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Madagascar

République de Madagascar/Repoblikan'i Madagasikara

Last updated: 2026-03-28 (today)

Budget

note

note: central government revenues and expenses (excluding grants/extrabudgetary units/social security funds) converted to US dollars at average official exchange rate for year indicated

revenues

$2.066 billion (2023 est.)

expenditures

$2.876 billion (2023 est.)

Exports

note

note: balance of payments - exports of goods and services in current dollars

Exports 2020

$2.589 billion (2020 est.)

Exports 2021

$3.362 billion (2021 est.)

Exports 2022

$4.689 billion (2022 est.)

Imports

note

note: balance of payments - imports of goods and services in current dollars

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 plant, paper, petroleum, tourism, mining

Labor force

16.519 million (2024 est.)

note: number of people ages 15 or older who are employed or seeking work

Public debt

Public debt 2016

38.4% of GDP (2016 est.)

Remittances

note

note: personal transfers and compensation between resident and non-resident individuals/households/entities

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

note

note: present value of external debt in current US dollars

Debt - external 2023

$3.548 billion (2023 est.)

Economic overview

low-income East African island economy; natural resource rich; extreme poverty; return of political stability has helped growth; sharp tax revenue drop due to COVID-19; leading vanilla producer; environmentally fragile

Unemployment rate

note

note: % of labor force seeking employment

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)

note: top five export partners based on percentage share of exports

Imports - partners

China 19%, Oman 13%, France 10%, India 8%, South Africa 5% (2023)

note: top five import partners based on percentage share of imports

Real GDP per capita

note

note: data in 2021 dollars

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

note

note: annual GDP % growth based on constant local currency

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)

note: top ten agricultural products based on tonnage

Exports - commodities

garments, nickel, vanilla, cloves, gold (2023)

note: top five export commodities based on value in dollars

Imports - commodities

refined petroleum, rice, fabric, cotton fabric, wheat (2023)

note: top five import commodities based on value in dollars

Current account balance

note

note: balance of payments - net trade and primary/secondary income in current dollars

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.)

note: central government tax revenue as a % of GDP

GDP (official exchange rate)

$17.421 billion (2024 est.)

note: data in current dollars at official exchange rate

GDP - composition, by end use

note

note: figures may not total 100% due to rounding or gaps in data collection

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)

note

note: annual % change based on 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.)

note: annual % change in industrial value added based on constant local currency

Real GDP (purchasing power parity)

note

note: data in 2021 dollars

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.)

note

note: % of labor force ages 15-24 seeking employment

total

5.4% (2024 est.)

female

5.4% (2024 est.)

Reserves of foreign exchange and gold

note

note: holdings of gold (year-end prices)/foreign exchange/special drawing rights in current dollars

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

note

note: figures may not total 100% due to non-allocated consumption not captured in sector-reported data

industry

22.8% (2024 est.)

services

46.4% (2024 est.)

agriculture

22.5% (2024 est.)