Madagascar has a GDP of $17.4B compared to $2.03B for San Marino, ranking 136/197 and 180/197 by economy size, respectively.
Madagascar has $8.77B in government debt (50.3% of GDP), compared to $1.39B (63.9% of GDP) in San Marino.
Madagascar vs San Marino GDP by year
| Year | GDP, current $ | |
|---|---|---|
Madagascar
|
San Marino
|
|
| 2024 | $17,420,501,490 | - |
| 2023 | $15,869,945,478 | $2,027,527,228 |
| 2022 | $15,325,603,273 | $1,829,211,864 |
| 2021 | $14,354,731,964 | $1,855,652,786 |
| 2020 | $13,051,441,204 | $1,541,248,249 |
| 2019 | $14,104,664,679 | $1,616,340,692 |
| 2018 | $13,760,033,282 | $1,655,353,653 |
| 2017 | $13,176,313,594 | $1,528,620,346 |
| 2016 | $11,848,613,858 | $1,468,343,140 |
| 2015 | $11,323,020,701 | $1,419,401,071 |
| 2014 | $12,522,957,399 | $1,673,911,426 |
| 2013 | $12,423,555,455 | $1,678,741,475 |
| 2012 | $11,578,975,062 | $1,604,701,299 |
| 2011 | $11,551,819,618 | $1,813,717,439 |
| 2010 | $9,982,711,338 | $1,881,191,925 |
| 2009 | $9,616,879,409 | $2,064,277,126 |
| 2008 | $10,725,137,724 | $2,403,213,305 |
| 2007 | $8,524,620,890 | $2,188,654,628 |
| 2006 | $6,395,712,491 | $1,909,765,165 |
| 2005 | $5,859,269,753 | $1,786,514,058 |
| 2004 | $5,064,732,626 | $1,715,340,543 |
| 2003 | $6,372,498,890 | $1,462,590,267 |
| 2002 | $5,351,701,663 | $1,148,872,072 |
| 2001 | $5,438,332,602 | $1,059,529,812 |
| 2000 | $4,629,247,204 | $1,007,661,367 |
| 1999 | $4,277,903,780 | $1,109,473,368 |
| 1998 | $4,401,967,633 | $1,048,316,226 |
| 1997 | $4,262,965,420 | $976,606,911 |
| 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/san-marino | CC BY 
GDP per capita in Madagascar vs San Marino by year
| Year | Current $ | |||
|---|---|---|---|---|
|
Madagascar
|
San Marino
|
|||
| GDP per capita | GDP per capita, PPP | GDP per capita | GDP per capita, PPP | |
| 2024 | $545 | $1,884 | - | - |
| 2023 | $509 | $1,808 | $59,880 | $78,745 |
| 2022 | $504 | $1,717 | $54,191 | $75,941 |
| 2021 | $483 | $1,577 | $54,176 | $64,745 |
| 2020 | $451 | $1,490 | $44,327 | $55,207 |
| 2019 | $500 | $1,612 | $46,630 | $57,444 |
| 2018 | $500 | $1,547 | $47,951 | $54,461 |
| 2017 | $492 | $1,547 | $45,192 | $52,463 |
| 2016 | $454 | $1,562 | $44,359 | $53,033 |
| 2015 | $445 | $1,497 | $43,147 | $52,247 |
| 2014 | $506 | $1,499 | $51,260 | $52,909 |
| 2013 | $515 | $1,473 | $50,808 | $50,770 |
| 2012 | $494 | $1,464 | $47,946 | $51,274 |
| 2011 | $506 | $1,475 | $55,601 | $56,240 |
| 2010 | $450 | $1,464 | $56,543 | $58,926 |
| 2009 | $446 | $1,480 | $62,429 | $61,970 |
| 2008 | $513 | $1,577 | $75,902 | $71,724 |
| 2007 | $420 | $1,493 | $70,124 | $71,744 |
| 2006 | $324 | $1,416 | $63,271 | $67,434 |
| 2005 | $306 | $1,343 | $59,878 | $63,739 |
| 2004 | $272.2 | $1,280 | $58,232 | $61,114 |
| 2003 | $353 | $1,219 | $52,530 | $60,224 |
| 2002 | $305 | $1,121 | $41,791 | $57,584 |
| 2001 | $319 | $1,299 | $39,035 | $57,252 |
| 2000 | $280.3 | $1,236 | $37,601 | $53,713 |
| 1999 | $267.4 | $1,194 | $41,932 | $52,064 |
| 1998 | $284.2 | $1,162 | $40,127 | $47,679 |
| 1997 | $284.4 | $1,142 | $37,853 | $44,426 |
| 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).
GeoRank.org/economy/madagascar/san-marino | CC BY
Madagascar's GDP per capita is $545, ranking 193/197, compared to $59,880 in San Marino, ranking 15/197. Adjusted for purchasing power (GDP per capita PPP), Madagascar ranks 187th at $1,884, while San Marino ranks 17th at $78,745.
