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Madagascar: Economy#

Agriculture, including fishing and forestry, is a mainstay of the economy, accounting for more than one-fourth of GDP and employing roughly 80% of the population. Deforestation and erosion, aggravated by the use of firewood as the primary source of fuel, are serious concerns.

After discarding socialist economic policies in the mid-1990s, Madagascar followed a World Bank- and IMF-led policy of privatization and liberalization until the onset of a political crisis, which lasted from 2009 to 2013. The free market strategy had placed the country on a slow and steady growth path from an extremely low starting point. Exports of apparel boomed after gaining duty-free access to the US in 2000; 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, a sharp fall in textile production, and a loss of more than 100,000 jobs.

Madagascar regained AGOA access in January 2015 following the democratic election of a new president the previous year. In November 2015, the International Monetary Fund (IMF) approved a Rapid Credit Facility to Madagascar worth about $42.1 million to help the government meet its balance of payments needs. The IMF also approved a staff monitoring program to guide policy implementation and indicated that Madagascar must demonstrate the capability to sustain reforms to qualify for future requests for a credit facility.

Economic Facts#

GDP (purchasing power parity)$37.49 billion (2016 est.)
$36 billion (2015 est.)
$34.91 billion (2014 est.)
note: data are in 2016 dollars
GDP (official exchange rate)$9.74 billion (2015 est.)
GDP - real growth rate4.1% (2016 est.)
3.1% (2015 est.)
3.3% (2014 est.)
GDP - per capita (PPP)$1,500 (2016 est.)
$1,500 (2015 est.)
$1,500 (2014 est.)
note: data are in 2016 dollars
Gross national saving13% of GDP (2016 est.)
11.2% of GDP (2015 est.)
15.3% of GDP (2014 est.)
GDP - composition, by end usehousehold consumption: 82.8%
government consumption: 12.9%
investment in fixed capital: 15.8%
investment in inventories: 0%
exports of goods and services: 31.3%
imports of goods and services: -42.8% (2016 est.)
GDP - composition, by sector of originagriculture: 24.8%
industry: 16.3%
services: 58.9% (2016 est.)
Agriculture - productscoffee, vanilla, sugarcane, cloves, cocoa, rice, cassava (manioc, tapioca), beans, bananas, peanuts; livestock products
Industriesmeat processing, seafood, soap, beer, leather, sugar, textiles, glassware, cement, automobile assembly plant, paper, petroleum, tourism, mining
Industrial production growth rate3.7% (2016 est.)
Labor force12.98 million (2016 est.)
Unemployment rateNA% (2015 est.)
3.6% (2014 est.)
Population below poverty line75.3% (2010 est.)
Household income or consumption by percentage sharelowest 10%: 2.2%
highest 10%: 34.7% (2010 est.)
Distribution of family income - Gini index47.5 (2001)
38.1 (1999)
Budgetrevenues: $1.171 billion
expenditures: $1.616 billion (2016 est.)
Taxes and other revenues12% of GDP (2016 est.)
Budget surplus (+) or deficit (-)-4.6% of GDP (2016 est.)
Fiscal yearcalendar year
Inflation rate (consumer prices)9.2% (2016 est.)
7.4% (2015 est.)
Central bank discount rate5% (31 December 2010)
Commercial bank prime lending rate62% (31 December 2016 est.)
60% (31 December 2015 est.)
Stock of narrow money$1.527 billion (31 December 2016 est.)
$1.375 billion (31 December 2015 est.)
Stock of broad money$2.745 billion (31 December 2015 est.)
$2.399 billion (31 December 2014 est.)
Stock of domestic credit$1.914 billion (31 December 2016 est.)
$1.645 billion (31 December 2015 est.)
Market value of publicly traded shares$NA
Current account balance-$223 million (2016 est.)
-$186 million (2015 est.)
Exports$2.266 billion (2016 est.)
$2.238 billion (2015 est.)
Exports - commoditiescoffee, vanilla, shellfish, sugar, cotton cloth, clothing, chromite, petroleum products
Exports - partnersFrance 15.2%, US 12.7%, China 7.1%, South Africa 5.9%, Japan 5.5%, Netherlands 5.4%, Germany 5.1%, Belgium 5%, India 4.4% (2015)
Imports$2.717 billion (2016 est.)
$2.683 billion (2015 est.)
Imports - commoditiescapital goods, petroleum, consumer goods, food
Imports - partnersChina 24.8%, France 10.3%, Bahrain 5.6%, India 5.5%, Kuwait 4.5%, Mauritius 4.5%, South Africa 4.3% (2015)
Reserves of foreign exchange and gold$780.4 million (31 December 2016 est.)
$832 million (31 December 2015 est.)
Debt - external$4.007 billion (31 December 2016 est.)
$3.332 billion (31 December 2015 est.)
Stock of direct foreign investment - at home$NA
Stock of direct foreign investment - abroad$NA
Exchange ratesMalagasy ariary (MGA) per US dollar -
3,243.4 (2016 est.)
2,933.5 (2015 est.)
2,933.5 (2014 est.)
2,414.8 (2013 est.)
2,195 (2012 est.)