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Economy of Madagascar vs Syria compared: GDP & Debt

Updated on by Georank

Madagascar has a GDP of $19.6B compared to $20B for Syria, ranking 136/197 and 134/197 by economy size, respectively.

Madagascar has $9.56B in government debt (48.7% of GDP), compared to $18.4B (30% of GDP) in Syria.

Madagascar vs Syria GDP by year

Madagascar
Syria
1x
Year GDP, current $
Madagascar Syria
2025 $19,620,352,036 -
2024 $17,592,832,696 -
2023 $16,036,707,976 $19,993,439,950
2022 $15,342,178,598 $23,737,634,644
2021 $14,354,731,964 $14,892,885,528
2020 $13,051,441,204 $12,501,503,673
2019 $14,104,664,679 $22,583,046,645
2018 $13,760,033,282 $21,497,779,248
2017 $13,176,313,594 $16,369,842,725
2016 $11,848,613,858 $12,597,854,088
2015 $11,323,020,701 $16,466,861,435
2014 $12,522,957,399 $21,502,061,466
2013 $12,423,555,455 $21,361,254,635
2012 $11,578,975,062 $43,190,318,033
2011 $11,551,819,618 $67,539,433,544
2010 $9,982,711,338 $61,390,833,273
2009 $9,616,879,409 $54,111,721,044
2008 $10,725,137,724 $52,557,913,397
2007 $8,524,620,890 $40,465,331,020
2006 $6,395,712,491 $33,751,812,959
2005 $5,859,269,753 $28,858,937,499
2004 $5,064,732,626 $25,086,910,448
2003 $6,372,498,890 $21,828,144,686
2002 $5,351,701,663 $20,786,986,580
2001 $5,438,332,602 $20,078,599,626
2000 $4,629,247,204 $18,937,031,610
1999 $4,277,903,780 $15,873,875,969
1998 $4,401,967,633 $15,200,846,154
1997 $4,262,965,420 $14,505,233,463
1996 $4,931,861,039 $13,789,560,878
1995 $3,838,100,904 $11,396,706,587
1994 $3,522,227,092 $10,122,020,000
1993 $4,063,298,919 $13,695,962,055
1992 $3,714,966,678 $13,253,565,861
1991 $3,254,713,056 $12,981,833,333
1990 $3,931,334,875 $12,308,624,418
1989 $3,175,638,333 $9,853,395,762
1988 $3,189,456,965 $10,577,041,645
1987 $3,212,900,556 $11,356,215,543
1986 $4,347,989,788 $13,293,205,278
1985 $3,802,557,895 $16,403,539,893
1984 $3,905,938,481 $17,503,078,174
1983 $4,686,457,031 $17,589,277,143
1982 $4,784,977,326 $16,298,929,011
1981 $4,759,333,998 $15,518,201,335
1980 $5,201,818,348 $13,062,420,382
1979 $3,463,565,854 $9,929,681,529
1978 $2,669,755,115 $9,275,200,458
1977 $2,358,930,406 $7,696,011,396
1976 $2,181,844,179 $7,633,528,867
1975 $2,283,049,215 $6,826,980,444
1974 $1,917,508,190 $5,159,557,148
1973 $1,653,062,335 $3,239,487,516
1972 $1,341,590,690 $3,059,681,698
1971 $1,199,507,631 $2,589,851,325
1970 $1,111,859,571 $2,140,384,010
1969 $1,056,391,056 $2,245,011,515
1968 $1,031,669,637 $1,753,746,430
1967 $956,436,932 $1,580,229,799
1966 $900,264,585 $1,342,287,553
1965 $833,563,473 $1,472,036,540
1964 $802,482,184 $1,339,494,267
1963 $759,345,864 $1,200,447,408
1962 $739,286,908 $1,110,565,881
1961 $699,161,945 $945,244,972
1960 $673,081,725 $857,704,413

Data sources: World Bank | Economy & Growth (1960–2025, retrieved 2026-07-08).

