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Economy of Madagascar vs Tunisia compared: GDP & Debt

Updated on by Georank team

Madagascar has a GDP of $17.4B compared to $51.3B for Tunisia, ranking 136/197 and 93/197 by economy size, respectively.

Madagascar has $8.77B in government debt (50.3% of GDP), compared to $42.8B (83.4% of GDP) in Tunisia.

Madagascar vs Tunisia GDP by year

Madagascar
Tunisia
1x
Year GDP, current $
Madagascar Tunisia
2024 $17,420,501,490 $51,332,285,657
2023 $15,869,945,478 $48,205,328,303
2022 $15,325,603,273 $44,929,920,093
2021 $14,354,731,964 $47,073,234,359
2020 $13,051,441,204 $42,491,780,918
2019 $14,104,664,679 $41,905,642,419
2018 $13,760,033,282 $42,686,504,460
2017 $13,176,313,594 $42,163,530,591
2016 $11,848,613,858 $44,360,072,680
2015 $11,323,020,701 $45,779,494,042
2014 $12,522,957,399 $50,271,812,921
2013 $12,423,555,455 $48,685,446,414
2012 $11,578,975,062 $47,311,401,813
2011 $11,551,819,618 $48,123,325,825
2010 $9,982,711,338 $46,206,091,938
2009 $9,616,879,409 $43,455,740,497
2008 $10,725,137,724 $44,859,439,902
2007 $8,524,620,890 $38,915,353,867
2006 $6,395,712,491 $34,376,664,601
2005 $5,859,269,753 $32,272,186,695
2004 $5,064,732,626 $31,183,885,241
2003 $6,372,498,890 $27,453,902,261
2002 $5,351,701,663 $23,141,616,605
2001 $5,438,332,602 $22,065,832,449
2000 $4,629,247,204 $21,473,528,161
1999 $4,277,903,780 $22,943,202,175
1998 $4,401,967,633 $21,802,893,587
1997 $4,262,965,420 $20,746,210,354
1996 $4,931,861,039 $19,587,161,807
1995 $3,838,100,904 $18,030,876,599
1994 $3,522,227,092 $15,633,174,304
1993 $4,063,298,919 $14,608,335,608
1992 $3,714,966,678 $15,496,708,060
1991 $3,254,713,056 $13,074,782,609
1990 $3,931,334,875 $12,290,568,182
1989 $3,175,638,333 $10,101,851,745
1988 $3,189,456,965 $10,096,245,762
1987 $3,212,900,556 $9,696,715,911
1986 $4,347,989,788 $9,017,806,654
1985 $3,802,557,895 $8,410,226,053
1984 $3,905,938,481 $8,254,541,195
1983 $4,686,457,031 $8,350,582,748
1982 $4,784,977,326 $8,133,580,052
1981 $4,759,333,998 $8,428,445,294
1980 $5,201,818,348 $8,744,134,354
1979 $3,463,565,854 $7,188,863,904
1978 $2,669,755,115 $5,968,460,080
1977 $2,358,930,406 $5,109,324,009
1976 $2,181,844,179 $4,508,191,942
1975 $2,283,049,215 $4,328,965,588
1974 $1,917,508,190 $3,545,868,575
1973 $1,653,062,335 $2,730,813,385
1972 $1,341,590,690 $2,237,556,149
1971 $1,199,507,631 $1,685,162,272
1970 $1,111,859,571 $1,439,238,095
1969 $1,056,391,056 $1,289,904,762
1968 $1,031,669,637 $1,214,666,667
1967 $956,436,932 $1,085,714,286
1966 $900,264,585 $1,040,952,381
1965 $833,563,473 $991,047,619
1964 $802,482,184 $1,025,866,792
1963 $759,345,864 $1,026,737,600
1962 $739,286,908 $880,027,733
1961 $699,161,945 $866,155,429
1960 $673,081,725 -

Data sources: World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06).

