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Economy of Madagascar vs Solomon Islands compared: GDP & Debt

Updated on by Georank team

Madagascar has a GDP of $17.4B compared to $1.58B for the Solomon Islands, ranking 136/197 and 182/197 by economy size, respectively.

Madagascar has $8.77B in government debt (50.3% of GDP), compared to $350M (22.1% of GDP) in the Solomon Islands.

Madagascar vs Solomon Islands GDP by year

Madagascar
Solomon Islands
1x
Year GDP, current $
Madagascar Solomon Islands
2024 $17,420,501,490 $1,583,964,704
2023 $15,869,945,478 $1,506,124,566
2022 $15,325,603,273 $1,466,670,930
2021 $14,354,731,964 $1,558,312,104
2020 $13,051,441,204 $1,536,143,428
2019 $14,104,664,679 $1,619,150,564
2018 $13,760,033,282 $1,615,473,250
2017 $13,176,313,594 $1,469,790,526
2016 $11,848,613,858 $1,379,486,291
2015 $11,323,020,701 $1,307,908,814
2014 $12,522,957,399 $1,335,576,763
2013 $12,423,555,455 $1,285,905,958
2012 $11,578,975,062 $1,185,217,634
2011 $11,551,819,618 $1,063,898,227
2010 $9,982,711,338 $898,128,551
2009 $9,616,879,409 $805,557,289
2008 $10,725,137,724 $776,335,523
2007 $8,524,620,890 $695,291,218
2006 $6,395,712,491 $617,257,458
2005 $5,859,269,753 $552,881,357
2004 $5,064,732,626 $468,000,121
2003 $6,372,498,890 $417,666,639
2002 $5,351,701,663 $346,406,739
2001 $5,438,332,602 $409,508,553
2000 $4,629,247,204 $419,842,674
1999 $4,277,903,780 $488,024,514
1998 $4,401,967,633 $457,579,840
1997 $4,262,965,420 $526,554,006
1996 $4,931,861,039 $510,586,430
1995 $3,838,100,904 $469,443,202
1994 $3,522,227,092 $402,837,005
1993 $4,063,298,919 $300,746,361
1992 $3,714,966,678 $269,034,596
1991 $3,254,713,056 $227,540,473
1990 $3,931,334,875 $214,877,667
1989 $3,175,638,333 $172,882,411
1988 $3,189,456,965 $176,494,394
1987 $3,212,900,556 $155,128,542
1986 $4,347,989,788 $147,620,048
1985 $3,802,557,895 $165,524,943
1984 $3,905,938,481 $181,570,474
1983 $4,686,457,031 $181,220,399
1982 $4,784,977,326 $192,902,019
1981 $4,759,333,998 $193,750,541
1980 $5,201,818,348 $182,852,107
1979 $3,463,565,854 $151,276,496
1978 $2,669,755,115 $111,027,427
1977 $2,358,930,406 $93,145,283
1976 $2,181,844,179 $83,100,834
1975 $2,283,049,215 $74,620,320
1974 $1,917,508,190 $84,539,332
1973 $1,653,062,335 $55,272,109
1972 $1,341,590,690 $40,606,712
1971 $1,199,507,631 $50,056,883
1970 $1,111,859,571 -
1969 $1,056,391,056 $28,606,411
1968 $1,031,669,637 $28,084,253
1967 $956,436,932 $25,203,524
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/solomon-islands | CC BY

