -4.35%
1998 -5.31% -7%
1997 -2% -9.4%
1996 -3.97% -8.73%
1995 -5.09% -5.78%
1994 -7.23% -11.8%
1993 -6.34% -9.53%
1992 -5% -2.74%
1991 -4.4% -2.57%
1990 -0.49% 3.23%
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/qatar | 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 Qatar's deficit of $2.16B, or 1% of GDP.

Over the past 36 years, Madagascar recorded a fiscal deficit in 36 of those years, while Qatar ran a deficit in 13 years. On average, Madagascar posted an annual deficit equal to 3.18% of GDP, compared to surplus of 2.92% of GDP for Qatar.

Inflation comparison by year

Inflation
Madagascar

Qatar
1x
Year Consumer prices inflation
Madagascar Qatar
2025 8.05% 0.6%
2024 7.61% 1.2%
2023 9.87% 3.1%
2022 8.16% 5%
2021 5.81% 2.3%
2020 4.2% -2.5%
2019 5.61% -0.9%
2018 8.59% 0.1%
2017 8.61% 0.6%
2016 6.04% 2.7%
2015 7.4% 0.9%
2014 6.08% 4.2%
2013 5.83% 3.1%
2012 5.71% 1.8%
2011 9.48% 2%
2010 9.25% -2.4%
2009 8.95% -4.9%
2008 9.3% 15.1%
2007 10.3% 13.7%
2006 10.8% 11.7%
2005 18.4% 9%
2004 14% 6.8%
2003 -1.7% 2.3%
2002 16.5% 0.2%
2001 7.92% 1.7%
2000 11.9% 1.6%
1999 9.93% 2.2%
1998 6.21% 2.9%
1997 4.49% 2.7%

Data sources: International Monetary Fund (IMF) | World Economic Outlook (1997–2025, retrieved 2026-07-08); World Bank | Economy & Growth (1997–2025, retrieved 2026-07-08).

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

Over the past 29 years, Madagascar has recorded an average annual inflation rate of 8.38%, compared with 2.99% in Qatar. In 2025, inflation was 8.05% in Madagascar and 0.6% in Qatar.

Top exports between countries

Madagascar
Export category Export value
Raw agricultural goods $80K
Raw materials & minerals $17K
Textiles & consumer goods $13K
Miscellaneous $2K
Wood & paper products $2K
Qatar
Export category Export value
Raw materials & minerals $57.5M
Chemicals & pharma $7.89M
Machinery & equipment $112K
Wood & paper products $50K

Balance of trade

Madagascar Qatar
Current account balance
-$749M
2024
$31.9B
2025
Current account balance ranking
110/190
2024
17/190
2025
Current account balance, % of GDP
-4.26%
2024
+14.8%
2025
Goods imports
$4.16B
2024
$34.3B
2025
Goods exports
$2.58B
2024
$90B
2025
Service imports
$1.27B
2024
$31.3B
2025
Service exports
$1.53B
2024
$24.4B
2025
Imports of goods and services, % of GDP
32.9%
2025
31.6%
2022
Exports of goods and services, % of GDP
21.3%
2025
68.6%
2022

Economic freedom indices

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

Madagascar Qatar
Economic freedom 57 70.2
Economic freedom ranking 119/197 37/197
Property rights 39.8 66.2
Government integrity 26.8 53.5
Judicial effectiveness 33.7 41.5
Tax burden 90.5 99.9
Government spending 91.5 79.9
Fiscal health 68.8 96.6
Business freedom 37.3 68
Labor freedom 56.1 58.5
Monetary freedom 71.8 76
Trade freedom 67.6 81.8
Investment freedom 50 60
Financial freedom 50 60

Economic freedom comparison by year

Madagascar
Qatar
1x
Year Economic freedom index
Madagascar Qatar
2026 57 70.2
2025 57 70.2
2024 57.3 68.8
2023 58.9 68.6
2022 58.9 67.7
2021 57.7 72
2020 60.5 72.3
2019 56.6 72.6
2018 56.8 72.6
2017 57.4 73.1
2016 61.1 70.7
2015 61.7 70.8
2014 61.7 71.2
2013 62 71.3
2012 62.4 71.3
2011 61.2 70.5
2010 63.2 69
2009 62.2 65.8
2008 62.4 62.2
2007 61.1 62.9
2006 61 62.4
2005 63.1 63.5
2004 60.9 66.5
2003 62.8 65.9
2002 56.8 61.9
2001 53.9 60
2000 54.4 62
1999 52.8 62
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/qatar | CC BY

The Economic Freedom Index for Madagascar is 57, ranking 119/197, compared to 70.2 for Qatar, ranking 37/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Madagascar Qatar
Services, % of GDP
48.8%
2025
47%
2025
Industry, % of GDP
23.9%
2025
57%
2025
Agriculture, forestry, and fishing, % of GDP
21.7%
2025
0.31%
2025
GNI, Atlas method
$18.2B
2025
$221B
2025
GNI per capita, PPP
$1,910
2025
$126,290
2025
Total reserves including gold
$2.78B
2024
$55.8B
2025
Total reserves ranking
122/177
2024
45/177
2025
Net foreign direct investment
-$472M
2024
$311M
2025
Net inflows of foreign direct investment
$606M
2024
$460M
2024
Net outflows of foreign direct investment
$134M
2024
$1.56B
2024
Servicing debt to the IMF, % of GNI
1.71%
2024
n/a
Poverty at national poverty lines
75.2%
2021
n/a
Gross capital formation, % of GDP
24.1%
2025
30.6%
2022

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/qatar | 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 (2020–2025, 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.