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

GDP per capita in Madagascar vs Tunisia by year

Madagascar
GDP per capita

GDP per capita, PPP
Tunisia
GDP per capita

GDP per capita, PPP
1x
Year Current $
Madagascar Tunisia
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $545 $1,884 $4,181 $14,521
2023 $509 $1,808 $3,951 $14,041
2022 $504 $1,717 $3,707 $13,619
2021 $483 $1,577 $3,907 $12,444
2020 $451 $1,490 $3,549 $11,918
2019 $500 $1,612 $3,529 $12,495
2018 $500 $1,547 $3,628 $11,841
2017 $492 $1,547 $3,619 $11,289
2016 $454 $1,562 $3,848 $10,994
2015 $445 $1,497 $4,015 $10,783
2014 $506 $1,499 $4,459 $10,947
2013 $515 $1,473 $4,370 $10,672
2012 $494 $1,464 $4,297 $10,615
2011 $506 $1,475 $4,421 $10,436
2010 $450 $1,464 $4,292 $10,555
2009 $446 $1,480 $4,080 $10,237
2008 $513 $1,577 $4,255 $9,975
2007 $420 $1,493 $3,727 $9,479
2006 $324 $1,416 $3,323 $8,729
2005 $306 $1,343 $3,147 $8,117
2004 $272.2 $1,280 $3,067 $7,672
2003 $353 $1,219 $2,726 $7,098
2002 $305 $1,121 $2,321 $6,715
2001 $319 $1,299 $2,236 $6,593
2000 $280.3 $1,236 $2,199 $6,279
1999 $267.4 $1,194 $2,376 $5,930
1998 $284.2 $1,162 $2,285 $5,579
1997 $284.4 $1,142 $2,202 $5,333
1996 $340 $1,119 $2,107 $5,040
1995 $273.1 $1,111 $1,968 $4,686
1994 $258.7 $1,104 $1,733 $4,555
1993 $308 $1,116 $1,649 $4,401
1992 $290.2 $1,101 $1,785 $4,292
1991 $262 $1,096 $1,538 $3,975
1990 $326 $1,166 $1,476 $3,780
1989 $271.3 - $1,239 -
1988 $280.5 - $1,266 -
1987 $290.8 - $1,245 -
1986 $405 - $1,187 -
1985 $364 - $1,135 -
1984 $385 - $1,143 -
1983 $476 - $1,184 -
1982 $501 - $1,177 -
1981 $513 - $1,247 -
1980 $578 - $1,324 -
1979 $396 - $1,113 -
1978 $315 - $946 -
1977 $286.9 - $830 -
1976 $273.5 - $752 -
1975 $295 - $741 -
1974 $255.3 - $624 -
1973 $226.8 - $493 -
1972 $189.6 - $415 -
1971 $174.6 - $320 -
1970 $166.6 - $280.5 -
1969 $162.9 - $257.7 -
1968 $163.6 - $248.9 -
1967 $155.9 - $228 -
1966 $150.7 - $223.8 -
1965 $143.2 - $217.3 -
1964 $141.5 - $228.5 -
1963 $137.4 - $231.9 -
1962 $137.3 - $201.4 -
1961 $133.3 - $200.7 -
1960 $131.7 - - -

Data sources: World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06).

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

Madagascar's GDP per capita is $545, ranking 193/197, compared to $4,181 in Tunisia, ranking 129/197. Adjusted for purchasing power (GDP per capita PPP), Madagascar ranks 187th at $1,884, while Tunisia ranks 114th at $14,521.

Economic indicators

Madagascar Tunisia
Gross domestic product
$17.4B
2024
$51.3B
2024
GDP rank
136/197
2024
93/197
2024
GDP growth
4.2%
2023-2024
1.61%
2023-2024
GDP per capita
$545
2024
$4,181
2024
GDP per capita rank
193/197
2024
129/197
2024
GDP per capita, PPP
$1,884
2024
$14,521
2024
GDP per capita PPP rank
187/197
2024
114/197
2024
Government debt
$8.77B
2024
$42.8B
2024
Debt-to-GDP ratio
50.3%
2024
83.4%
2024
Government debt per person
$274.3
2024
$3,487
2024
Government debt per person rank
180/185
2024
94/185
2024
Average annual personal income after taxes
$1,268
2026
$3,951
2026
Market capitalization of domestic companies n/a
$8.3B
2024
Income share by richest 10%
29.6%
2021
27%
2021
Income share by poorest 10%
2.9%
2021
3.1%
2021
Government expenditure, % of GDP
16.2%
2024
33.8%
2024
Consumer prices inflation
9.87%
2022-2023
7%
2023-2024
Central bank interest rate n/a
7.5%
2025
Unemployment rate
3.19%
2022
15.1%
2023
Population
33750171
12437803

