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Economy of Madagascar vs Tajikistan compared: GDP & Debt

Updated on by Georank team

Madagascar has a GDP of $17.4B compared to $14.2B for Tajikistan, ranking 136/197 and 145/197 by economy size, respectively.

Madagascar has $8.77B in government debt (50.3% of GDP), compared to $3.54B (24.9% of GDP) in Tajikistan.

Madagascar vs Tajikistan GDP by year

Madagascar
Tajikistan
1x
Year GDP, current $
Madagascar Tajikistan
2024 $17,420,501,490 $14,204,575,549
2023 $15,869,945,478 $12,244,169,293
2022 $15,325,603,273 $10,713,525,200
2021 $14,354,731,964 $8,937,805,347
2020 $13,051,441,204 $8,133,963,551
2019 $14,104,664,679 $8,300,813,599
2018 $13,760,033,282 $7,764,999,999
2017 $13,176,313,594 $7,536,402,853
2016 $11,848,613,858 $6,992,416,097
2015 $11,323,020,701 $8,271,431,485
2014 $12,522,957,399 $9,112,605,459
2013 $12,423,555,455 $8,448,411,318
2012 $11,578,975,062 $7,633,036,903
2011 $11,551,819,618 $6,522,756,255
2010 $9,982,711,338 $5,642,221,099
2009 $9,616,879,409 $4,979,472,364
2008 $10,725,137,724 $5,161,299,725
2007 $8,524,620,890 $3,719,524,541
2006 $6,395,712,491 $2,830,213,849
2005 $5,859,269,753 $2,312,352,021
2004 $5,064,732,626 $2,076,176,869
2003 $6,372,498,890 $1,555,318,261
2002 $5,351,701,663 $1,221,106,220
2001 $5,438,332,602 $1,080,772,551
2000 $4,629,247,204 $860,541,842
1999 $4,277,903,780 $1,086,612,290
1998 $4,401,967,633 $1,320,199,582
1997 $4,262,965,420 $921,518,033
1996 $4,931,861,039 $1,043,654,822
1995 $3,838,100,904 $1,231,561,860
1994 $3,522,227,092 $1,522,001,206
1993 $4,063,298,919 $1,646,623,195
1992 $3,714,966,678 $1,908,554,572
1991 $3,254,713,056 $2,536,585,366
1990 $3,931,334,875 $2,629,395,066
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/tajikistan | CC BY

GDP per capita in Madagascar vs Tajikistan by year

Madagascar
GDP per capita

GDP per capita, PPP
Tajikistan
GDP per capita

GDP per capita, PPP
1x
Year Current $
Madagascar Tajikistan
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $545 $1,884 $1,341 $5,406
2023 $509 $1,808 $1,178 $4,964
2022 $504 $1,717 $1,052 $4,514
2021 $483 $1,577 $897 $3,986
2020 $451 $1,490 $834 $3,654
2019 $500 $1,612 $871 $3,460
2018 $500 $1,547 $834 $3,069
2017 $492 $1,547 $829 $3,017
2016 $454 $1,562 $789 $2,914
2015 $445 $1,497 $957 $2,975
2014 $506 $1,499 $1,082 $3,152
2013 $515 $1,473 $1,028 $2,919
2012 $494 $1,464 $952 $2,679
2011 $506 $1,475 $834 $2,456
2010 $450 $1,464 $737 $2,291
2009 $446 $1,480 $665 $2,171
2008 $513 $1,577 $703 $2,120
2007 $420 $1,493 $517 $1,966
2006 $324 $1,416 $401 $1,810
2005 $306 $1,343 $334 $1,673
2004 $272.2 $1,280 $306 $1,550
2003 $353 $1,219 $233.6 $1,396
2002 $305 $1,121 $187 $1,257
2001 $319 $1,299 $168.7 $1,139
2000 $280.3 $1,236 $136.9 $1,036
1999 $267.4 $1,194 $175 $947
1998 $284.2 $1,162 $213.7 $905
1997 $284.4 $1,142 $150.1 $855
1996 $340 $1,119 $172 $836
1995 $273.1 $1,111 $207 $1,006
1994 $258.7 $1,104 $261.3 $1,148
1993 $308 $1,116 $287.6 $1,454
1992 $290.2 $1,101 $338 $1,721
1991 $262 $1,096 $458 $2,417
1990 $326 $1,166 $487 $2,583
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/tajikistan | CC BY

Madagascar's GDP per capita is $545, ranking 193/197, compared to $1,341 in Tajikistan, ranking 166/197. Adjusted for purchasing power (GDP per capita PPP), Madagascar ranks 187th at $1,884, while Tajikistan ranks 157th at $5,406.

