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Economy of Madagascar vs Uzbekistan compared: GDP & Debt

Updated on by Georank

Madagascar has a GDP of $19.6B compared to $147B for Uzbekistan, ranking 136/197 and 61/197 by economy size, respectively.

Madagascar has $9.56B in government debt (48.7% of GDP), compared to $42B (28.6% of GDP) in Uzbekistan.

Madagascar vs Uzbekistan GDP by year

Madagascar
Uzbekistan
1x
Year GDP, current $
Madagascar Uzbekistan
2025 $19,620,352,036 $147,038,081,129
2024 $17,592,832,696 $121,356,065,241
2023 $16,036,707,976 $107,526,539,716
2022 $15,342,178,598 $94,286,355,836
2021 $14,354,731,964 $81,170,051,811
2020 $13,051,441,204 $70,127,127,133
2019 $14,104,664,679 $70,170,662,563
2018 $13,760,033,282 $61,318,332,403
2017 $13,176,313,594 $72,276,404,058
2016 $11,848,613,858 $97,871,364,319
2015 $11,323,020,701 $97,564,568,987
2014 $12,522,957,399 $91,303,765,114
2013 $12,423,555,455 $82,674,178,352
2012 $11,578,975,062 $75,318,846,931
2011 $11,551,819,618 $67,404,618,405
2010 $9,982,711,338 $55,544,226,553
2009 $9,616,879,409 $33,689,223,673
2008 $10,725,137,724 $29,549,438,884
2007 $8,524,620,890 $22,311,393,928
2006 $6,395,712,491 $17,330,833,853
2005 $5,859,269,753 $14,307,509,839
2004 $5,064,732,626 $12,030,023,548
2003 $6,372,498,890 $10,134,453,435
2002 $5,351,701,663 $9,687,788,513
2001 $5,438,332,602 $11,401,421,329
2000 $4,629,247,204 $13,760,513,969
1999 $4,277,903,780 $17,078,465,982
1998 $4,401,967,633 $14,988,971,211
1997 $4,262,965,420 $14,744,603,774
1996 $4,931,861,039 $13,948,892,216
1995 $3,838,100,904 $13,350,461,265
1994 $3,522,227,092 $12,899,074,922
1993 $4,063,298,919 $13,099,920,056
1992 $3,714,966,678 $12,953,801,760
1991 $3,254,713,056 $13,800,167,712
1990 $3,931,334,875 $13,362,340,338
1989 $3,175,638,333 $11,948,815,258
1988 $3,189,456,965 $10,722,799,639
1987 $3,212,900,556 $8,523,160,593
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 (1960–2025, retrieved 2026-07-08).

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

GDP per capita in Madagascar vs Uzbekistan by year

Madagascar
GDP per capita

GDP per capita, PPP
Uzbekistan
GDP per capita

GDP per capita, PPP
1x
Year Current $
Madagascar Uzbekistan
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2025 $599 - $3,968 -
2024 $550 $1,884 $3,337 $11,879
2023 $514 $1,808 $3,016 $11,107
2022 $504 $1,717 $2,699 $10,293
2021 $483 $1,577 $2,370 $9,248
2020 $451 $1,490 $2,088 $8,452
2019 $500 $1,612 $2,129 $8,544
2018 $500 $1,547 $1,894 $8,129
2017 $492 $1,547 $2,271 $7,818
2016 $454 $1,562 $3,128 $6,919
2015 $445 $1,497 $3,173 $6,800
2014 $506 $1,499 $3,021 $6,610
2013 $515 $1,473 $2,781 $6,413
2012 $494 $1,464 $2,574 $6,168
2011 $506 $1,475 $2,339 $5,949
2010 $450 $1,464 $1,957 $5,505
2009 $446 $1,480 $1,206 $5,135
2008 $513 $1,577 $1,075 $4,800
2007 $420 $1,493 $824 $4,386
2006 $324 $1,416 $649 $3,956
2005 $306 $1,343 $543 $3,618
2004 $272.2 $1,280 $462 $3,321
2003 $353 $1,219 $394 $3,047
2002 $305 $1,121 $381 $2,902
2001 $319 $1,299 $454 $2,782
2000 $280.3 $1,236 $555 $2,644
1999 $267.4 $1,194 $698 $2,522
1998 $284.2 $1,162 $621 $2,418
1997 $284.4 $1,142 $621 $2,329
1996 $340 $1,119 $597 $2,214
1995 $273.1 $1,111 $583 $2,178
1994 $258.7 $1,104 $574 $2,197
1993 $308 $1,116 $596 $2,318
1992 $290.2 $1,101 $603 $2,371
1991 $262 $1,096 $658 $2,676
1990 $326 $1,166 $653 $2,665
1989 $271.3 - $598 -
1988 $280.5 - $551 -
1987 $290.8 - $450 -
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 (1960–2025, retrieved 2026-07-08).