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

GDP per capita in Madagascar vs Syria by year

Madagascar
GDP per capita

GDP per capita, PPP
Syria
GDP per capita

GDP per capita, PPP
1x
Year Current $
Madagascar Syria
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2025 $599 - - -
2024 $550 $1,884 - -
2023 $514 $1,808 $847 $4,650
2022 $504 $1,717 $1,057 $4,772
2021 $483 $1,577 $689 $4,593
2020 $451 $1,490 $594 $3,738
2019 $500 $1,612 $1,110 $3,502
2018 $500 $1,547 $1,098 $3,456
2017 $492 $1,547 $852 $3,265
2016 $454 $1,562 $656 -
2015 $445 $1,497 $848 -
2014 $506 $1,499 $1,061 -
2013 $515 $1,473 $986 -
2012 $494 $1,464 $1,898 -
2011 $506 $1,475 $2,952 -
2010 $450 $1,464 $2,731 -
2009 $446 $1,480 $2,462 -
2008 $513 $1,577 $2,429 -
2007 $420 $1,493 $1,938 -
2006 $324 $1,416 $1,719 -
2005 $306 $1,343 $1,534 -
2004 $272.2 $1,280 $1,368 -
2003 $353 $1,219 $1,220 -
2002 $305 $1,121 $1,190 -
2001 $319 $1,299 $1,178 -
2000 $280.3 $1,236 $1,138 -
1999 $267.4 $1,194 $978 -
1998 $284.2 $1,162 $961 -
1997 $284.4 $1,142 $941 -
1996 $340 $1,119 $918 -
1995 $273.1 $1,111 $780 -
1994 $258.7 $1,104 $712 -
1993 $308 $1,116 $993 -
1992 $290.2 $1,101 $990 -
1991 $262 $1,096 $1,000 -
1990 $326 $1,166 $978 -
1989 $271.3 - $809 -
1988 $280.5 - $898 -
1987 $290.8 - $997 -
1986 $405 - $1,208 -
1985 $364 - $1,544 -
1984 $385 - $1,706 -
1983 $476 - $1,776 -
1982 $501 - $1,703 -
1981 $513 - $1,676 -
1980 $578 - $1,458 -
1979 $396 - $1,146 -
1978 $315 - $1,108 -
1977 $286.9 - $951 -
1976 $273.5 - $976 -
1975 $295 - $904 -
1974 $255.3 - $707 -
1973 $226.8 - $459 -
1972 $189.6 - $448 -
1971 $174.6 - $393 -
1970 $166.6 - $335 -
1969 $162.9 - $364 -
1968 $163.6 - $293.3 -
1967 $155.9 - $272.9 -
1966 $150.7 - $239.3 -
1965 $143.2 - $270.8 -
1964 $141.5 - $254.2 -
1963 $137.4 - $234.9 -
1962 $137.3 - $223.9 -
1961 $133.3 - $196.3 -
1960 $131.7 - $183.5 -

Data sources: World Bank | Economy & Growth (1960–2025, retrieved 2026-07-08).

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

Madagascar's GDP per capita is $599, ranking 194/197, compared to $847 in Syria, ranking 185/197. Adjusted for purchasing power (GDP per capita PPP), Madagascar ranks 187th at $1,884, while Syria ranks 160th at $4,650.

Economic indicators

Madagascar Syria
Gross domestic product
$19.6B
2025
$20B
2023
GDP rank
136/197
2025
134/197
2023
GDP growth
3%
2024-2025
-1.85%
2022-2023
GDP per capita
$599
2025
$847
2023
GDP per capita rank
194/197
2025
185/197
2023
GDP per capita, PPP
$1,884
2024
$4,650
2023
GDP per capita PPP rank
187/197
2024
160/197
2023
Government debt
$9.56B
2025
$18.4B
2010
Debt-to-GDP ratio
48.7%
2025
30%
2010
Government debt per person
$292
2025
$820
2010
Government debt per person rank
179/185
2025
150/185
2010
Average annual personal income after taxes
$1,285
2026
$693
2026
Income share by richest 10%
29.6%
2021
20.9%
2022
Income share by poorest 10%
2.9%
2021
3.8%
2022
Government expenditure, % of GDP
13.5%
2025
28.6%
2010
Consumer prices inflation
8.05%
2024-2025
13.4%
2018-2019
Unemployment rate
3.19%
2022
14.9%
2011
Population
33936132
26956472

