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Economy of Madagascar vs Turkmenistan compared: GDP & Debt

Updated on by Georank team

Madagascar has a GDP of $17.4B compared to $51.4B for Turkmenistan, ranking 136/197 and 92/197 by economy size, respectively.

Madagascar has $8.77B in government debt (50.3% of GDP), compared to $2.11B (4.11% of GDP) in Turkmenistan.

Madagascar vs Turkmenistan GDP by year

Madagascar
Turkmenistan
1x
Year GDP, current $
Madagascar Turkmenistan
2024 $17,420,501,490 $51,387,209,872
2023 $15,869,945,478 $45,894,538,666
2022 $15,325,603,273 $42,208,726,138
2021 $14,354,731,964 $40,589,905,812
2020 $13,051,441,204 $41,509,903,182
2019 $14,104,664,679 $40,810,067,975
2018 $13,760,033,282 $40,765,428,571
2017 $13,176,313,594 $37,926,285,714
2016 $11,848,613,858 $36,169,428,571
2015 $11,323,020,701 $35,799,714,286
2014 $12,522,957,399 $43,524,210,526
2013 $12,423,555,455 $39,197,543,860
2012 $11,578,975,062 $35,164,210,526
2011 $11,551,819,618 $29,233,333,333
2010 $9,982,711,338 $22,583,157,895
2009 $9,616,879,409 $20,214,385,965
2008 $10,725,137,724 $19,271,523,179
2007 $8,524,620,890 $12,664,165,103
2006 $6,395,712,491 $10,276,674,365
2005 $5,859,269,753 $8,103,901,996
2004 $5,064,732,626 $6,838,351,088
2003 $6,372,498,890 $5,977,440,583
2002 $5,351,701,663 $4,462,029,109
2001 $5,438,332,602 $3,534,772,732
2000 $4,629,247,204 $2,904,663,311
1999 $4,277,903,780 $2,450,564,100
1998 $4,401,967,633 $2,605,689,134
1997 $4,262,965,420 $2,450,350,625
1996 $4,931,861,039 $2,378,759,975
1995 $3,838,100,904 $2,482,228,440
1994 $3,522,227,092 $2,561,118,608
1993 $4,063,298,919 $3,179,225,949
1992 $3,714,966,678 $3,200,539,816
1991 $3,254,713,056 $3,208,098,919
1990 $3,931,334,875 $3,189,539,641
1989 $3,175,638,333 $3,006,988,217
1988 $3,189,456,965 $3,010,982,414
1987 $3,212,900,556 $2,331,358,820
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/turkmenistan | CC BY

GDP per capita in Madagascar vs Turkmenistan by year

Madagascar
GDP per capita

GDP per capita, PPP
Turkmenistan
GDP per capita

GDP per capita, PPP
1x
Year Current $
Madagascar Turkmenistan
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $545 $1,884 $6,857 $21,213
2023 $509 $1,808 $6,232 $19,829
2022 $504 $1,717 $5,838 $18,340
2021 $483 $1,577 $5,723 $16,434
2020 $451 $1,490 $5,973 $15,091
2019 $500 $1,612 $5,998 $15,478
2018 $500 $1,547 $6,125 $14,368
2017 $492 $1,547 $5,828 $13,278
2016 $454 $1,562 $5,687 $12,919
2015 $445 $1,497 $5,759 $12,715
2014 $506 $1,499 $7,164 $12,477
2013 $515 $1,473 $6,600 $11,723
2012 $494 $1,464 $6,054 $11,035
2011 $506 $1,475 $5,144 $10,283
2010 $450 $1,464 $4,059 $8,972
2009 $446 $1,480 $3,708 $8,285
2008 $513 $1,577 $3,606 $7,916
2007 $420 $1,493 $2,415 $6,901
2006 $324 $1,416 $1,997 $6,164
2005 $306 $1,343 $1,604 $5,489
2004 $272.2 $1,280 $1,379 $4,798
2003 $353 $1,219 $1,229 $4,536
2002 $305 $1,121 $936 $4,393
2001 $319 $1,299 $756 $4,401
2000 $280.3 $1,236 $634 $4,209
1999 $267.4 $1,194 $546 $3,981
1998 $284.2 $1,162 $591 $3,432
1997 $284.4 $1,142 $565 $3,222
1996 $340 $1,119 $558 $3,636
1995 $273.1 $1,111 $592 $3,405
1994 $258.7 $1,104 $622 $3,659
1993 $308 $1,116 $788 $4,422
1992 $290.2 $1,101 $811 $4,351
1991 $262 $1,096 $832 $5,117
1990 $326 $1,166 $848 $5,321
1989 $271.3 - $821 -
1988 $280.5 - $846 -
1987 $290.8 - $675 -
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/turkmenistan | CC BY

Madagascar's GDP per capita is $545, ranking 193/197, compared to $6,857 in Turkmenistan, ranking 104/197. Adjusted for purchasing power (GDP per capita PPP), Madagascar ranks 187th at $1,884, while Turkmenistan ranks 94th at $21,213.