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

Madagascar's GDP per capita is $599, ranking 194/197, compared to $3,968 in Uzbekistan, ranking 134/197. Adjusted for purchasing power (GDP per capita PPP), Madagascar ranks 187th at $1,884, while Uzbekistan ranks 125th at $11,879.

Economic indicators

Madagascar Uzbekistan
Gross domestic product
$19.6B
2025
$147B
2025
GDP rank
136/197
2025
61/197
2025
GDP growth
3%
2024-2025
7.7%
2024-2025
GDP per capita
$599
2025
$3,968
2025
GDP per capita rank
194/197
2025
134/197
2025
GDP per capita, PPP
$1,884
2024
$11,879
2024
GDP per capita PPP rank
187/197
2024
125/197
2024
Government debt
$9.56B
2025
$42B
2025
Debt-to-GDP ratio
48.7%
2025
28.6%
2025
Government debt per person
$292
2025
$1,134
2025
Government debt per person rank
179/185
2025
139/185
2025
Average annual personal income after taxes
$1,285
2026
$3,560
2026
Market capitalization of domestic companies n/a
$23.7B
2025
Income share by richest 10%
29.6%
2021
24.2%
2025
Income share by poorest 10%
2.9%
2021
2.4%
2025
Government expenditure, % of GDP
13.5%
2025
27.4%
2025
Consumer prices inflation
8.05%
2024-2025
8.8%
2024-2025
Central bank interest rate n/a
14%
2025
Unemployment rate
3.19%
2022
5.29%
2020
Population
33936132
38082870

Spending and national debt comparison by year

Madagascar
Spending

Debt
Uzbekistan
Spending

Debt
1x
Year % of GDP
Madagascar Uzbekistan
Government spending Government debt Government spending Government debt
2025 13.5% 48.7% 27.4% 28.6%
2024 16.1% 49.8% 26.1% 30.9%
2023 17.7% 52.1% 28.6% 30.7%
2022 16.2% 49.8% 30% 29.2%
2021 13.9% 49.4% 26.1% 30.2%
2020 16.4% 52.9% 24.7% 31.9%
2019 15.4% 41.3% 23.4% 24.3%
2018 14.4% 42.9% 21.2% 16.7%
2017 14.9% 40.1% 19.9% 17.3%
2016 13.5% 40.3% 20.5% 7.21%
2015 13% 44.1% 21.7% 5.94%
2014 12.6% 37.8% 22% 5.39%
2013 12.7% 36.2% 22.3% 5.51%
2012 11.5% 30.4% 21.5% 6.06%
2011 12% 29.9% 21.1% 5.65%
2010 12.3% 32.3% 23.7% 5.92%
2009 12.5% 34.9% 24.7% 6.57%
2008 15.7% 31% 23.8% 7.5%
2007 16.1% 28.2% 22.4% 8.6%
2006 18.5% 32.2% 22.3% 12.2%
2005 18.4% 74.4% 25.3% 18.9%
2004 21.7% 81.9% 26.5% 24.2%
2003 16.6% 85.9% 28.4% 28.3%
2002 12.4% 86.7% 31.2% 37.5%
2001 15.3% 82.1% 27.6% 40.4%
2000 15.3% 90.2% 29.6% 26.5%
1999 15.5% 104.1% 30.3% 16.6%
1998 16.9% 108.5% 31.6% 16.2%
1997 14.5% 89.7% 28.7% 13.8%
1996 14.4% 98.7% 31.6% -
1995 14.5% 95.8% 26.5% -
1994 16.7% 96% 24.4% -
1993 17.1% 105.2% 35.6% -
1992 16.2% 110.9% 16.2% -
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 (1990–2025, retrieved 2026-07-08); International Monetary Fund (IMF) | Public Finances in Modern History (1980–1989, retrieved 2026-07-08).