GDP per capita in Madagascar vs Solomon Islands by year

Madagascar
GDP per capita

GDP per capita, PPP
Solomon Islands
GDP per capita

GDP per capita, PPP
1x
Year Current $
Madagascar Solomon Islands
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $545 $1,884 $1,934 $2,675
2023 $509 $1,808 $1,883 $2,597
2022 $504 $1,717 $1,878 $2,496
2021 $483 $1,577 $2,043 $2,450
2020 $451 $1,490 $2,063 $2,405
2019 $500 $1,612 $2,224 $2,512
2018 $500 $1,547 $2,278 $2,494
2017 $492 $1,547 $2,144 $2,454
2016 $454 $1,562 $2,083 $2,421
2015 $445 $1,497 $2,045 $2,354
2014 $506 $1,499 $2,165 $2,377
2013 $515 $1,473 $2,161 $2,394
2012 $494 $1,464 $2,066 $2,320
2011 $506 $1,475 $1,924 $2,306
2010 $450 $1,464 $1,685 $2,182
2009 $446 $1,480 $1,555 $2,021
2008 $513 $1,577 $1,526 $1,989
2007 $420 $1,493 $1,390 $1,869
2006 $324 $1,416 $1,256 $1,786
2005 $306 $1,343 $1,144 $1,693
2004 $272.2 $1,280 $986 $1,556
2003 $353 $1,219 $896 $1,433
2002 $305 $1,121 $757 $1,344
2001 $319 $1,299 $912 $1,387
2000 $280.3 $1,236 $953 $1,503
1999 $267.4 $1,194 $1,134 $1,754
1998 $284.2 $1,162 $1,092 $1,785
1997 $284.4 $1,142 $1,292 $1,793
1996 $340 $1,119 $1,289 $1,830
1995 $273.1 $1,111 $1,220 $1,820
1994 $258.7 $1,104 $1,078 $1,668
1993 $308 $1,116 $829 $1,556
1992 $290.2 $1,101 $764 $1,505
1991 $262 $1,096 $666 $1,346
1990 $326 $1,166 $648 $1,266
1989 $271.3 - $538 -
1988 $280.5 - $567 -
1987 $290.8 - $515 -
1986 $405 - $506 -
1985 $364 - $586 -
1984 $385 - $665 -
1983 $476 - $686 -
1982 $501 - $756 -
1981 $513 - $786 -
1980 $578 - $768 -
1979 $396 - $658 -
1978 $315 - $500 -
1977 $286.9 - $434 -
1976 $273.5 - $401 -
1975 $295 - $372 -
1974 $255.3 - $433 -
1973 $226.8 - $291.3 -
1972 $189.6 - $219.5 -
1971 $174.6 - $277.1 -
1970 $166.6 - - -
1969 $162.9 - $165.9 -
1968 $163.6 - $166.9 -
1967 $155.9 - $153.5 -
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/solomon-islands | CC BY

Madagascar's GDP per capita is $545, ranking 193/197, compared to $1,934 in the Solomon Islands, ranking 157/197. Adjusted for purchasing power (GDP per capita PPP), Madagascar ranks 187th at $1,884, while the Solomon Islands ranks 183rd at $2,675.

Economic indicators

Madagascar Solomon Islands
Gross domestic product
$17.4B
2024
$1.58B
2024
GDP rank
136/197
2024
182/197
2024
GDP growth
4.2%
2023-2024
3%
2023-2024
GDP per capita
$545
2024
$1,934
2024
GDP per capita rank
193/197
2024
157/197
2024
GDP per capita, PPP
$1,884
2024
$2,675
2024
GDP per capita PPP rank
187/197
2024
183/197
2024
Government debt
$8.77B
2024
$350M
2024
Debt-to-GDP ratio
50.3%
2024
22.1%
2024
Government debt per person
$274.3
2024
$427
2024
Government debt per person rank
180/185
2024
169/185
2024
Average annual personal income after taxes
$1,268
2026
$1,776
2026
Income share by richest 10%
29.6%
2021
29.2%
2012
Income share by poorest 10%
2.9%
2021
2.8%
2012
Government expenditure, % of GDP
16.2%
2024
35.8%
2024
Consumer prices inflation
9.87%
2022-2023
4.32%
2023-2024
Unemployment rate
3.19%
2022
0.69%
2013
Population
33750171
863951

