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Economy of Madagascar vs Slovenia compared: GDP & Debt

Updated on by Georank

Madagascar has a GDP of $19.6B compared to $79.6B for Slovenia, ranking 136/197 and 86/197 by economy size, respectively.

Madagascar has $9.56B in government debt (48.7% of GDP), compared to $52.5B (65.9% of GDP) in Slovenia.

Madagascar vs Slovenia GDP by year

Madagascar
Slovenia
1x
Year GDP, current $
Madagascar Slovenia
2025 $19,620,352,036 $79,648,204,979
2024 $17,592,832,696 $72,972,015,197
2023 $16,036,707,976 $69,255,264,238
2022 $15,342,178,598 $59,899,117,741
2021 $14,354,731,964 $61,540,813,362
2020 $13,051,441,204 $53,384,760,135
2019 $14,104,664,679 $53,909,922,736
2018 $13,760,033,282 $53,689,067,640
2017 $13,176,313,594 $48,153,200,135
2016 $11,848,613,858 $44,290,685,824
2015 $11,323,020,701 $42,709,468,275
2014 $12,522,957,399 $49,514,466,380
2013 $12,423,555,455 $47,867,056,859
2012 $11,578,975,062 $46,167,053,954
2011 $11,551,819,618 $51,199,194,599
2010 $9,982,711,338 $47,793,117,241
2009 $9,616,879,409 $49,975,540,955
2008 $10,725,137,724 $55,509,332,322
2007 $8,524,620,890 $47,880,266,543
2006 $6,395,712,491 $39,260,368,837
2005 $5,859,269,753 $35,947,936,824
2004 $5,064,732,626 $34,156,553,313
2003 $6,372,498,890 $29,360,575,032
2002 $5,351,701,663 $23,214,593,516
2001 $5,438,332,602 $20,668,868,707
2000 $4,629,247,204 $20,159,190,702
1999 $4,277,903,780 $22,609,669,084
1998 $4,401,967,633 $22,058,635,314
1997 $4,262,965,420 $20,726,878,752
1996 $4,931,861,039 $21,470,699,363
1995 $3,838,100,904 $21,367,422,159
1994 $3,522,227,092 $16,400,767,070
1993 $4,063,298,919 $14,449,298,372
1992 $3,714,966,678 $14,277,261,541
1991 $3,254,713,056 $14,454,495,059
1990 $3,931,334,875 $19,832,029,087
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 (1960–2025, retrieved 2026-07-08).

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

GDP per capita in Madagascar vs Slovenia by year

Madagascar
GDP per capita

GDP per capita, PPP
Slovenia
GDP per capita

GDP per capita, PPP
1x
Year Current $
Madagascar Slovenia
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2025 $599 - $37,376 -
2024 $550 $1,884 $34,301 $57,186
2023 $514 $1,808 $32,660 $56,064
2022 $504 $1,717 $28,360 $52,347
2021 $483 $1,577 $29,193 $45,914
2020 $451 $1,490 $25,392 $41,767
2019 $500 $1,612 $25,814 $42,373
2018 $500 $1,547 $25,888 $38,620
2017 $492 $1,547 $23,303 $36,180
2016 $454 $1,562 $21,448 $33,575
2015 $445 $1,497 $20,697 $31,336
2014 $506 $1,499 $24,013 $30,572
2013 $515 $1,473 $23,237 $29,634
2012 $494 $1,464 $22,442 $28,787
2011 $506 $1,475 $24,941 $28,716
2010 $450 $1,464 $23,330 $27,579
2009 $446 $1,480 $24,502 $27,229
2008 $513 $1,577 $27,462 $29,461
2007 $420 $1,493 $23,725 $27,468
2006 $324 $1,416 $19,563 $25,571
2005 $306 $1,343 $17,970 $23,682
2004 $272.2 $1,280 $17,104 $22,588
2003 $353 $1,219 $14,712 $20,916
2002 $305 $1,121 $11,639 $20,004
2001 $319 $1,299 $10,376 $18,763
2000 $280.3 $1,236 $10,136 $17,892
1999 $267.4 $1,194 $11,401 $17,007
1998 $284.2 $1,162 $11,132 $15,994
1997 $284.4 $1,142 $10,437 $15,257
1996 $340 $1,119 $10,797 $14,284
1995 $273.1 $1,111 $10,738 $13,637
1994 $258.7 $1,104 $8,244 $13,975
1993 $308 $1,116 $7,255 $12,976
1992 $290.2 $1,101 $7,151 $12,296
1991 $262 $1,096 $7,229 $12,698
1990 $326 $1,166 $9,925 $13,491
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 (1960–2025, retrieved 2026-07-08).

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

Madagascar's GDP per capita is $599, ranking 194/197, compared to $37,376 in Slovenia, ranking 32/197. Adjusted for purchasing power (GDP per capita PPP), Madagascar ranks 187th at $1,884, while Slovenia ranks 37th at $57,186.