Economic indicators

Madagascar Turkmenistan
Gross domestic product
$17.4B
2024
$51.4B
2024
GDP rank
136/197
2024
92/197
2024
GDP growth
4.2%
2023-2024
6.3%
2023-2024
GDP per capita
$545
2024
$6,857
2024
GDP per capita rank
193/197
2024
104/197
2024
GDP per capita, PPP
$1,884
2024
$21,213
2024
GDP per capita PPP rank
187/197
2024
94/197
2024
Government debt
$8.77B
2024
$2.11B
2024
Debt-to-GDP ratio
50.3%
2024
4.11%
2024
Government debt per person
$274.3
2024
$282
2024
Government debt per person rank
180/185
2024
179/185
2024
Average annual personal income after taxes
$1,268
2026
$7,520
2026
Income share by richest 10%
29.6%
2021
31.5%
1998
Income share by poorest 10%
2.9%
2021
2.4%
1998
Government expenditure, % of GDP
16.2%
2024
14.5%
2024
Consumer prices inflation
9.87%
2022-2023
4.6%
2023-2024
Unemployment rate
3.19%
2022
4%
2010
Population
33750171
7776557

Spending and national debt comparison by year

Madagascar
Spending

Debt
Turkmenistan
Spending

Debt
1x
Year % of GDP
Madagascar Turkmenistan
Government spending Government debt Government spending Government debt
2024 16.2% 50.3% 14.5% 4.11%
2023 17.9% 52.7% 13.7% 5.46%
2022 16.2% 49.9% 13% 7.14%
2021 13.9% 49.4% 13.4% 12.3%
2020 16.4% 52.9% 13.5% 15.4%
2019 15.4% 41.3% 13.6% 17.7%
2018 14.4% 42.9% 13.7% 22.5%
2017 14.9% 40.1% 17.8% 24.7%
2016 13.5% 40.3% 14.1% 21.1%
2015 13% 44.1% 17.3% 19%
2014 12.6% 37.8% 17% 16%
2013 12.7% 36.2% 16.9% 20.4%
2012 11.5% 30.4% 14.7% 17.9%
2011 12% 29.9% 15.4% 14.8%
2010 12.3% 32.3% 14.6% 7.04%
2009 12.5% 34.9% 14.4% 3.09%
2008 15.7% 31% 11.7% 3.56%
2007 16.1% 28.2% 14.4% 3.06%
2006 18.5% 32.2% 16% 4.23%
2005 18.4% 74.4% 21.1% 6.82%
2004 21.7% 81.9% 20.3% 11.4%
2003 16.6% 85.9% 20.8% 16.9%
2002 12.4% 86.7% 19.4% 24.2%
2001 15.3% 82.1% 22.6% 34.1%
2000 15.3% 90.2% 25.9% 55.1%
1999 15.5% 104.1% 20.8% 66.7%
1998 16.9% 108.5% 26.1% 81.6%
1997 14.5% 89.7% 26.9% 64.2%
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/turkmenistan | CC BY

In 2024, Madagascar's government spending was $2.82B, accounting for 16.2% of its GDP, while Turkmenistan spent $7.46B, or 14.5% of GDP.

Debt-to-GDP ratio is 50.3% in Madagascar and 4.11% in Turkmenistan, ranking 106/185 and 183/185, respectively.

Government deficit by year

Deficit/surplus
Madagascar

Turkmenistan
1x
Year Deficit/surplus, % of GDP
Madagascar Turkmenistan
2024 -2.48% -0.08%
2023 -4.19% 0.11%
2022 -5.46% 3.38%
2021 -2.83% 0.57%
2020 -3.96% -0.16%
2019 -1.42% -0.4%
2018 -1.34% -0.22%
2017 -2.1% -2.84%
2016 -1.11% -2.38%
2015 -2.85% -0.7%
2014 -1.96% 0.89%
2013 -3.4% 1.53%
2012 -2.24% 7.53%
2011 -2.04% 3.84%
2010 -0.76% 2.13%
2009 -2.26% 7.53%
2008 -1.72% 10.7%
2007 -2.31% 4.19%
2006 -5.71% 5.64%
2005 -2.47% 0.86%
2004 -4.23% 1.47%
2003 -3.32% 3.99%
2002 -4.09% 0.19%
2001 -3.61% 0.77%
2000 -2.35% -0.55%
1999 -2.42% 2.48%
1998 -5.31% 1.15%
1997 -2% -0.2%
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/turkmenistan | 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 Turkmenistan's deficit of $42.9M, or 0.08% of GDP.

