Includes Madagascar real Gross Domestic Product growth rate, with latest forecasts and historical data, GDP per capita, GDP composition and breakdown by sector.
Browse additional economic indicators and data sets, selected by Global Finance editors, to learn more about Madagascar economic outlook, debt to GDP ratio, international trade performance and population trends. Rankings of Madagascar best banks and safest banks are also available.
Basic Information
Government Type: Semi-presidential republic
Capital City: Antananarivo
GDP & Economic Information
Macroeconomy & Sovereign Data
| Central Bank | Central Bank of Madagascar |
|---|---|
| Currency |
Malagasy ariary (MGA) |
| International Reserves |
USD 0.8 billion (2015) International Monetary Fund (IMF), data retrieved January 2017 |
| Gross Domestic Product – GDP | USD 10.4 billion (2017, estimate) |
| GDP (Purchasing Power Parity) | Intl$ 40.0 billion (2017, estimate) |
GDP Data
| Real GDP growth |
2006: 5.4% 2007: 6.4% 2008: 7.2% 2009: -4.7% 2010: 0.3% 2011: 1.5% 2012: 3% 2013: 2.3% 2014: 3.3% 2015: 3.1% 2016: 4.1%* 2017: 4.5%* *Estimate |
|---|---|
| GDP per capita – current prices | USD 404.9 (2017, estimate) |
| GDP per capita – PPP | Intl$ 1,562.9 (2017, estimate) |
| GDP (PPP) – share of world total |
1980: 0.06% 1990: 0.05% 2000: 0.04% 2010: 0.03% 2017: 0.03%* *Estimate |
| GDP – composition by sector |
agriculture: 24.8% industry: 16.3% services: 58.9% (2016 estimate) |
| Gross domestic expenditure on R&D; (% of GDP) | N/A |
| Inflation |
2013: 5.8% 2014: 6.1% 2015: 7.4% 2016: 6.7%* 2017: 6.9%* *Estimate |
Madagascar
Capital Raising & Corporate Finance
ANNUAL SURVEY: WORLD’S BEST BANKS 2014
Awards
BEST BANKS 2014: AFRICAInflation & Debt
| Inflation |
2013: 5.8% 2014: 6.1% 2015: 7.4% 2016: 6.7%* 2017: 6.9%* *Estimate |
|---|---|
| Government Bond Ratings |
Standard & Poor’s: N/A Moody’s: N/A Standard & Poor’s / Moody’s (Updated January 2017) |
| Unemployment rate | N/A |
| Household saving rates | N/A |
| Public debt (General government gross debt as a % of GDP) |
2013: 33.9% 2014: 34.7% 2015: 35.5% 2016: 42.3%* 2017: 43.2%* *Estimate |
| Public deficit (General government net lending/borrowing as a % of GDP) |
2013: -4% 2014: -2.3% 2015: -3.3% 2016: -3.2%* 2017: -4.4%* *Estimate |
| Market value of publicly traded shares | N/A |
| Largest Companies | N/A |
Import/Export
| Exports as percent of GDP (Exports of goods and services) | 34.4% (2015) |
|---|---|
| Shares in world total merchandising export | 0.01% (2015) |
| Shares in world total commercial services export | N/A |
| Total exports | USD 2.3 billion (2016 estimate) |
| Export commodities | Coffee, vanilla, shellfish, sugar, cotton cloth, clothing, chromite, petroleum products |
| Total imports | USD 2.7 billion (2016 estimate) |
| Import commodities | Capital goods, petroleum, consumer goods, food |
| Exports – major partners |
France 15.2%, US 12.7%, China 7.1%, South Africa 5.9%, Japan 5.5%, Netherlands 5.4%, Germany 5.1%, Belgium 5%, India 4.4% (2015) |
| Imports – major partners | China 24.8%, France 10.3%, Bahrain 5.6%, India 5.5%, Kuwait 4.5%, Mauritius 4.5%, South Africa 4.3% (2015) |
Competitiveness & Trade
| Current account balance | USD -0.4 billion (2017 estimate) |
|---|---|
| Current account balance by percentage of GDP | -3.7% (2017 estimate) |
| FDI inflows |
2013: USD 567 million 2014: USD 351 million 2015: USD 517 million |
| FDI Outflows | N/A |
| Value of cross-border M&A, by country of purchaser |