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

In 2025, Madagascar's government spending was $2.65B, accounting for 13.5% of its GDP, while Uzbekistan spent $40.2B, or 27.4% of GDP.

Debt-to-GDP ratio is 48.7% in Madagascar and 28.6% in Uzbekistan, ranking 109/185 and 159/185, respectively.

Government deficit by year

Deficit/surplus
Madagascar

Uzbekistan
1x
Year Deficit/surplus, % of GDP
Madagascar Uzbekistan
2025 -2.21% -1.66%
2024 -2.49% -2.25%
2023 -4.15% -3.85%
2022 -5.45% -3.49%
2021 -2.83% -3.9%
2020 -3.96% -2.8%
2019 -1.42% -0.29%
2018 -1.34% 1.57%
2017 -2.1% 1.04%
2016 -1.11% 0.62%
2015 -2.85% -0.24%
2014 -1.96% 1.68%
2013 -3.4% 1.9%
2012 -2.24% 5.28%
2011 -2.04% 4.56%
2010 -0.76% 2.29%
2009 -2.26% 1.64%
2008 -1.72% 5.38%
2007 -2.31% 3.2%
2006 -5.71% 2.45%
2005 -2.47% -3.17%
2004 -4.23% -3.37%
2003 -3.32% -4.39%
2002 -4.09% -5.69%
2001 -3.61% -2.95%
2000 -2.35% -3.29%
1999 -2.42% -2.62%
1998 -5.31% -2.74%
1997 -2% -1.85%
1996 -3.97% -1.41%
1995 -5.09% -1.59%
1994 -7.23% -4.03%
1993 -6.34% -10.8%
1992 -5% 6.44%
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 (1990–2025, retrieved 2026-07-08); International Monetary Fund (IMF) | Public Finances in Modern History (1980–1989, retrieved 2026-07-08).

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

In 2025, Madagascar's government deficit, the difference between spending and revenue, was $433M, equivalent to 2.21% of GDP. This compares to Uzbekistan's deficit of $2.43B, or 1.66% of GDP.

Over the past 34 years, Madagascar recorded a fiscal deficit in 34 of those years, while Uzbekistan ran a deficit in 21 years. On average, Madagascar posted an annual deficit equal to 3.23% of GDP, compared to deficit of 0.83% of GDP for Uzbekistan.

Inflation comparison by year

Inflation
Madagascar

Uzbekistan
1x
Year Consumer prices inflation
Madagascar Uzbekistan
2025 8.05% 8.8%
2024 7.61% 9.6%
2023 9.87% 10%
2022 8.16% 11.4%
2021 5.81% 10.8%
2020 4.2% 12.9%
2019 5.61% 14.5%
2018 8.59% 17.5%
2017 8.61% 13.9%
2016 6.04% 8.8%
2015 7.4% 8.5%
2014 6.08% 9.1%
2013 5.83% 11.7%
2012 5.71% 11.9%
2011 9.48% 12.4%
2010 9.25% 12.3%
2009 8.95% 12.3%
2008 9.3% 13.1%
2007 10.3% 11.2%
2006 10.8% 13.1%
2005 18.4% 10.7%
2004 14% 7.3%
2003 -1.7% 12.5%
2002 16.5% 27.3%
2001 7.92% 27.3%
2000 11.9% 25%
1999 9.93% 29.1%
1998 6.21% 29%
1997 4.49% 70.9%

Data sources: International Monetary Fund (IMF) | World Economic Outlook (1997–2025, retrieved 2026-07-08); World Bank | Economy & Growth (1997–2025, retrieved 2026-07-08).