Economic indicators

Madagascar Slovenia
Gross domestic product
$19.6B
2025
$79.6B
2025
GDP rank
136/197
2025
86/197
2025
GDP growth
3%
2024-2025
1.06%
2024-2025
GDP per capita
$599
2025
$37,376
2025
GDP per capita rank
194/197
2025
32/197
2025
GDP per capita, PPP
$1,884
2024
$57,186
2024
GDP per capita PPP rank
187/197
2024
37/197
2024
Government debt
$9.56B
2025
$52.5B
2025
Debt-to-GDP ratio
48.7%
2025
65.9%
2025
Government debt per person
$292
2025
$24,627
2025
Government debt per person rank
179/185
2025
29/185
2025
Average annual personal income after taxes
$1,285
2026
$22,481
2026
Market capitalization of domestic companies n/a
$20.7B
2025
Income share by richest 10%
29.6%
2021
20.6%
2023
Income share by poorest 10%
2.9%
2021
4.1%
2023
Government expenditure, % of GDP
13.5%
2025
48.5%
2025
Consumer prices inflation
8.05%
2024-2025
2.37%
2024-2025
Unemployment rate
3.19%
2022
3.9%
2025
Population
33936132
2128778

Spending and national debt comparison by year

Madagascar
Spending

Debt
Slovenia
Spending

Debt
1x
Year % of GDP
Madagascar Slovenia
Government spending Government debt Government spending Government debt
2025 13.5% 48.7% 48.5% 65.9%
2024 16.1% 49.8% 46.5% 66.6%
2023 17.7% 52.1% 46.5% 68.3%
2022 16.2% 49.8% 47.7% 72.8%
2021 13.9% 49.4% 49.9% 74.8%
2020 16.4% 52.9% 51.8% 80.2%
2019 15.4% 41.3% 43.8% 66%
2018 14.4% 42.9% 44.1% 71%
2017 14.9% 40.1% 44.6% 74.9%
2016 13.5% 40.3% 46.9% 79.4%
2015 13% 44.1% 49.5% 83.4%
2014 12.6% 37.8% 50.6% 81.1%
2013 12.7% 36.2% 57.7% 70.8%
2012 11.5% 30.4% 50% 54.1%
2011 12% 29.9% 51.4% 46.8%
2010 12.3% 32.3% 50.7% 38.6%
2009 12.5% 34.9% 50% 34.9%
2008 15.7% 31% 45.2% 21.9%
2007 16.1% 28.2% 43.5% 22.9%
2006 18.5% 32.2% 45.7% 26.2%
2005 18.4% 74.4% 46.7% 26.6%
2004 21.7% 81.9% 46.9% 27.1%
2003 16.6% 85.9% 47.6% 27%
2002 12.4% 86.7% 47.8% 27.7%
2001 15.3% 82.1% 49.2% 26.3%
2000 15.3% 90.2% 47.8% 26.1%
1999 15.5% 104.1% 47.2% 23.8%
1998 16.9% 108.5% 46.4% 22.8%
1997 14.5% 89.7% 45.4% 22.1%
1996 14.4% 98.7% 45.2% 21.6%
1995 14.5% 95.8% 53% 18.2%
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/slovenia | CC BY

In 2025, Madagascar's government spending was $2.65B, accounting for 13.5% of its GDP, while Slovenia spent $38.6B, or 48.5% of GDP.

Debt-to-GDP ratio is 48.7% in Madagascar and 65.9% in Slovenia, ranking 109/185 and 65/185, respectively.

Government deficit by year

Deficit/surplus
Madagascar

Slovenia
1x
Year Deficit/surplus, % of GDP
Madagascar Slovenia
2025 -2.21% -2.35%
2024 -2.49% -0.94%
2023 -4.15% -2.58%
2022 -5.45% -3.01%
2021 -2.83% -4.61%
2020 -3.96% -7.68%
2019 -1.42% 0.68%
2018 -1.34% 0.9%
2017 -2.1% 0.05%
2016 -1.11% -2%
2015 -2.85% -2.84%
2014 -1.96% -4.53%
2013 -3.4% -11.2%
2012 -2.24% -4.2%
2011 -2.04% -6.69%
2010 -0.76% -5.56%
2009 -2.26% -5.87%
2008 -1.72% -1.44%
2007 -2.31% -0.08%
2006 -5.71% -1.26%
2005 -2.47% -1.38%
2004 -4.23% -1.98%
2003 -3.32% -2.66%
2002 -4.09% -2.47%
2001 -3.61% -4.58%
2000 -2.35% -3.77%
1999 -2.42% -3.04%
1998 -5.31% -2.39%
1997 -2% -2.37%
1996 -3.97% -1.16%
1995 -5.09% -8.19%
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/slovenia | 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 Slovenia's deficit of $1.87B, or 2.35% of GDP.

Over the past 31 years, Madagascar recorded a fiscal deficit in 31 of those years, while Slovenia ran a deficit in 28 years. On average, Madagascar posted an annual deficit equal to 2.94% of GDP, compared to deficit of 3.2% of GDP for Slovenia.

