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Indicators of economy in Madagascar

The essential economic performance of a country is reflected by the gross domestic product, the total of all goods and services sold. Worldwide gross domestic product in 2021 was at about 12,183 USD per capita. GDP in Madagascar, on the other hand, reached USD 501 per capita, or 14.47 billion USD for the whole country. Madagascar is one of the smaller economies and is currently ranked 132. If this is calculated per inhabitant, taking purchasing power parity into account, then Madagascar ranks 182nd in the list of the richest countries.

Inflation in Madagascar in 2021 was around 5.81%. Within the EU, the average in the same year was 9.22 percent. In the United States, it was most recently 8.00%.

The index for perceived corruption in the public sector is 26, which is rather poor by global standards.


Back to overview: Madagascar

Impact of the COVID-19 pandemic

The consequences of the COVID pandemic were not insignificant in Madagascar 2020. Overall, gross domestic product in 2020 fell from 14.10 billion US dollars to 13.05 billion US dollars. With a drop of 7.5 percent, the economy in Madagascar suffered more significant losses than other countries. The tourism sector alone slumped by around 79 percent. The unemployment rate rose from 1.8 to 2.4 percent. The country's gross debt increased by 13.5 percent. The inflation rate fell from 5.6 percent previously to 4.2 percent by the end of 2020.

In 2021, there was already a recovery and the gross domestic product increased to 14.47 billion US dollars (=102.6% of 2019).

Income and purchasing power

The average monthly income in Madagascar is 41 US Dollar per capita. In the USA, the figure is 5,911 US Dollar. However, the prices of consumer goods are also around 73.1 percent lower than in the USA. If you compare income and price levels, the result is a more expensive life in Madagascar than in the United States. The bottom line is that the costs do not offset the lower income, and you get about 97.4 percent less.

However, it is also important to remember that this is a purely statistical model. Both the labor output and the type and quality of the goods received always correspond to the national average on both sides of the equation - so they do not necessarily have to match. Here you can also find an international comparison of cost of living and purchasing power.

Unemployment rates in percentages 1991 - 2022

Economic performance 2021

 Madagascar
Total		Madagascar
per capita		EU
Total		EU
per capita
GDP14.47 bn USD500.51 USD17.177 tn USD33,384.92 USD
Gross national product14.05 bn USD485.88 USD16.895 tn USD32,835.37 USD


In the Global Innovation Index, Madagascar ranked 106th in 2022 with 18.6 points. The index is calculated annually by the World Intellectual Property Organization (WIPO) and most recently included 132 countries. The top country was Switzerland with 64.6 points.

Development of gross domestic product in billions of USD 1960 - 2021


› Debt budget development
› Development of inflation
› Corruption in Madagascar
› Cost of living in a global comparison


Imports and Exports 2021

 Madagascar
Total		Madagascar
per capita		EU
Total		EU
per capita
Imports3.75 bn USD129.79 USD8.916 tn USD17,329.02 USD
Exports2.60 bn USD89.81 USD9.554 tn USD18,569.19 USD


Development of imports and exports in millions of USD 1974 - 2021

Exports
Imports



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