Economic indicators

Madagascar Tajikistan
Gross domestic product
$17.4B
2024
$14.2B
2024
GDP rank
136/197
2024
145/197
2024
GDP growth
4.2%
2023-2024
8.4%
2023-2024
GDP per capita
$545
2024
$1,341
2024
GDP per capita rank
193/197
2024
166/197
2024
GDP per capita, PPP
$1,884
2024
$5,406
2024
GDP per capita PPP rank
187/197
2024
157/197
2024
Government debt
$8.77B
2024
$3.54B
2024
Debt-to-GDP ratio
50.3%
2024
24.9%
2024
Government debt per person
$274.3
2024
$335
2024
Government debt per person rank
180/185
2024
175/185
2024
Average annual personal income after taxes
$1,268
2026
$2,591
2026
Income share by richest 10%
29.6%
2021
28.2%
2024
Income share by poorest 10%
2.9%
2021
2.9%
2024
Government expenditure, % of GDP
16.2%
2024
27.7%
2024
Consumer prices inflation
9.87%
2022-2023
3.5%
2023-2024
Central bank interest rate n/a
7.75%
2025
Unemployment rate
3.19%
2022
0.08%
2016
Population
33750171
11038274

Spending and national debt comparison by year

Madagascar
Spending

Debt
Tajikistan
Spending

Debt
1x
Year % of GDP
Madagascar Tajikistan
Government spending Government debt Government spending Government debt
2024 16.2% 50.3% 27.7% 24.9%
2023 17.9% 52.7% 28% 29.9%
2022 16.2% 49.9% 27.4% 31.8%
2021 13.9% 49.4% 27.6% 42%
2020 16.4% 52.9% 29.2% 50.9%
2019 15.4% 41.3% 28.8% 43.2%
2018 14.4% 42.9% 30.9% 46.3%
2017 14.9% 40.1% 33.8% 46.3%
2016 13.5% 40.3% 32.7% 42.2%
2015 13% 44.1% 31.9% 35%
2014 12.6% 37.8% 27.5% 27.9%
2013 12.7% 36.2% 27.7% 29.3%
2012 11.5% 30.4% 24.7% 32.5%
2011 12% 29.9% 24.3% 35.5%
2010 12.3% 32.3% 25.9% 36.8%
2009 12.5% 34.9% 23.6% 36.9%
2008 15.7% 31% 20.2% 30.2%
2007 16.1% 28.2% 20.3% 34.3%
2006 18.5% 32.2% 21.6% 36.8%
2005 18.4% 74.4% 22.9% 45.8%
2004 21.7% 81.9% 20.2% 49.4%
2003 16.6% 85.9% 19.1% 69.8%
2002 12.4% 86.7% 19.1% 98.3%
2001 15.3% 82.1% 17.3% 99.4%
2000 15.3% 90.2% 18.1% 111.4%
1999 15.5% 104.1% 17.5% 107.8%
1998 16.9% 108.5% 17.1% 96.6%
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/tajikistan | CC BY

In 2024, Madagascar's government spending was $2.82B, accounting for 16.2% of its GDP, while Tajikistan spent $3.93B, or 27.7% of GDP.

Debt-to-GDP ratio is 50.3% in Madagascar and 24.9% in Tajikistan, ranking 106/185 and 166/185, respectively.

Government deficit by year

Deficit/surplus
Madagascar

Tajikistan
1x
Year Deficit/surplus, % of GDP
Madagascar Tajikistan
2024 -2.48% 0.28%
2023 -4.19% -0.93%
2022 -5.46% -0.23%
2021 -2.83% -0.64%
2020 -3.96% -4.34%
2019 -1.42% -2.04%
2018 -1.34% -2.69%
2017 -2.1% -5.65%
2016 -1.11% -2.91%
2015 -2.85% -1.96%
2014 -1.96% 0.92%
2013 -3.4% -0.73%
2012 -2.24% 0.41%
2011 -2.04% 0.6%
2010 -0.76% -2.71%
2009 -2.26% -0.2%
2008 -1.72% 1.94%
2007 -2.31% 2.13%
2006 -5.71% 2%
2005 -2.47% -2.83%
2004 -4.23% -2.32%
2003 -3.32% -1.74%
2002 -4.09% -2.4%
2001 -3.61% -2.11%
2000 -2.35% -4.51%
1999 -2.42% -4.03%
1998 -5.31% -5.09%
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/tajikistan | 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 Tajikistan's surplus of $39.2M, or 0.28% of GDP.

Over the past 27 years, Madagascar recorded a fiscal deficit in 27 of those years, while Tajikistan ran a deficit in 20 years. On average, Madagascar posted an annual deficit equal to 2.89% of GDP, compared to deficit of 1.55% of GDP for Tajikistan.

