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 15.83 million (2023 est.)
Industrial production growth rate -33.28% (2023 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 9.25% (of GDP) (2022 est.)
Fiscal year
Exchange rates
Currency Malagasy ariary (MGA) per US dollar -
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.)
Exchange rates 2019 3,618.322 (2019 est.)
Debt - external
Debt - external 2022 $2.972 billion (2022 est.)
Reserves of foreign exchange and gold
Reserves of foreign exchange and gold 2023 $2.632 billion (2023 est.)
Reserves of foreign exchange and gold 2022 $2.16 billion (2022 est.)
Reserves of foreign exchange and gold 2021 $2.335 billion (2021 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.)
Budget
Revenues $1.756 billion (2022 est.)
Expenditures $1.523 billion (2022 est.)
Budget surplus (+) or deficit (-)
Remittances
Remittances 2023 2.37% of GDP (2023 est.)
Remittances 2022 2.52% of GDP (2022 est.)
Remittances 2021 3.02% 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 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) 2023 $51.255 billion (2023 est.)
Real GDP (purchasing power parity) 2022 $49.291 billion (2022 est.)
Real GDP (purchasing power parity) 2021 $47.488 billion (2021 est.)
GDP (official exchange rate) $16.032 billion (2023 est.)
Real GDP Per capita
Real GDP per capita 2023 $1,700 (2023 est.)
Real GDP per capita 2022 $1,700 (2022 est.)
Real GDP per capita 2021 $1,600 (2021 est.)
GDP - composition, by sector of origin
Agriculture 21.1% (2023 est.)
Industry 14.9% (2023 est.)
Services 54.9% (2023 est.)
GDP - composition, by end use
Household consumption 66.5% (2023 est.)
Government consumption 18.7% (2023 est.)
Investment in fixed capital 20.3% (2023 est.)
Investment in inventories 1% (2023 est.)
Exports of goods and services 32.5% (2023 est.)
Imports of goods and services -39.1% (2023 est.)
Unemployment rate
Unemployment rate 2023 3.06% (2023 est.)
Unemployment rate 2022 3.19% (2022 est.)
Unemployment rate 2021 3.42% (2021 est.)
Youth unemployment rate (ages 15-24)
Total 5.5% (2023 est.)
Male 5.4% (2023 est.)
Female 5.6% (2023 est.)
All Important Facts about Madagascar

Want to know more about Madagascar? Check all different factbooks for Madagascar below.

Madagascar is found in Eastern Africa