Economic indicators
|
Madagascar
|
San Marino
|
|
|---|---|---|
| Gross domestic product |
$17.4B
2024 |
$2.03B
2023 |
| GDP rank |
136/197
2024 |
180/197
2023 |
| GDP growth |
4.2%
2023-2024 |
0.4%
2022-2023 |
| GDP per capita |
$545
2024 |
$59,880
2023 |
| GDP per capita rank |
193/197
2024 |
15/197
2023 |
| GDP per capita, PPP |
$1,884
2024 |
$78,745
2023 |
| GDP per capita PPP rank |
187/197
2024 |
17/197
2023 |
| Government debt |
$8.77B
2024 |
$1.39B
2023 |
| Debt-to-GDP ratio |
50.3%
2024 |
63.9%
2024 |
| Government debt per person |
$274.3
2024 |
$40,919
2023 |
| Government debt per person rank |
180/185
2024 |
13/185
2023 |
| Average annual personal income after taxes |
$1,268
2026 |
$45,474
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 |
21%
2024 |
| Consumer prices inflation |
9.87%
2022-2023 |
1.2%
2023-2024 |
| Unemployment rate |
3.19%
2022 |
4.91%
2022 |
| Population |
33750171
|
33967
|
Spending and national debt comparison by year
| Year | % of GDP | |||
|---|---|---|---|---|
|
Madagascar
|
San Marino
|
|||
| Government spending | Government debt | Government spending | Government debt | |
| 2024 | 16.2% | 50.3% | 21% | 63.9% |
| 2023 | 17.9% | 52.7% | 21.7% | 68.3% |
| 2022 | 16.2% | 49.9% | 21.7% | 70.6% |
| 2021 | 13.9% | 49.4% | 37.1% | 77.2% |
| 2020 | 16.4% | 52.9% | 59.2% | 69.8% |
| 2019 | 15.4% | 41.3% | 22.4% | 56.2% |
| 2018 | 14.4% | 42.9% | 24.5% | 56.7% |
| 2017 | 14.9% | 40.1% | 25.6% | 56.6% |
| 2016 | 13.5% | 40.3% | 23.4% | 21.4% |
| 2015 | 13% | 44.1% | 26.3% | 19.3% |
| 2014 | 12.6% | 37.8% | 23.7% | 21% |
| 2013 | 12.7% | 36.2% | 30.2% | 23.2% |
| 2012 | 11.5% | 30.4% | 30.6% | 17.2% |
| 2011 | 12% | 29.9% | 25.4% | 16.6% |
| 2010 | 12.3% | 32.3% | 24.4% | 20% |
| 2009 | 12.5% | 34.9% | 24.8% | 20.1% |
| 2008 | 15.7% | 31% | 22% | 15.5% |
| 2007 | 16.1% | 28.2% | 20.7% | 12.6% |
| 2006 | 18.5% | 32.2% | 19.7% | 14.2% |
| 2005 | 18.4% | 74.4% | 19.3% | 14.5% |
| 2004 | 21.7% | 81.9% | 19% | 16.9% |
| 2003 | 16.6% | 85.9% | - | 16.1% |
| 2002 | 12.4% | 86.7% | - | 17.2% |
| 2001 | 15.3% | 82.1% | - | 11.6% |
| 2000 | 15.3% | 90.2% | - | - |
| 1999 | 15.5% | 104.1% | - | - |
| 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 (1990–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1980–1989, retrieved 2026-02-20).
GeoRank.org/economy/madagascar/san-marino | CC BY
In 2024, Madagascar's government spending was $2.82B, accounting for 16.2% of its GDP, while San Marino spent $440M, or 21% of GDP.
Debt-to-GDP ratio is 50.3% in Madagascar and 63.9% in San Marino, ranking 106/185 and 71/185, respectively.
Government deficit by year
| Year | Deficit/surplus, % of GDP | |
|---|---|---|
|
Madagascar
|
San Marino
|
|
| 2024 | -2.48% | -0.53% |
| 2023 | -4.19% | -0.72% |
| 2022 | -5.46% | 0.42% |
| 2021 | -2.83% | -16.4% |
| 2020 | -3.96% | -37.6% |
| 2019 | -1.42% | -0.11% |
| 2018 | -1.34% | -1.56% |
| 2017 | -2.1% | -3.49% |
| 2016 | -1.11% | -0.19% |
| 2015 | -2.85% | -3.32% |
| 2014 | -1.96% | 1.06% |
| 2013 | -3.4% | -7.74% |
| 2012 | -2.24% | -7.08% |
| 2011 | -2.04% | -4.05% |
| 2010 | -0.76% | -2.24% |
| 2009 | -2.26% | -2.46% |
| 2008 | -1.72% | 0.18% |
| 2007 | -2.31% | 1.83% |
| 2006 | -5.71% | 1.51% |
| 2005 | -2.47% | 3.58% |
| 2004 | -4.23% | 2.44% |
| 2003 | -3.32% | - |
| 2002 | -4.09% | - |
| 2001 | -3.61% | - |
| 2000 | -2.35% | - |
| 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 (1990–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1980–1989, retrieved 2026-02-20).
GeoRank.org/economy/madagascar/san-marino | CC BY
In 2023, Madagascar's government deficit, the difference between spending and revenue, was $666M, equivalent to 4.19% of GDP. This compares to San Marino's deficit of $14.7M, or 0.72% of GDP.