Over the past 28 years, Madagascar recorded a fiscal deficit in 28 of those years, while Turkmenistan ran a deficit in 9 years. On average, Madagascar posted an annual deficit equal to 2.86% of GDP, compared to surplus of 1.84% of GDP for Turkmenistan.

Inflation comparison by year

Inflation
Madagascar

Turkmenistan
1x
Year Consumer prices inflation
Madagascar Turkmenistan
2024 - 4.6%
2023 9.87% -1.6%
2022 8.16% 11.2%
2021 5.81% 19.5%
2020 4.2% 6.1%
2019 5.61% 5.1%
2018 8.59% 13.3%
2017 8.61% 8%
2016 6.04% 3.6%
2015 7.4% 7.4%
2014 6.08% 6%
2013 5.83% 6.8%
2012 5.71% 5.3%
2011 9.48% 5.3%
2010 9.25% 4.4%
2009 8.95% -2.7%
2008 9.3% 14.5%
2007 10.3% 6.3%
2006 10.8% 8.2%
2005 18.4% 10.7%
2004 14% 5.9%
2003 -1.7% 5.6%
2002 16.5% 8.8%
2001 7.92% 11.6%
2000 11.9% 8%
1999 9.93% 23.5%
1998 6.21% 16.8%
1997 4.49% 83.7%

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/turkmenistan | CC BY

Over the past 27 years, Madagascar has recorded an average annual inflation rate of 8.42%, compared with 11.2% in Turkmenistan. In 2023, inflation was 9.87% in Madagascar and 4.6% in Turkmenistan.

Balance of trade

Madagascar Turkmenistan
Current account balance
-$829M
2022
n/a
Current account balance ranking
119/190
2022
n/a
Current account balance, % of GDP
-5.41%
2022
n/a
Goods imports
$4.52B
2022
n/a
Goods exports
$3.55B
2022
n/a
Service imports
$1.52B
2022
n/a
Service exports
$1.14B
2022
n/a
Imports of goods and services, % of GDP
31.7%
2024
11.2%
2024
Exports of goods and services, % of GDP
23.3%
2024
17.6%
2024

Economic freedom indices

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

Madagascar Turkmenistan
Economic freedom 57 47
Economic freedom ranking 119/197 177/197
Property rights 39.8 17.4
Government integrity 26.8 8.4
Judicial effectiveness 33.7 12.3
Tax burden 90.5 94.2
Government spending 91.5 94.3
Fiscal health 68.8 99.9
Business freedom 37.3 37.5
Labor freedom 56.1 29.3
Monetary freedom 71.8 76.7
Trade freedom 67.6 74.2
Investment freedom 50 10
Financial freedom 50 10

Economic freedom comparison by year

Madagascar
Turkmenistan
1x
Year Economic freedom index
Madagascar Turkmenistan
2026 57 47
2025 57 47.1
2024 57.3 46.3
2023 58.9 46.5
2022 58.9 46.2
2021 57.7 47.4
2020 60.5 46.5
2019 56.6 48.4
2018 56.8 47.1
2017 57.4 47.4
2016 61.1 41.9
2015 61.7 41.4
2014 61.7 42.2
2013 62 42.6
2012 62.4 43.8
2011 61.2 43.6
2010 63.2 42.5
2009 62.2 44.2
2008 62.4 43.4
2007 61.1 43
2006 61 43.8
2005 63.1 47.6
2004 60.9 50.7
2003 62.8 51.3
2002 56.8 43.2
2001 53.9 41.8
2000 54.4 37.6
1999 52.8 36.1
1998 51.8 35
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/turkmenistan | CC BY

The Economic Freedom Index for Madagascar is 57, ranking 119/197, compared to 47 for Turkmenistan, ranking 177/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Madagascar Turkmenistan
Services, % of GDP
47.7%
2024
50.4%
2024
Industry, % of GDP
22.8%
2024
37.5%
2024
Agriculture, forestry, and fishing, % of GDP
22.5%
2024
12.2%
2024
GNI, Atlas method
$16.4B
2024
$48.8B
2024
GNI per capita, PPP
$1,830
2024
$21,020
2024
Total reserves including gold
$2.78B
2024
$1.51B
1999
Total reserves ranking
120/177
2024
135/177
1999
Net foreign direct investment
-$326M
2022
n/a
Net inflows of foreign direct investment
$606M
2024
$1.64B
2024
Net outflows of foreign direct investment
$134M
2024
$0
2024
Servicing debt to the IMF, % of GNI
1.72%
2024
1.91%
2024
Poverty at national poverty lines
75.2%
2021
0.2%
2020
Gross capital formation, % of GDP
22.2%
2024
47.2%
2012

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/turkmenistan | 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. Central Intelligence Agency (CIA) (2020, retrieved 2026-02-20)

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.