Inflation comparison by year

Inflation
Madagascar

Tajikistan
1x
Year Consumer prices inflation
Madagascar Tajikistan
2024 - 3.5%
2023 9.87% 3.7%
2022 8.16% 6.6%
2021 5.81% 9%
2020 4.2% 8.6%
2019 5.61% 7.8%
2018 8.59% 3.8%
2017 8.61% 7.3%
2016 6.04% 5.9%
2015 7.4% 5.8%
2014 6.08% 6.1%
2013 5.83% 5%
2012 5.71% 5.8%
2011 9.48% 12.4%
2010 9.25% 6.5%
2009 8.95% 6.4%
2008 9.3% 20.4%
2007 10.3% 13.2%
2006 10.8% 10%
2005 18.4% 7.3%
2004 14% 7.2%
2003 -1.7% 16.4%
2002 16.5% 12.2%
2001 7.92% 38.6%
2000 11.9% 32.9%
1999 9.93% 27.5%
1998 6.21% 43.2%
1997 4.49% 88%

Data sources: International Monetary Fund (IMF) | World Economic Outlook (1997–2024, retrieved 2026-02-20); World Bank | Economy & Growth (1997–2023, retrieved 2026-04-06).

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

Over the past 27 years, Madagascar has recorded an average annual inflation rate of 8.42%, compared with 15.5% in Tajikistan. In 2023, inflation was 9.87% in Madagascar and 3.5% in Tajikistan.

Top exports between countries

Madagascar
Export category Export value
Miscellaneous $3K
Tajikistan
Export category Export value

Balance of trade

Madagascar Tajikistan
Current account balance
-$829M
2022
$887M
2024
Current account balance ranking
119/190
2022
54/190
2024
Current account balance, % of GDP
-5.41%
2022
+6.24%
2024
Goods imports
$4.52B
2022
$5.94B
2024
Goods exports
$3.55B
2022
$1.42B
2024
Service imports
$1.52B
2022
$971M
2024
Service exports
$1.14B
2022
$195M
2024
Imports of goods and services, % of GDP
31.7%
2024
48.4%
2023
Exports of goods and services, % of GDP
23.3%
2024
17.2%
2023

Economic freedom indices

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

Madagascar Tajikistan
Economic freedom 57 52.5
Economic freedom ranking 119/197 147/197
Property rights 39.8 28.4
Government integrity 26.8 18.5
Judicial effectiveness 33.7 10.1
Tax burden 90.5 94.2
Government spending 91.5 77
Fiscal health 68.8 98.6
Business freedom 37.3 60.6
Labor freedom 56.1 43.4
Monetary freedom 71.8 72.6
Trade freedom 67.6 72.2
Investment freedom 50 25
Financial freedom 50 30

Economic freedom comparison by year

Madagascar
Tajikistan
1x
Year Economic freedom index
Madagascar Tajikistan
2026 57 52.5
2025 57 51.5
2024 57.3 51.3
2023 58.9 50.6
2022 58.9 49.7
2021 57.7 55.2
2020 60.5 52.2
2019 56.6 55.6
2018 56.8 58.3
2017 57.4 58.2
2016 61.1 51.3
2015 61.7 52.7
2014 61.7 52
2013 62 53.4
2012 62.4 53.4
2011 61.2 53.5
2010 63.2 53
2009 62.2 54.6
2008 62.4 54.4
2007 61.1 53.6
2006 61 52.6
2005 63.1 50.4
2004 60.9 48.7
2003 62.8 46.5
2002 56.8 47.3
2001 53.9 46.8
2000 54.4 44.8
1999 52.8 41.2
1998 51.8 41.1
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/tajikistan | CC BY

The Economic Freedom Index for Madagascar is 57, ranking 119/197, compared to 52.5 for Tajikistan, ranking 147/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Madagascar Tajikistan
Services, % of GDP
47.7%
2024
34.7%
2023
Industry, % of GDP
22.8%
2024
33.6%
2023
Agriculture, forestry, and fishing, % of GDP
22.5%
2024
22.9%
2023
GNI, Atlas method
$16.4B
2024
$17.5B
2024
GNI per capita, PPP
$1,830
2024
$7,100
2024
Total reserves including gold
$2.78B
2024
$3.3B
2023
Total reserves ranking
120/177
2024
117/177
2023
Net foreign direct investment
-$326M
2022
-$190M
2024
Net inflows of foreign direct investment
$606M
2024
$291M
2024
Net outflows of foreign direct investment
$134M
2024
$101M
2024
Servicing debt to the IMF, % of GNI
1.72%
2024
3.07%
2024
Poverty at national poverty lines
75.2%
2021
19.8%
2024
Gross capital formation, % of GDP
22.2%
2024
31.7%
2023

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/tajikistan | 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)
  8. TradeMap (2021, retrieved 2026-02-08)

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.