Spending and national debt comparison by year

Madagascar
Spending

Debt
Syria
Spending

Debt
1x
Year % of GDP
Madagascar Syria
Government spending Government debt Government spending Government debt
2025 13.5% 48.7% - -
2024 16.1% 49.8% - -
2023 17.7% 52.1% - -
2022 16.2% 49.8% - -
2021 13.9% 49.4% - -
2020 16.4% 52.9% - -
2019 15.4% 41.3% - -
2018 14.4% 42.9% - -
2017 14.9% 40.1% - -
2016 13.5% 40.3% - -
2015 13% 44.1% - -
2014 12.6% 37.8% - -
2013 12.7% 36.2% - -
2012 11.5% 30.4% - -
2011 12% 29.9% - -
2010 12.3% 32.3% 28.6% 30%
2009 12.5% 34.9% 26.7% 31.2%
2008 15.7% 31% 22.9% 37.3%
2007 16.1% 28.2% 25.7% 42.7%
2006 18.5% 32.2% 26.3% 45%
2005 18.4% 74.4% 28.2% 50.7%
2004 21.7% 81.9% 31.3% 113%
2003 16.6% 85.9% 32.6% 133.4%
2002 12.4% 86.7% 28.5% 132.4%
2001 15.3% 82.1% 28% 144.5%
2000 15.3% 90.2% 27.4% 152.1%
1999 15.5% 104.1% 28% 147.7%
1998 16.9% 108.5% 28.8% 151.2%
1997 14.5% 89.7% 29% 147.6%
1996 14.4% 98.7% 27.7% 141.5%
1995 14.5% 95.8% 29.8% 152.6%
1994 16.7% 96% 30.3% 163%
1993 17.1% 105.2% 29.4% 171.9%
1992 16.2% 110.9% 34.2% 173.6%
1991 13.5% 113.8% 34.3% 182.4%
1990 13.3% 92.7% 28.3% 189.8%
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/syria | CC BY

In 2025, Madagascar's government spending was $2.65B, accounting for 13.5% of its GDP, while Syria spent $17.6B, or 28.6% of GDP.

Debt-to-GDP ratio is 48.7% in Madagascar and 30% in Syria, ranking 109/185 and 155/185, respectively.

Government deficit by year

Deficit/surplus
Madagascar

Syria
1x
Year Deficit/surplus, % of GDP
Madagascar Syria
2025 -2.21% -
2024 -2.49% -
2023 -4.15% -
2022 -5.45% -
2021 -2.83% -
2020 -3.96% -
2019 -1.42% -
2018 -1.34% -
2017 -2.1% -
2016 -1.11% -
2015 -2.85% -
2014 -1.96% -
2013 -3.4% -
2012 -2.24% -
2011 -2.04% -
2010 -0.76% -7.79%
2009 -2.26% -2.89%
2008 -1.72% -2.86%
2007 -2.31% -2.99%
2006 -5.71% -1.12%
2005 -2.47% -4.41%
2004 -4.23% -4.18%
2003 -3.32% -2.7%
2002 -4.09% -2.02%
2001 -3.61% 2.3%
2000 -2.35% -1.36%
1999 -2.42% -1.47%
1998 -5.31% -2.81%
1997 -2% -1.78%
1996 -3.97% -2.83%
1995 -5.09% -3.81%
1994 -7.23% -6%
1993 -6.34% -4.96%
1992 -5% -7.26%
1991 -4.4% -6.57%
1990 -0.49% -3.92%
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/syria | CC BY

In 2010, Madagascar's government deficit, the difference between spending and revenue, was $75.9M, equivalent to 0.76% of GDP. This compares to Syria's deficit of $4.78B, or 7.79% of GDP.

Over the past 21 years, Madagascar recorded a fiscal deficit in 21 of those years, while Syria ran a deficit in 20 years. On average, Madagascar posted an annual deficit equal to 3.58% of GDP, compared to deficit of 3.4% of GDP for Syria.

