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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 12,230 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 2.55 percent. In the United States, it was most recently 4.70%.

Compared with the USA, prices for daily consumer goods are around 71.4 percent lower.
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 1.9 to 2.5 percent. The inflation rate fell from 5.6 percent previously to 4.2 percent by the end of 2020.

Unemployment rates in percentages 1991 - 2021

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


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



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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