Over the past 20 years, Madagascar recorded a fiscal deficit in 20 of those years, while San Marino ran a deficit in 13 years. On average, Madagascar posted an annual deficit equal to 2.72% of GDP, compared to deficit of 3.8% of GDP for San Marino.
Inflation comparison by year
| Year | Consumer prices inflation | |
|---|---|---|
|
Madagascar
|
San Marino
|
|
| 2024 | - | 1.2% |
| 2023 | 9.87% | 5.9% |
| 2022 | 8.16% | 5.3% |
| 2021 | 5.81% | 1.6% |
| 2020 | 4.2% | -0.1% |
| 2019 | 5.61% | 0.5% |
| 2018 | 8.59% | 1.2% |
| 2017 | 8.61% | 1% |
| 2016 | 6.04% | 0.6% |
| 2015 | 7.4% | 0.1% |
| 2014 | 6.08% | 1.1% |
| 2013 | 5.83% | 1.6% |
| 2012 | 5.71% | 2.8% |
| 2011 | 9.48% | 2.2% |
| 2010 | 9.25% | 2.4% |
| 2009 | 8.95% | 2.4% |
| 2008 | 9.3% | 4.1% |
| 2007 | 10.3% | 2.5% |
| 2006 | 10.8% | 2.1% |
| 2005 | 18.4% | 1.7% |
| 2004 | 14% | 1.4% |
| 2003 | -1.7% | 1.3% |
| 2002 | 16.5% | - |
| 2001 | 7.92% | - |
| 2000 | 11.9% | - |
| 1999 | 9.93% | - |
| 1998 | 6.21% | - |
| 1997 | 4.49% | - |
Data sources: World Bank | Economy & Growth (1997–2023, retrieved 2026-04-06); International Monetary Fund (IMF) | World Economic Outlook (2003–2024, retrieved 2026-02-20).
GeoRank.org/economy/madagascar/san-marino | CC BY
Over the past 21 years, Madagascar has recorded an average annual inflation rate of 8.12%, compared with 1.99% in San Marino. In 2023, inflation was 9.87% in Madagascar and 1.2% in San Marino.
Balance of trade
|
Madagascar
|
San Marino
|
|
|---|---|---|
|
Current account balance
|
-$829M
2022 |
$446M
2023 |
| Current account balance ranking |
119/190
2022 |
64/190
2023 |
| Current account balance, % of GDP |
-5.41%
2022 |
+22%
2023 |
| Goods imports |
$4.52B
2022 |
$2.25B
2023 |
| Goods exports |
$3.55B
2022 |
$2.53B
2023 |
| Service imports |
$1.52B
2022 |
$894M
2023 |
| Service exports |
$1.14B
2022 |
$1.25B
2023 |
| Imports of goods and services, % of GDP |
31.7%
2024 |
155%
2023 |
| Exports of goods and services, % of GDP |
23.3%
2024 |
186%
2023 |
Economic freedom indices
The indices of economic freedom below are issued by the Heritage Foundation. Higher scores indicate stronger economic health.
|
Madagascar
|
San Marino
|
|
|---|---|---|
| Economic freedom | 57 | 76 |
| Economic freedom ranking | 119/197 | 16/197 |
| Property rights | 39.8 | n/a |
| Government integrity | 26.8 | n/a |
| Judicial effectiveness | 33.7 | n/a |
| Tax burden | 90.5 | n/a |
| Government spending | 91.5 | n/a |
| Fiscal health | 68.8 | n/a |
| Business freedom | 37.3 | n/a |
| Labor freedom | 56.1 | n/a |
| Monetary freedom | 71.8 | n/a |
| Trade freedom | 67.6 | n/a |
| Investment freedom | 50 | n/a |
| Financial freedom | 50 | n/a |
Other economic metrics
|
Madagascar
|
San Marino
|
|
|---|---|---|
| Services, % of GDP |
47.7%
2024 |
56.9%
2023 |
| Industry, % of GDP |
22.8%
2024 |
35.8%
2023 |
| Agriculture, forestry, and fishing, % of GDP |
22.5%
2024 |
0.02%
2023 |
|
GNI, Atlas method
|
$16.4B
2024 |
$1.82B
2023 |
| GNI per capita, PPP |
$1,830
2024 |
$71,860
2023 |
| Total reserves including gold |
$2.78B
2024 |
$759M
2024 |
| Total reserves ranking |
120/177
2024 |
146/177
2024 |
|
Net foreign direct investment
|
-$326M
2022 |
$52.7M
2023 |
|
Net inflows of foreign direct investment
|
$606M
2024 |
-$18.1M
2023 |
|
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 |
16.6%
2023 |
GDP per capita map
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/san-marino | CC BY
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Data sources:
- World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06)
- 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)
- U.S. Census Bureau (1985–2024, retrieved 2026-02-08)
- The Heritage Foundation | Economic Freedom Index (2026, retrieved 2026-03-09)
- United Nations | World Population Prospects (2026, retrieved 2026-03-10)
- 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.