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    Madagascar - Economy
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    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 N/A
    Taxes and other revenues 9.6% (of GDP) (2023 est.)
    Fiscal year N/A
    Exchange rates
    CurrencyMalagasy ariary (MGA) per US dollar -
    Exchange rates 20244,525.425 (2024 est.)
    Exchange rates 20234,429.579 (2023 est.)
    Exchange rates 20224,096.116 (2022 est.)
    Exchange rates 20213,829.978 (2021 est.)
    Exchange rates 20203,787.754 (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.)
    Public debt
    Public debt 201638.4% of GDP (2016 est.)
    Budget
    Revenues$2.066 billion (2023 est.)
    Expenditures$2.876 billion (2023 est.)
    Budget surplus (+) or deficit (-) N/A
    Remittances
    Remittances 20232.4% of GDP (2023 est.)
    Remittances 20222.5% of GDP (2022 est.)
    Remittances 20213.1% 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 forcerefined petroleum, rice, fabric, cotton fabric, wheat (2023)
    Exports
    Exports 2022$4.689 billion (2022 est.)
    Exports 2021$3.362 billion (2021 est.)
    Exports 2020$2.589 billion (2020 est.)
    Exports (partners)USA 16%, France 15%, Japan 8%, China 6%, S. Korea 6% (2023)
    Comodities Exports forcegarments, 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
    Agriculture22.5% (2024 est.)
    Industry22.8% (2024 est.)
    Services46.4% (2024 est.)
    GDP - composition, by end use
    Household consumption69.8% (2024 est.)
    Government consumption15.3% (2024 est.)
    Investment in fixed capital22.6% (2024 est.)
    Investment in inventories0% (2024 est.)
    Exports of goods and services23.6% (2024 est.)
    Imports of goods and services-31.3% (2024 est.)
    Unemployment rate
    Unemployment rate 20243.1% (2024 est.)
    Unemployment rate 20233.1% (2023 est.)
    Unemployment rate 20223.2% (2022 est.)
    Youth unemployment rate (ages 15-24)
    Total5.4% (2024 est.)
    Male5.3% (2024 est.)
    Female5.4% (2024 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