Inflation comparison by year

Inflation
Madagascar

Slovenia
1x
Year Consumer prices inflation
Madagascar Slovenia
2025 8.05% 2.37%
2024 7.61% 1.97%
2023 9.87% 7.45%
2022 8.16% 8.83%
2021 5.81% 1.92%
2020 4.2% -0.05%
2019 5.61% 1.63%
2018 8.59% 1.74%
2017 8.61% 1.43%
2016 6.04% -0.05%
2015 7.4% -0.53%
2014 6.08% 0.2%
2013 5.83% 1.77%
2012 5.71% 2.6%
2011 9.48% 1.8%
2010 9.25% 1.8%
2009 8.95% 0.84%
2008 9.3% 5.65%
2007 10.3% 3.66%
2006 10.8% 2.46%
2005 18.4% 2.45%
2004 14% 3.59%
2003 -1.7% 5.54%
2002 16.5% 7.48%
2001 7.92% 8.38%
2000 11.9% 8.91%
1999 9.93% 6.16%
1998 6.21% 7.89%
1997 4.49% 8.36%

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

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

Over the past 29 years, Madagascar has recorded an average annual inflation rate of 8.38%, compared with 3.66% in Slovenia. In 2025, inflation was 8.05% in Madagascar and 2.37% in Slovenia.

Top exports between countries

Madagascar
Export category Export value
Raw materials & minerals $1.65M
Machinery & equipment $193K
Raw agricultural goods $27K
Wood & paper products $3K
Chemicals & pharma $1K
Precious metals & jewellery $1K
Slovenia
Export category Export value
Machinery & equipment $238K
Wood & paper products $134K
Textiles & consumer goods $125K
Chemicals & pharma $23K
Animal & marine products $17K
Metals $4K
Raw materials & minerals $2K

Balance of trade

Madagascar Slovenia
Current account balance
-$749M
2024
$2.83B
2025
Current account balance ranking
110/190
2024
39/190
2025
Current account balance, % of GDP
-4.26%
2024
+3.55%
2025
Goods imports
$4.16B
2024
$47.9B
2025
Goods exports
$2.58B
2024
$47.7B
2025
Service imports
$1.27B
2024
$10.8B
2025
Service exports
$1.53B
2024
$15.3B
2025
Imports of goods and services, % of GDP
32.9%
2025
73.3%
2025
Exports of goods and services, % of GDP
21.3%
2025
78.6%
2025

Economic freedom indices

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

Madagascar Slovenia
Economic freedom 57 69.7
Economic freedom ranking 119/197 40/197
Property rights 39.8 87.6
Government integrity 26.8 66.1
Judicial effectiveness 33.7 91.6
Tax burden 90.5 55.5
Government spending 91.5 34.1
Fiscal health 68.8 83.5
Business freedom 37.3 78.7
Labor freedom 56.1 62.7
Monetary freedom 71.8 77.5
Trade freedom 67.6 79.4
Investment freedom 50 70
Financial freedom 50 50

Economic freedom comparison by year

Madagascar
Slovenia
1x
Year Economic freedom index
Madagascar Slovenia
2026 57 69.7
2025 57 68.3
2024 57.3 65.9
2023 58.9 68.5
2022 58.9 70.5
2021 57.7 68.3
2020 60.5 67.8
2019 56.6 65.5
2018 56.8 64.8
2017 57.4 59.2
2016 61.1 60.6
2015 61.7 60.3
2014 61.7 62.7
2013 62 61.7
2012 62.4 62.9
2011 61.2 64.6
2010 63.2 64.7
2009 62.2 62.9
2008 62.4 60.2
2007 61.1 59.6
2006 61 61.9
2005 63.1 59.6
2004 60.9 59.2
2003 62.8 57.7
2002 56.8 57.8
2001 53.9 61.8
2000 54.4 58.3
1999 52.8 61.3
1998 51.8 60.7
1997 53.8 55.6
1996 52.2 50.4
1995 51.6 -

Data sources: The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-07-08).

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

The Economic Freedom Index for Madagascar is 57, ranking 119/197, compared to 69.7 for Slovenia, ranking 40/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Madagascar Slovenia
Services, % of GDP
48.8%
2025
58.6%
2025
Industry, % of GDP
23.9%
2025
28.3%
2025
Agriculture, forestry, and fishing, % of GDP
21.7%
2025
1.63%
2025
GNI, Atlas method
$18.2B
2025
$75.7B
2025
GNI per capita, PPP
$1,910
2025
$58,880
2025
Total reserves including gold
$2.78B
2024
$3.55B
2025
Total reserves ranking
122/177
2024
115/177
2025
Net foreign direct investment
-$472M
2024
-$738M
2025
Net inflows of foreign direct investment
$606M
2024
$1.87B
2024
Net outflows of foreign direct investment
$134M
2024
$1.46B
2024
Servicing debt to the IMF, % of GNI
1.71%
2024
n/a
Poverty at national poverty lines
75.2%
2021
12.7%
2022
Gross capital formation, % of GDP
24.1%
2025
22%
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/slovenia | 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.