Economy
Madagascar
Budget
revenues
$2.066 billion (2023 est.)
expenditures
$2.876 billion (2023 est.)
Exports
Exports 2020
$2.589 billion (2020 est.)
Exports 2021
$3.362 billion (2021 est.)
Exports 2022
$4.689 billion (2022 est.)
Imports
Imports 2020
$3.718 billion (2020 est.)
Imports 2021
$4.769 billion (2021 est.)
Imports 2022
$6.041 billion (2022 est.)
Industries
meat processing, seafood, soap, beer, leather, sugar, textiles, glassware, cement, automobile assembly, paper, petroleum, tourism, mining
Labor force
16.519 million (2024 est.)
Public debt
Public debt 2016
38.4% of GDP (2016 est.)
Remittances
Remittances 2021
3.1% of GDP (2021 est.)
Remittances 2022
2.5% of GDP (2022 est.)
Remittances 2023
2.4% of GDP (2023 est.)
Exchange rates
Currency
Malagasy ariary (MGA) per US dollar -
Exchange rates 2020
3,787.754 (2020 est.)
Exchange rates 2021
3,829.978 (2021 est.)
Exchange rates 2022
4,096.116 (2022 est.)
Exchange rates 2023
4,429.579 (2023 est.)
Exchange rates 2024
4,525.425 (2024 est.)
Debt - external
Debt - external 2023
$3.548 billion (2023 est.)
Economic overview
low-income island economy in East Africa; abundant in natural resources; severe poverty; resurgence of political stability has fostered growth; significant decline in tax revenue due to COVID-19; prominent vanilla producer; environmentally vulnerable
Unemployment rate
Unemployment rate 2022
3.2% (2022 est.)
Unemployment rate 2023
3.1% (2023 est.)
Unemployment rate 2024
3.1% (2024 est.)
Exports - partners
USA 16%, France 15%, Japan 8%, China 6%, S. Korea 6% (2023)
Imports - partners
China 19%, Oman 13%, France 10%, India 8%, South Africa 5% (2023)
Real GDP per capita
Real GDP per capita 2022
$1,600 (2022 est.)
Real GDP per capita 2023
$1,600 (2023 est.)
Real GDP per capita 2024
$1,700 (2024 est.)
Real GDP growth rate
Real GDP growth rate 2022
4.2% (2022 est.)
Real GDP growth rate 2023
4.2% (2023 est.)
Real GDP growth rate 2024
4.2% (2024 est.)
Agricultural products
rice, sugarcane, cassava, sweet potatoes, milk, bananas, vegetables, mangoes/guavas, maize, potatoes (2023)
Exports - commodities
garments, nickel, vanilla, cloves, gold (2023)
Imports - commodities
refined petroleum, rice, fabric, cotton fabric, wheat (2023)
Current account balance
Current account balance 2020
-$623.653 million (2020 est.)
Current account balance 2021
-$721.953 million (2021 est.)
Current account balance 2022
-$829.376 million (2022 est.)
Taxes and other revenues
9.6% (of GDP) (2023 est.)
GDP (official exchange rate)
$17.421 billion (2024 est.)
GDP - composition, by end use
household consumption
69.8% (2024 est.)
government consumption
15.3% (2024 est.)
investment in inventories
0% (2024 est.)
investment in fixed capital
22.6% (2024 est.)
exports of goods and services
23.6% (2024 est.)
imports of goods and services
-31.3% (2024 est.)
Inflation rate (consumer prices)
Inflation rate (consumer prices) 2021
5.8% (2021 est.)
Inflation rate (consumer prices) 2022
8.2% (2022 est.)
Inflation rate (consumer prices) 2023
9.9% (2023 est.)
Industrial production growth rate
3.7% (2024 est.)
Real GDP (purchasing power parity)
Real GDP (purchasing power parity) 2022
$48.782 billion (2022 est.)
Real GDP (purchasing power parity) 2023
$50.833 billion (2023 est.)
Real GDP (purchasing power parity) 2024
$52.968 billion (2024 est.)
Youth unemployment rate (ages 15-24)
male
5.3% (2024 est.)
total
5.4% (2024 est.)
female
5.4% (2024 est.)
Reserves of foreign exchange and gold
Reserves of foreign exchange and gold 2022
$2.16 billion (2022 est.)
Reserves of foreign exchange and gold 2023
$2.632 billion (2023 est.)
Reserves of foreign exchange and gold 2024
$2.785 billion (2024 est.)
GDP - composition, by sector of origin
industry
22.8% (2024 est.)
services
46.4% (2024 est.)
agriculture
22.5% (2024 est.)