Madagascar - Economy
How is the economy of Madagascar? Based on the information we have, Madagascar has a 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. Key agricultural products in this country include: rice, sugarcane, cassava, sweet potatoes, milk, bananas, vegetables, mangoes/guavas, tropical fruits, potatoes (2022).
More about the economy of Madagascar
| Labor force | 15.363 million (2022 est.) |
|---|---|
| Industrial production growth rate | -1.2% (2022 est.) |
| Industries | meat processing, seafood, soap, beer, leather, sugar, textiles, glassware, cement, automobile assembly plant, paper, petroleum, tourism, mining |
| Population below poverty line | 70.7% (2012 est.) |
| Taxes and other revenues | 10.24% (of GDP) (2021 est.) |
| Fiscal year | |
| Exchange rates | |
| Currency | Malagasy ariary (MGA) per US dollar - |
| Exchange rates 2022 | 4,096.116 (2022 est.) |
| Exchange rates 2021 | 3,829.978 (2021 est.) |
| Exchange rates 2020 | 3,787.754 (2020 est.) |
| Exchange rates 2019 | 3,618.322 (2019 est.) |
| Exchange rates 2018 | 3,334.752 (2018 est.) |
| Debt - external | |
| Debt - external 2019 | $3.085 billion (2019 est.) |
| Debt - external 2018 | $4.107 billion (2018 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 2021 | $2.335 billion (2021 est.) |
| Reserves of foreign exchange and gold 2020 | $1.981 billion (2020 est.) |
| Current account balance | |
| Current account balance 2022 | -$829.376 million (2022 est.) |
| Current account balance 2021 | -$721.953 million (2021 est.) |
| Current account balance 2020 | -$623.653 million (2020 est.) |
| Public debt | |
| Public debt 2017 | 36% of GDP (2017 est.) |
| Public debt 2016 | 38.4% of GDP (2016 est.) |
| Budget | |
| Revenues | $1.51 billion (2020 est.) |
| Expenditures | $2.09 billion (2020 est.) |
| Budget surplus (+) or deficit (-) | -2.7% (of GDP) (2017 est.) |
| Remittances | |
| Remittances 2022 | 2.88% of GDP (2022 est.) |
| Remittances 2021 | 3.02% of GDP (2021 est.) |
| Remittances 2020 | 3.8% of GDP (2020 est.) |
| Household income | |
| Lowest 10% | 2.2% |
| Highest 10% | 34.7% (2010 est.) |
| Imports | |
| Imports 2022 | $6.041 billion (2022 est.) |
| Imports 2021 | $4.769 billion (2021 est.) |
| Imports 2020 | $3.718 billion (2020 est.) |
| Imports (partners) | China 24%, India 10%, France 9%, Oman 6%, South Africa 6% (2022) |
| Comodities Imports force | refined petroleum, rice, fabric, palm oil, cotton fabric (2022) |
| Exports | |
| Imports 2022 | $6.041 billion (2022 est.) |
| Imports 2021 | $4.769 billion (2021 est.) |
| Imports 2020 | $3.718 billion (2020 est.) |
| Exports (partners) | US 18%, France 15%, China 13%, Japan 11%, Germany 4% (2022) |
| Comodities Exports force | nickel, garments, vanilla, cloves, cobalt (2022) |
| Real GDP (purchasing power parity) | |
| Real GDP (purchasing power parity) 2022 | $44.491 billion (2022 est.) |
| Real GDP (purchasing power parity) 2021 | $42.864 billion (2021 est.) |
| Real GDP (purchasing power parity) 2020 | $40.537 billion (2020 est.) |
| GDP (official exchange rate) | $15.297 billion (2022 est.) |
| Real GDP Per capita | |
| Real GDP per capita 2022 | $1,500 (2022 est.) |
| Real GDP per capita 2021 | $1,500 (2021 est.) |
| Real GDP per capita 2020 | $1,400 (2020 est.) |
| GDP - composition, by sector of origin | |
| Agriculture | 24% (2017 est.) |
| Industry | 19.5% (2017 est.) |
| Services | 56.4% (2017 est.) |
| GDP - composition, by end use | |
| Household consumption | 67.1% (2017 est.) |
| Government consumption | 11.2% (2017 est.) |
| Investment in fixed capital | 15.1% (2017 est.) |
| Investment in inventories | 8.8% (2017 est.) |
| Exports of goods and services | 31.5% (2017 est.) |
| Imports of goods and services | -33.7% (2017 est.) |
| Unemployment rate | |
| Unemployment rate 2022 | 1.9% (2022 est.) |
| Unemployment rate 2021 | 2.25% (2021 est.) |
| Unemployment rate 2020 | 2.21% (2020 est.) |
| Youth unemployment rate (ages 15-24) | |
| Total | 4.8% (2021 est.) |
| Male | 5.2% |
| Female | 4.4% |
All Important Facts about Madagascar
Want to know more about Madagascar? Check all different factbooks for Madagascar below.
-
Madagascar Factbook
-
The Economy of Madagascar
-
Learn about the Government of Madagascar
-
Communication in Madagascar
-
Popular Universities in Madagascar
-
Enerny in Madagascar
-
Transport in Madagascar
-
The Geography and society of Madagascar
-
The Environment of Madagascar
-
Military and security in Madagascar