Spending and national debt comparison by year

Madagascar
Spending

Debt
Tunisia
Spending

Debt
1x
Year % of GDP
Madagascar Tunisia
Government spending Government debt Government spending Government debt
2024 16.2% 50.3% 33.8% 83.4%
2023 17.9% 52.7% 35.7% 84%
2022 16.2% 49.9% 36.5% 83%
2021 13.9% 49.4% 33.2% 79.7%
2020 16.4% 52.9% 34.5% 77.7%
2019 15.4% 41.3% 29.5% 67.3%
2018 14.4% 42.9% 28.7% 72.9%
2017 14.9% 40.1% 28.7% 67.1%
2016 13.5% 40.3% 27.2% 58.9%
2015 13% 44.1% 27.4% 52.4%
2014 12.6% 37.8% 27.7% 50.7%
2013 12.7% 36.2% 30.8% 45.6%
2012 11.5% 30.4% 28.3% 49%
2011 12% 29.9% 27.9% 43.3%
2010 12.3% 32.3% 24% 38.8%
2009 12.5% 34.9% 24.6% 40.3%
2008 15.7% 31% 23.7% 41.4%
2007 16.1% 28.2% 23.3% 42.7%
2006 18.5% 32.2% 22.9% 45.7%
2005 18.4% 74.4% 23% 50%
2004 21.7% 81.9% 23% 51.6%
2003 16.6% 85.9% 23.5% 52.6%
2002 12.4% 86.7% 24.1% 51.6%
2001 15.3% 82.1% 24% 52.2%
2000 15.3% 90.2% 24% 62.9%
1999 15.5% 104.1% 24% 61.9%
1998 16.9% 108.5% 24.2% 58.2%
1997 14.5% 89.7% 24.5% 66.6%
1996 14.4% 98.7% 26.7% 66.8%
1995 14.5% 95.8% 26.6% 65.6%
1994 16.7% 96% 25.9% 63.9%
1993 17.1% 105.2% 26.7% 63.8%
1992 16.2% 110.9% 25.7% 62.1%
1991 13.5% 113.8% 27.6% 63.3%
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/tunisia | CC BY

In 2024, Madagascar's government spending was $2.82B, accounting for 16.2% of its GDP, while Tunisia spent $17.4B, or 33.8% of GDP.

Debt-to-GDP ratio is 50.3% in Madagascar and 83.4% in Tunisia, ranking 106/185 and 40/185, respectively.

Government deficit by year

Deficit/surplus
Madagascar

Tunisia
1x
Year Deficit/surplus, % of GDP
Madagascar Tunisia
2024 -2.48% -5.92%
2023 -4.19% -7.03%
2022 -5.46% -6.91%
2021 -2.83% -7.6%
2020 -3.96% -9.06%
2019 -1.42% -3.6%
2018 -1.34% -4.27%
2017 -2.1% -5.61%
2016 -1.11% -5.87%
2015 -2.85% -4.95%
2014 -1.96% -3.11%
2013 -3.4% -7.05%
2012 -2.24% -4.9%
2011 -2.04% -3.19%
2010 -0.76% -0.46%
2009 -2.26% -2.59%
2008 -1.72% -0.62%
2007 -2.31% -2.47%
2006 -5.71% -2.33%
2005 -2.47% -2.59%
2004 -4.23% -2.1%
2003 -3.32% -2.64%
2002 -4.09% -2.55%
2001 -3.61% -2.87%
2000 -2.35% -3.22%
1999 -2.42% -3.05%
1998 -5.31% -2.84%
1997 -2% -3.7%
1996 -3.97% -5.18%
1995 -5.09% -4.53%
1994 -7.23% -2.87%
1993 -6.34% -3.22%
1992 -5% -3.45%
1991 -4.4% -5.25%
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/tunisia | 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 Tunisia's deficit of $3.04B, or 5.92% of GDP.

Over the past 34 years, Madagascar recorded a fiscal deficit in 34 of those years, while Tunisia ran a deficit in 34 years. On average, Madagascar posted an annual deficit equal to 3.29% of GDP, compared to deficit of 4.05% of GDP for Tunisia.

Inflation comparison by year

Inflation
Madagascar

Tunisia
1x
Year Consumer prices inflation
Madagascar Tunisia
2024 - 7%
2023 9.87% 9.3%
2022 8.16% 8.3%
2021 5.81% 5.7%
2020 4.2% 5.6%
2019 5.61% 6.7%
2018 8.59% 7.3%
2017 8.61% 5.3%
2016 6.04% 3.6%
2015 7.4% 4.4%
2014 6.08% 4.6%
2013 5.83% 5.3%
2012 5.71% 4.6%
2011 9.48% 3.2%
2010 9.25% 4.4%
2009 8.95% 3.5%
2008 9.3% 4.9%
2007 10.3% 3.4%
2006 10.8% 4.1%
2005 18.4% 2%
2004 14% 3.7%
2003 -1.7% 2.7%
2002 16.5% 2.7%
2001 7.92% 1.9%
2000 11.9% 2.8%
1999 9.93% 2.8%
1998 6.21% 3.1%
1997 4.49% 3.6%

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/tunisia | CC BY

Over the past 27 years, Madagascar has recorded an average annual inflation rate of 8.42%, compared with 4.43% in Tunisia. In 2023, inflation was 9.87% in Madagascar and 7% in Tunisia.

