An island

Madagascar Economy

Madagascar's economy in numbers:

Nominal GDP of USD 14.9 billion in 2022.

GDP per capita of USD 514 compared to the global average of USD 10,589.

Average real GDP growth of 2.7% over the last decade.

Share of the region's population
Share of the region's GDP

Economic structure:

GDP by economic sector
GDP by type of expenditure

Economic growth:

The economy recorded average annual growth of 2.7% in the decade to 2022. To read more about GDP growth in Madagascar, go to our dedicated page.

Fiscal policy:

Madagascar's fiscal deficit averaged 2.0% of GDP in the decade to 2022. Find out more on our dedicated page.

Inflation:

Inflation averaged 6.6% in the decade to 2022. Go to our Madagascar inflation page for extra insight.

Monetary Policy:

Madagascar's monetary policy rate ended 2018 at 9.50%, down from 12.00% a decade earlier. See our Madagascar monetary policy page for additional details.

Exchange Rate:

From end-2012 to end-2022 the ariary weakened by 49.1% vs the U.S. dollar. For more info on the ariary, click here.
Projections out to 2033.

26 indicators covered including both annual and quarterly frequencies.

Consensus Forecasts based on a panel of 5 expert analysts.

Want to get insight on the economic outlook for Madagascar in the coming years? FocusEconomics collects projections out to 2033 on 26 economic indicators for Madagascar from a panel of 5 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts, and averaged to provide one Consensus Forecast you can rely on for each indicator. This means you avoid the risk of relying on out of date, biased or outlier forecasts. Our Consensus Forecasts can be visualized in whichever way best suits your needs, including via interactive online dashboards , direct data delivery and executive-style reports which combine analysts' projections with timely written analysis from our in-house team of economists on the latest developments in the Madagascar economy. To download a sample report on the Madagascar's economy, click here . To get in touch with our team for more information, fill in the form at the bottom of this page .

Madagascar Economic Data

2018 2019 2020 2021 2022
Population (million) 25.7 26.5 27.3 28.2 29.0
GDP (USD bn) 13.7 14.1 13.0 14.5 15.2
GDP per Capita (USD) 535 532 477 513 526
GDP (LCU bn) 45,886 51,035 49,436 55,744 62,681
Economic Growth (Nominal GDP, ann. var. %) 11.8 11.2 -3.1 12.8 12.4
Economic Growth (GDP, ann. var. %) 3.2 4.4 -7.1 5.7 4.0
Fiscal Balance (% of GDP) -0.6 -0.7 -3.2 -2.0 -5.9
Public Debt (% of GDP) 42.9 41.3 52.2 52.0 55.1
Inflation (CPI, ann. var. %, eop) 6.9 4.0 4.5 6.2 10.8
Inflation (CPI, ann. var. %, aop) 8.6 5.6 4.2 5.8 8.2
Policy Rate (%, eop) 9.50 - - - -
Exchange Rate (MGA per USD, eop) 3,470 3,627 3,825 3,957 4,462
Exchange Rate (LCU per USD, aop) 3,340 3,619 3,793 3,853 4,118
Current Account Balance (USD bn) 0.1 -0.3 -0.6 -0.7 -
Current Account Balance (% of GDP) 0.7 -2.1 -4.8 -5.1 -
Merchandise Trade Balance (USD bn) -0.5 -0.8 -0.9 -1.0 -1.0
Merchandise Exports (USD bn) 3.0 2.6 1.9 2.7 3.5
Merchandise Imports (USD bn) 3.5 3.5 2.8 3.7 4.5
Merchandise Exports (ann. var. %) 8.2 -14.0 -25.4 39.0 31.0
Merchandise Imports (ann. var. %) 7.3 -1.1 -17.6 29.1 22.8
Foreign Direct Investment (USD bn) 0.6 0.5 0.4 0.4 0.4
International Reserves (USD bn) 1.7 1.6 1.9 2.0 1.8
International Reserves (months of imports) 5.8 5.7 8.1 6.4 4.8
External Debt (USD bn) 3.7 4.0 4.8 5.3 5.9
External Debt (% of GDP) 27.1 28.7 37.1 36.9 39.0

Free Sample Report

Interested in Madagascar economic reports, analysis and data? FocusEconomics provides data, forecasts and analysis for hundreds of countries and commodities. Request your free sample report now.

Close Left Media Arrows Left Media Circles Right Media Arrows Right Media Circles Arrow Quote Wave Address Email Telephone Man in front of screen with line chart Document with bar chart and magnifying glass Application window with bar chart Target with arrow Line Chart Stopwatch Globe with arrows Document with bar chart in front of screen Bar chart with magnifying glass and dollar sign Lightbulb Document with bookmark Laptop with download icon Calendar Icon Nav Menu Arrow Arrow Right Long Icon Arrow Right Icon Chevron Right Icon Chevron Left Icon Briefcase Icon Linkedin In Icon Full Linkedin Icon Filter Facebook Linkedin Twitter Pinterest