Inflation comparison by year

Inflation
Madagascar

Syria
1x
Year Consumer prices inflation
Madagascar Syria
2025 8.05% -
2024 7.61% -
2023 9.87% -
2022 8.16% -
2021 5.81% -
2020 4.2% -
2019 5.61% 13.4%
2018 8.59% 0.94%
2017 8.61% 18.1%
2016 6.04% 47.7%
2015 7.4% 38.5%
2014 6.08% 10.9%
2013 5.83% 40%
2012 5.71% 36.7%
2011 9.48% 4.75%
2010 9.25% 4.4%
2009 8.95% 2.92%
2008 9.3% 15.7%
2007 10.3% 3.91%
2006 10.8% 10%
2005 18.4% 7.24%
2004 14% 4.43%
2003 -1.7% 5.8%
2002 16.5% -0.13%
2001 7.92% 3%
2000 11.9% -3.85%
1999 9.93% -3.7%
1998 6.21% -0.8%
1997 4.49% 1.89%

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

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

Over the past 23 years, Madagascar has recorded an average annual inflation rate of 8.67%, compared with 11.4% in Syria. In 2019, inflation was 8.05% in Madagascar and 13.4% in Syria.

Top exports between countries

Madagascar
Export category Export value
Raw agricultural goods $56K
Syria
Export category Export value
Wood & paper products $45K
Textiles & consumer goods $21K
Machinery & equipment $13K
Metals $11K
Processed food, beverages & tobacco $4K
Chemicals & pharma $2K

Balance of trade

Madagascar Syria
Current account balance
-$749M
2024
-$367M
2010
Current account balance ranking
110/190
2024
99/190
2010
Current account balance, % of GDP
-4.26%
2024
-0.6%
2010
Goods imports
$4.16B
2024
$15.9B
2010
Goods exports
$2.58B
2024
$12.3B
2010
Service imports
$1.27B
2024
$3.53B
2010
Service exports
$1.53B
2024
$7.33B
2010
Imports of goods and services, % of GDP
32.9%
2025
28.7%
2022
Exports of goods and services, % of GDP
21.3%
2025
6.78%
2022

Economic freedom indices

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

Madagascar Syria
Economic freedom 57 51.2
Economic freedom ranking 119/197 155/197
Property rights 39.8 4
Government integrity 26.8 3.6
Judicial effectiveness 33.7 3.7
Tax burden 90.5 87.3
Government spending 91.5 78.5
Fiscal health 68.8 13.8
Business freedom 37.3 33.8
Labor freedom 56.1 37.2
Monetary freedom 71.8 80
Trade freedom 67.6 47
Investment freedom 50 0
Financial freedom 50 20

Economic freedom comparison by year

Madagascar
Syria
1x
Year Economic freedom index
Madagascar Syria
2026 57 -
2025 57 -
2024 57.3 -
2023 58.9 -
2022 58.9 -
2021 57.7 -
2020 60.5 -
2019 56.6 -
2018 56.8 -
2017 57.4 -
2016 61.1 -
2015 61.7 -
2014 61.7 -
2013 62 -
2012 62.4 51.2
2011 61.2 51.3
2010 63.2 49.4
2009 62.2 51.3
2008 62.4 47.2
2007 61.1 48.3
2006 61 51.2
2005 63.1 46.3
2004 60.9 40.6
2003 62.8 41.3
2002 56.8 36.3
2001 53.9 36.6
2000 54.4 37.2
1999 52.8 39
1998 51.8 42.2
1997 53.8 43
1996 52.2 42.3
1995 51.6 -

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

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

The Economic Freedom Index for Madagascar is 57, ranking 119/197, compared to 51.2 for Syria, ranking 155/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Madagascar Syria
Services, % of GDP
48.8%
2025
44.7%
2022
Industry, % of GDP
23.9%
2025
11.9%
2022
Agriculture, forestry, and fishing, % of GDP
21.7%
2025
42.9%
2022
GNI, Atlas method
$18.2B
2025
$18.2B
2023
GNI per capita, PPP
$1,910
2025
$4,480
2023
Total reserves including gold
$2.78B
2024
$20.6B
2010
Total reserves ranking
122/177
2024
66/177
2010
Net foreign direct investment
-$472M
2024
-$1.47B
2010
Net inflows of foreign direct investment
$606M
2024
$0
2024
Net outflows of foreign direct investment
$134M
2024
$0
2024
Servicing debt to the IMF, % of GNI
1.71%
2024
0.15%
2023
Poverty at national poverty lines
75.2%
2021
35.2%
2007
Gross capital formation, % of GDP
24.1%
2025
16%
1969

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/syria | 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 (2010–2025, 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.