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, maize, potatoes (2023).
More about the economy of Madagascar
Labor force 16.519 million (2024 est.)
Industrial production growth rate 3.7% (2024 est.)
Industries meat processing, seafood, soap, beer, leather, sugar, textiles, glassware, cement, automobile assembly plant, paper, petroleum, tourism, mining
Population below poverty line
Taxes and other revenues 9.6% (of GDP) (2023 est.)
Fiscal year
Exchange rates
Currency Malagasy ariary (MGA) per US dollar -
Exchange rates 2024 4,525.425 (2024 est.)
Exchange rates 2023 4,429.579 (2023 est.)
Exchange rates 2022 4,096.116 (2022 est.)
Exchange rates 2021 3,829.978 (2021 est.)
Exchange rates 2020 3,787.754 (2020 est.)
Debt - external
Debt - external 2023 $3.548 billion (2023 est.)
Reserves of foreign exchange and gold
Reserves of foreign exchange and gold 2024 $2.785 billion (2024 est.)
Reserves of foreign exchange and gold 2023 $2.632 billion (2023 est.)
Reserves of foreign exchange and gold 2022 $2.16 billion (2022 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.)
Budget
Revenues $1.756 billion (2022 est.)
Expenditures $1.523 billion (2022 est.)
Budget surplus (+) or deficit (-)
Remittances
Remittances 2023 2.4% of GDP (2023 est.)
Remittances 2022 2.5% of GDP (2022 est.)
Remittances 2021 3.1% of GDP (2021 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 19%, Oman 13%, France 10%, India 8%, South Africa 5% (2023)
Comodities Imports force refined petroleum, rice, fabric, cotton fabric, wheat (2023)
Exports
Imports 2022 $6.041 billion (2022 est.)
Imports 2021 $4.769 billion (2021 est.)
Imports 2020 $3.718 billion (2020 est.)
Exports (partners) USA 16%, France 15%, Japan 8%, China 6%, S. Korea 6% (2023)
Comodities Exports force garments, nickel, vanilla, cloves, gold (2023)
Real GDP (purchasing power parity)
Real GDP (purchasing power parity) 2024 $52.968 billion (2024 est.)
Real GDP (purchasing power parity) 2023 $50.833 billion (2023 est.)
Real GDP (purchasing power parity) 2022 $48.782 billion (2022 est.)
GDP (official exchange rate) $17.421 billion (2024 est.)
Real GDP Per capita
Real GDP per capita 2024 $1,700 (2024 est.)
Real GDP per capita 2023 $1,600 (2023 est.)
Real GDP per capita 2022 $1,600 (2022 est.)
GDP - composition, by sector of origin
Agriculture 22.5% (2024 est.)
Industry 22.8% (2024 est.)
Services 46.4% (2024 est.)
GDP - composition, by end use
Household consumption 69.8% (2024 est.)
Government consumption 15.3% (2024 est.)
Investment in fixed capital 22.6% (2024 est.)
Investment in inventories 0% (2024 est.)
Exports of goods and services 23.6% (2024 est.)
Imports of goods and services -31.3% (2024 est.)
Unemployment rate
Unemployment rate 2024 3.1% (2024 est.)
Unemployment rate 2023 3.1% (2023 est.)
Unemployment rate 2022 3.2% (2022 est.)
Youth unemployment rate (ages 15-24)
Total 5.4% (2024 est.)
Male 5.3% (2024 est.)
Female 5.4% (2024 est.)
All Important Facts about Madagascar

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Madagascar is found in Eastern Africa