Spending and national debt comparison by year

Madagascar
Spending

Debt
Solomon Islands
Spending

Debt
1x
Year % of GDP
Madagascar Solomon Islands
Government spending Government debt Government spending Government debt
2024 16.2% 50.3% 35.8% 22.1%
2023 17.9% 52.7% 40.1% 20.3%
2022 16.2% 49.9% 40.8% 15.5%
2021 13.9% 49.4% 37.8% 15.9%
2020 16.4% 52.9% 40.4% 12.8%
2019 15.4% 41.3% 35.6% 7.82%
2018 14.4% 42.9% 34.8% 7.95%
2017 14.9% 40.1% 40.4% 8.77%
2016 13.5% 40.3% 39.6% 7.54%
2015 13% 44.1% 41.5% 7.88%
2014 12.6% 37.8% 39.8% 10.1%
2013 12.7% 36.2% 41.8% 11.6%
2012 11.5% 30.4% 29.4% 13.3%
2011 12% 29.9% 27% 18.3%
2010 12.3% 32.3% 23.9% 22.9%
2009 12.5% 34.9% 24.8% 18.9%
2008 15.7% 31% 27% 28.9%
2007 16.1% 28.2% 23.7% 33%
2006 18.5% 32.2% 19.9% 42.3%
2005 18.4% 74.4% 17% 44.7%
2004 21.7% 81.9% 14.7% 58.2%
2003 16.6% 85.9% 14.9% 61.3%
2002 12.4% 86.7% 16.7% 65.7%
2001 15.3% 82.1% 18.1% 52.8%
2000 15.3% 90.2% 18.7% 44.3%
1999 15.5% 104.1% 18.7% 42%
1998 16.9% 108.5% 15.5% 39.5%
1997 14.5% 89.7% 19.3% 25.9%
1996 14.4% 98.7% 24.2% -
1995 14.5% 95.8% 24.7% -
1994 16.7% 96% 30.2% -
1993 17.1% 105.2% 33.2% -
1992 16.2% 110.9% 35.1% -
1991 13.5% 113.8% 39.4% -
1990 13.3% 92.7% 30% -
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/solomon-islands | CC BY

In 2024, Madagascar's government spending was $2.82B, accounting for 16.2% of its GDP, while the Solomon Islands spent $567M, or 35.8% of GDP.

Debt-to-GDP ratio is 50.3% in Madagascar and 22.1% in the Solomon Islands, ranking 106/185 and 173/185, respectively.

Government deficit by year

Deficit/surplus
Madagascar

Solomon Islands
1x
Year Deficit/surplus, % of GDP
Madagascar Solomon Islands
2024 -2.48% -3.08%
2023 -4.19% -3.81%
2022 -5.46% -2.51%
2021 -2.83% -1.86%
2020 -3.96% -2.44%
2019 -1.42% -1.52%
2018 -1.34% 1.49%
2017 -2.1% -2.27%
2016 -1.11% -3.56%
2015 -2.85% 0.81%
2014 -1.96% 2.13%
2013 -3.4% 3.57%
2012 -2.24% 4.63%
2011 -2.04% 6.22%
2010 -0.76% 6.02%
2009 -2.26% 2.35%
2008 -1.72% 1.94%
2007 -2.31% 15.3%
2006 -5.71% 13%
2005 -2.47% 13.4%
2004 -4.23% 17%
2003 -3.32% 10.6%
2002 -4.09% -4.35%
2001 -3.61% -2.4%
2000 -2.35% -2.93%
1999 -2.42% -0.32%
1998 -5.31% 5.04%
1997 -2% 2.14%
1996 -3.97% 3.73%
1995 -5.09% 3.19%
1994 -7.23% 4.33%
1993 -6.34% 2.45%
1992 -5% 4.13%
1991 -4.4% 0.14%
1990 -0.49% 0.58%
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/solomon-islands | CC BY

In 2024, Madagascar's government deficit, the difference between spending and revenue, was $432M, equivalent to 2.48% of GDP. This compares to the Solomon Islands' deficit of $48.8M, or 3.08% of GDP.

Over the past 35 years, Madagascar recorded a fiscal deficit in 35 of those years, while the Solomon Islands ran a deficit in 12 years. On average, Madagascar posted an annual deficit equal to 3.21% of GDP, compared to surplus of 2.66% of GDP for the Solomon Islands.

Inflation comparison by year

Inflation
Madagascar

Solomon Islands
1x
Year Consumer prices inflation
Madagascar Solomon Islands
2024 - 4.32%
2023 9.87% 5.89%
2022 8.16% 5.52%
2021 5.81% -0.12%
2020 4.2% 2.96%
2019 5.61% 1.63%
2018 8.59% 3.46%
2017 8.61% 0.49%
2016 6.04% 0.51%
2015 7.4% -0.57%
2014 6.08% 5.17%
2013 5.83% 5.39%
2012 5.71% 5.91%
2011 9.48% 7.34%
2010 9.25% 1.05%
2009 8.95% 7.09%
2008 9.3% 17.3%
2007 10.3% 7.67%
2006 10.8% 11.2%
2005 18.4% 7.33%
2004 14% 6.99%
2003 -1.7% 8.27%
2002 16.5% 10.9%
2001 7.92% 6.93%
2000 11.9% 7.89%
1999 9.93% 8.02%
1998 6.21% 12.4%
1997 4.49% 8.08%

Data sources: World Bank | Economy & Growth (1997–2024, retrieved 2026-04-06).

