unbekannter Gast

Madagascar: Economy#

After discarding socialist economic policies in the mid-1990s, Madagascar followed a World Bank- and IMF-led policy of privatization and liberalization that has been undermined since the start of the political crisis. This strategy placed the country on a slow and steady growth path from an extremely low level. Agriculture, including fishing and forestry, is a mainstay of the economy, accounting for more than one-fourth of GDP and employing 80% of the population. Exports of apparel boomed in recent years primarily due to duty-free access to the US; however, Madagascar's failure to comply with the requirements of the African Growth and Opportunity Act (AGOA) led to the termination of the country's duty-free access in January 2010 and a sharp fall in textile production. Deforestation and erosion, aggravated by the use of firewood as the primary source of fuel, are serious concerns. The current political crisis, which began in early 2009, has dealt additional blows to the economy. Tourism dropped more than 50% in 2009 compared with the previous year, and many investors are wary of entering the uncertain investment environment. Growth was slow during 2010 to 2013 although expansion in mining and agricultural sectors is expected to contribute to more growth in 2014. International organizations and foreign donors are expected to resume development aid to Madagascar once RAJAONARIMAMPIANINA appoints a new government.

Economic Facts#

GDP (purchasing power parity)$22.03 billion (2013 est.)
$21.47 billion (2012 est.)
$21.06 billion (2011 est.)
note: data are in 2013 US dollars
GDP - real growth rate2.6% (2013 est.)
1.9% (2012 est.)
1.8% (2011 est.)
GDP - per capita (PPP)$1,000 (2013 est.)
$1,000 (2012 est.)
$1,000 (2011 est.)
note: data are in 2013 US dollars
GDP - composition, by sector of originagriculture: 27.3%
industry: 16.4%
services: 56.3% (2013 est.)
Population below poverty line50% (2004 est.)
Household income or consumption by percentage sharelowest 10%: 2.2%
highest 10%: 34.7% (2010 est.)
Exports - commoditiescoffee, vanilla, shellfish, sugar, cotton cloth, clothing, chromite, petroleum products
Exports - partnersFrance 23.4%, China 6.6%, US 6.6%, Singapore 5.9%, Canada 5.5%, Germany 5.4%, Indonesia 5.3%, India 5.2%, South Africa 4.5% (2012)
Agriculture - productscoffee, vanilla, sugarcane, cloves, cocoa, rice, cassava (manioc, tapioca), beans, bananas, peanuts; livestock products
Budgetrevenues: $2.113 billion
expenditures: $2.356 billion (2013 est.)
Imports - commoditiescapital goods, petroleum, consumer goods, food
Imports - partnersChina 17.7%, France 12.4%, South Africa 5.3%, India 5.1%, Mauritius 5%, Bahrain 4.7%, Kuwait 4.6% (2012)
Exchange ratesMalagasy ariary (MGA) per US dollar -
2,227.8 (2013 est.)
2,195 (2012 est.)
2,090 (2010 est.)
1,956.2 (2009)
1,654.78 (2008)
Exports$644.4 million (2013 est.)
$592.1 million (2012 est.)
Debt - external$3.361 billion (31 December 2013 est.)
$3.116 billion (31 December 2012 est.)
Fiscal yearcalendar year
Imports$2.794 billion (2013 est.)
$2.755 billion (2012 est.)
Industrial production growth rate4% (2013 est.)
Industriesmeat processing, seafood, soap, beer, leather, sugar, textiles, glassware, cement, automobile assembly plant, paper, petroleum, tourism
Inflation rate (consumer prices)8.8% (2013 est.)
6.4% (2012 est.)
Labor force9.504 million (2007)
Distribution of family income - Gini index47.5 (2001)
38.1 (1999)
Current account balance-$1.945 billion (2013 est.)
-$1.989 billion (2012 est.)
Reserves of foreign exchange and gold$1.249 billion (31 December 2013 est.)
$1.191 billion (31 December 2012 est.)
GDP (official exchange rate)$10.53 billion (2013 est.)
Stock of direct foreign investment - at home$NA
Stock of direct foreign investment - abroad$NA
Market value of publicly traded shares$NA
Central bank discount rate5% (31 December 2010 est.)
NA% (31 December 2009 est.)
Commercial bank prime lending rate44% (31 December 2013 est.)
56.25% (31 December 2012 est.)
Stock of domestic credit$1.663 billion (31 December 2013 est.)
$1.245 billion (31 December 2012 est.)
Stock of narrow money$1.839 billion (31 December 2013 est.)
$1.492 billion (31 December 2012 est.)
Stock of broad money$3.163 billion (31 December 2013 est.)
$2.357 billion (31 December 2012 est.)
Taxes and other revenues20.1% of GDP (2013 est.)
Budget surplus (+) or deficit (-)-2.3% of GDP (2013 est.)
GDP - composition, by end usehousehold consumption: 84%
government consumption: 12.7%
investment in fixed capital: 14%
investment in inventories: 0%
exports of goods and services: 24.7%
imports of goods and services: -35.3%
(2013 est.)
Gross national saving-3.7% of GDP (2013 est.)
-5.8% of GDP (2012 est.)
-7.2% of GDP (2011 est.)