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

Over the past 29 years, Madagascar has recorded an average annual inflation rate of 8.38%, compared with 16.3% in Uzbekistan. In 2025, inflation was 8.05% in Madagascar and 8.8% in Uzbekistan.

Top exports between countries

Madagascar
Export category Export value
Raw agricultural goods $1K
Uzbekistan
Export category Export value
Textiles & consumer goods $1.22M
Raw materials & minerals $15K

Balance of trade

Madagascar Uzbekistan
Current account balance
-$749M
2024
-$5.78B
2025
Current account balance ranking
110/190
2024
167/190
2025
Current account balance, % of GDP
-4.26%
2024
-3.93%
2025
Goods imports
$4.16B
2024
$38.5B
2025
Goods exports
$2.58B
2024
$23B
2025
Service imports
$1.27B
2024
$13.6B
2025
Service exports
$1.53B
2024
$9.27B
2025
Imports of goods and services, % of GDP
32.9%
2025
35.4%
2025
Exports of goods and services, % of GDP
21.3%
2025
22%
2025

Economic freedom indices

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

Madagascar Uzbekistan
Economic freedom 57 60.3
Economic freedom ranking 119/197 94/197
Property rights 39.8 43.1
Government integrity 26.8 32
Judicial effectiveness 33.7 13.7
Tax burden 90.5 95
Government spending 91.5 73.7
Fiscal health 68.8 79.9
Business freedom 37.3 62.5
Labor freedom 56.1 48.4
Monetary freedom 71.8 65.1
Trade freedom 67.6 80.6
Investment freedom 50 70
Financial freedom 50 60

Economic freedom comparison by year

Madagascar
Uzbekistan
1x
Year Economic freedom index
Madagascar Uzbekistan
2026 57 60.3
2025 57 58
2024 57.3 55.9
2023 58.9 56.5
2022 58.9 55.7
2021 57.7 58.3
2020 60.5 57.2
2019 56.6 53.3
2018 56.8 51.5
2017 57.4 52.3
2016 61.1 46
2015 61.7 47
2014 61.7 46.5
2013 62 46
2012 62.4 45.8
2011 61.2 45.8
2010 63.2 47.5
2009 62.2 50.5
2008 62.4 51.9
2007 61.1 51.5
2006 61 48.7
2005 63.1 45.8
2004 60.9 39.1
2003 62.8 38.3
2002 56.8 38.5
2001 53.9 38.2
2000 54.4 38.1
1999 52.8 33.8
1998 51.8 31.5
1997 53.8 -
1996 52.2 -
1995 51.6 -

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

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

The Economic Freedom Index for Madagascar is 57, ranking 119/197, compared to 60.3 for Uzbekistan, ranking 94/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Madagascar Uzbekistan
Services, % of GDP
48.8%
2025
46.5%
2025
Industry, % of GDP
23.9%
2025
32.5%
2025
Agriculture, forestry, and fishing, % of GDP
21.7%
2025
16.6%
2025
GNI, Atlas method
$18.2B
2025
$136B
2025
GNI per capita, PPP
$1,910
2025
$13,640
2025
Total reserves including gold
$2.78B
2024
$41.2B
2024
Total reserves ranking
122/177
2024
53/177
2024
Net foreign direct investment
-$472M
2024
-$4.24B
2025
Net inflows of foreign direct investment
$606M
2024
$2.97B
2024
Net outflows of foreign direct investment
$134M
2024
$36.7M
2024
Servicing debt to the IMF, % of GNI
1.71%
2024
9.37%
2024
Poverty at national poverty lines
75.2%
2021
5.8%
2025
Gross capital formation, % of GDP
24.1%
2025
33.3%
2025

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/uzbekistan | 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 (2023–2024, 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.