GeoRank.org/economy/madagascar/solomon-islands | CC BY

Over the past 27 years, Madagascar has recorded an average annual inflation rate of 8.42%, compared with 6.1% in the Solomon Islands. In 2023, inflation was 9.87% in Madagascar and 4.32% in the Solomon Islands.

Balance of trade

Madagascar Solomon Islands
Current account balance
-$829M
2022
-$66.2M
2024
Current account balance ranking
119/190
2022
87/190
2024
Current account balance, % of GDP
-5.41%
2022
-4.18%
2024
Goods imports
$4.52B
2022
$609M
2024
Goods exports
$3.55B
2022
$510M
2024
Service imports
$1.52B
2022
$248M
2024
Service exports
$1.14B
2022
$133M
2024
Imports of goods and services, % of GDP
31.7%
2024
70.8%
2024
Exports of goods and services, % of GDP
23.3%
2024
40.6%
2024

Economic freedom indices

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

Madagascar Solomon Islands
Economic freedom 57 53.7
Economic freedom ranking 119/197 137/197
Property rights 39.8 55.8
Government integrity 26.8 42.7
Judicial effectiveness 33.7 59.1
Tax burden 90.5 71.3
Government spending 91.5 54.6
Fiscal health 68.8 83.3
Business freedom 37.3 52.3
Labor freedom 56.1 60.4
Monetary freedom 71.8 76.5
Trade freedom 67.6 43.6
Investment freedom 50 15
Financial freedom 50 30

Economic freedom comparison by year

Madagascar
Solomon Islands
1x
Year Economic freedom index
Madagascar Solomon Islands
2026 57 53.7
2025 57 56.3
2024 57.3 55
2023 58.9 56.9
2022 58.9 56.5
2021 57.7 56.5
2020 60.5 52.9
2019 56.6 54.6
2018 56.8 57.5
2017 57.4 55
2016 61.1 47
2015 61.7 47
2014 61.7 46.2
2013 62 45
2012 62.4 46.2
2011 61.2 45.9
2010 63.2 42.9
2009 62.2 46
2008 62.4 -
2007 61.1 -
2006 61 -
2005 63.1 -
2004 60.9 -
2003 62.8 -
2002 56.8 -
2001 53.9 -
2000 54.4 -
1999 52.8 -
1998 51.8 -
1997 53.8 -
1996 52.2 -
1995 51.6 -

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

GeoRank.org/economy/madagascar/solomon-islands | CC BY

The Economic Freedom Index for Madagascar is 57, ranking 119/197, compared to 53.7 for the Solomon Islands, ranking 137/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Madagascar Solomon Islands
Services, % of GDP
47.7%
2024
46.9%
2024
Industry, % of GDP
22.8%
2024
23.4%
2024
Agriculture, forestry, and fishing, % of GDP
22.5%
2024
29.7%
2024
GNI, Atlas method
$16.4B
2024
$1.57B
2024
GNI per capita, PPP
$1,830
2024
$2,680
2024
Total reserves including gold
$2.78B
2024
$688M
2023
Total reserves ranking
120/177
2024
149/177
2023
Net foreign direct investment
-$326M
2022
$19.9M
2024
Net inflows of foreign direct investment
$606M
2024
$33M
2024
Net outflows of foreign direct investment
$134M
2024
$52.9M
2024
Servicing debt to the IMF, % of GNI
1.72%
2024
1.64%
2024
Poverty at national poverty lines
75.2%
2021
12.7%
2012
Gross capital formation, % of GDP
22.2%
2024
19.5%
2024

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/solomon-islands | CC BY

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Data sources:

  1. World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06)
  2. International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20)
  3. The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09)
  4. International Monetary Fund (IMF) | Public Finances in Modern History (1980–1989, retrieved 2026-02-20)
  5. U.S. Census Bureau (1985–2024, retrieved 2026-02-08)
  6. United Nations | World Population Prospects (2026, retrieved 2026-03-10)
  7. 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.