Top exports between countries

Madagascar
Export category Export value
Textiles & consumer goods $1.55M
Raw agricultural goods $864K
Processed food, beverages & tobacco $350K
Miscellaneous $48K
Wood & paper products $17K
Machinery & equipment $11K
Raw materials & minerals $3K
Chemicals & pharma $1K
Metals $1K
Tunisia
Export category Export value
Machinery & equipment $4.58M
Processed food, beverages & tobacco $2.22M
Textiles & consumer goods $1.34M
Chemicals & pharma $678K
Wood & paper products $164K
Raw materials & minerals $105K
Miscellaneous $77K
Metals $31K
Raw agricultural goods $12K

Balance of trade

Madagascar Tunisia
Current account balance
-$829M
2022
-$775M
2024
Current account balance ranking
119/190
2022
117/190
2024
Current account balance, % of GDP
-5.41%
2022
-1.51%
2024
Goods imports
$4.52B
2022
$18.7B
2024
Goods exports
$3.55B
2022
$8.95B
2024
Service imports
$1.52B
2022
$3.92B
2024
Service exports
$1.14B
2022
$11.2B
2024
Imports of goods and services, % of GDP
31.7%
2024
56.3%
2024
Exports of goods and services, % of GDP
23.3%
2024
50%
2024

Economic freedom indices

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

Madagascar Tunisia
Economic freedom 57 48.1
Economic freedom ranking 119/197 172/197
Property rights 39.8 55.7
Government integrity 26.8 42.1
Judicial effectiveness 33.7 39.7
Tax burden 90.5 68.5
Government spending 91.5 62.5
Fiscal health 68.8 16
Business freedom 37.3 59.4
Labor freedom 56.1 55.8
Monetary freedom 71.8 72.4
Trade freedom 67.6 54.6
Investment freedom 50 20
Financial freedom 50 30

Economic freedom comparison by year

Madagascar
Tunisia
1x
Year Economic freedom index
Madagascar Tunisia
2026 57 48.1
2025 57 49.1
2024 57.3 48.8
2023 58.9 52.9
2022 58.9 54.2
2021 57.7 56.6
2020 60.5 55.8
2019 56.6 55.4
2018 56.8 58.9
2017 57.4 55.7
2016 61.1 57.6
2015 61.7 57.7
2014 61.7 57.3
2013 62 57
2012 62.4 58.6
2011 61.2 58.5
2010 63.2 58.9
2009 62.2 58
2008 62.4 60.1
2007 61.1 60.3
2006 61 57.5
2005 63.1 55.4
2004 60.9 58.4
2003 62.8 58.1
2002 56.8 60.2
2001 53.9 60.8
2000 54.4 61.3
1999 52.8 61.1
1998 51.8 63.9
1997 53.8 63.8
1996 52.2 63.9
1995 51.6 63.4

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

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

The Economic Freedom Index for Madagascar is 57, ranking 119/197, compared to 48.1 for Tunisia, ranking 172/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Madagascar Tunisia
Services, % of GDP
47.7%
2024
62.6%
2024
Industry, % of GDP
22.8%
2024
22.6%
2024
Agriculture, forestry, and fishing, % of GDP
22.5%
2024
9.74%
2024
GNI, Atlas method
$16.4B
2024
$47.7B
2024
GNI per capita, PPP
$1,830
2024
$14,230
2024
Total reserves including gold
$2.78B
2024
$9.34B
2024
Total reserves ranking
120/177
2024
80/177
2024
Net foreign direct investment
-$326M
2022
-$725M
2024
Net inflows of foreign direct investment
$606M
2024
$760M
2024
Net outflows of foreign direct investment
$134M
2024
$34.6M
2024
Servicing debt to the IMF, % of GNI
1.72%
2024
10.9%
2024
Poverty at national poverty lines
75.2%
2021
16.6%
2021
Gross capital formation, % of GDP
22.2%
2024
7.86%
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/tunisia | 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. TradeMap (2021–2024, retrieved 2026-02-08)
  7. United Nations | World Population Prospects (2026, retrieved 2026-03-10)
  8. 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.