N/A United Nations Conference on Trade and Development (UNCTAD) – World Investment Report |
| Cross-border M&A deals worth over $3 billion completed in 2014 | N/A |
| Cross-border M&A deals worth over $3 billion completed in 2015 | N/A |
| Best countries for doing business |
Economies are ranked on their ease of doing business. A high ease of doing business ranking means the regulatory environment is more conducive to the starting and operation of a local firm. Overall ranking: 167 out of 190 countries (2017) Subcategories: Starting a business: 113 out of 190 countries Enforcing Contracts: 158 out of 190 countries Registering Property: 159 out of 190 countries Getting Credit: 170 out of 190 countries Protecting Minority Investors: 114 out of 190 countries Trading Across Borders: 129 out of 190 countries Paying Taxes: 117 out of 190 countries Dealing with Construction Permits: 184 out of 190 countries Getting Electricity: 185 out of 190 countries Resolving Insolvency: 127 out of 190 countries |
| Global competitiveness ranking |
128 out of 138 countries (2016-2017) |
| Index of Economic Freedom |
Ranking: 87 / Score: 61.06 (Moderately free) (2016) (100=totally free 0=totally repressed) |
Population & Geographic Data
| Total Area |
28,748 sq km |
|---|---|
| Total Population |
1990 3.3 Million 2000 3.1 Million 2010 2.9 Million 2015 2.9 Million 2020 2.8 Million |
| Urban population as % of total population |
1960 30.7% 1980 33.8% 2000 41.7% 2020 62.1% |
| Population median age |
34.3 years (2022 est.) CIA World Factbook / Population median age |
| Population growth rate | 0.22% (2022 est.) |
| Life expectancy |
79.5 years (2022 estimate) CIA World Factbook / Life expectancy |
| % of population living on less than $3.10 a day |
1.2% (last available estimate, 2019) World Bank / Poverty headcount at $3.10 |
| Inequality of wealth distribution (Gini index) |
30.8 (last available estimate, 2019) (0=perfect equality, 100=absolute inequality) World Bank / Gini Index |
| Freedom House rating |
Total score: 67/100 Status: Partly Free Political Rights: 28/40 Civil Liberties: 39/60 (2022) Freedom House |
| Total telephone subscribers as % of population |
Fixed: 7.8% Mobile: 91.0% (2020) (fixed-telephone subscribers and mobile-cellular subscribers) |
| Internet users as % of total population | 72.2% (2020) |
Language & Religon
| Languages | French (official), Malagasy (official), English |
|---|---|
| Literacy |
Total population: 64.7% Male: 66.7% Female: 62.6% (2015 est.) (age 15 and over can read and write) |
| Religions |
Christian, indigenous believer, Muslim Note: population largely practices Christianity or an indigenous religion; small share of population is Muslim |
World Rankings
| Population | 28.557 M |
|---|---|
| Mercer Cost of living index | N/A |
| C02 Emissions per capita | 0.1 (2013) |
Global Finance Rankings & Awards: Madagascar
Global Finance Magazine holds several conferences and awards ceremonies throughout the year to recognize the winning financial institutions and companies in a host of categories including World’s Best Trade Finance Banks, World's Biggest Banks, World's Safest Banks, World's Best Developed & Emerging Markets Banks, World's Best Internet Banks, and World’s Best Investment Banks.
Data Sources:
IMF World Economic Outlook
UN World Population Prospects
World Inequality Report
S&P Global Ratings
Moody’s
Fitch Ratings
IMF Direction of Trade Statistics (DOTS)
UN Conference on Trade and Development (UNCTAD)
CIA The World Factbook
World Bank’s World Integrated Trade Solution
Forbes Global 2000