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Macro

Madagascar

Sub-Saharan Africa · Low income · IMF WEO April 2026 · World Bank WDI

GDP▲ 11.2%
Current prices2025
20USD bn
GDP per capita▲ 8.2%
Current prices2025
622USD
Real GDP growth▼ 1.5 pp
Annual change2025
2.8%
Inflation▲ 0.4 pp
Average consumer prices2025
8.0%
Government debt▼ 1.1 pp
General government, gross2025
48.7% of GDP
Current account▼ 0.5 pp
Balance2025
-5.8% of GDP
Population▲ 2.8%
Total2025
31.44million

Real GDP growth, %

Since 1995 · lighter bars = IMF projection
-12.40.09.81995: 1.7%1996: 2.2%1997: 3.7%1998: 3.9%1999: 4.7%2000: 4.5%2001: 6.0%2002: -12.4%2003: 9.8%2004: 5.3%2005: 4.8%2006: 5.4%2007: 5.7%2008: 6.7%2009: -4.0%2010: 0.6%2011: 1.6%2012: 3.0%2013: 2.3%2014: 3.3%2015: 3.1%2016: 4.0%2017: 3.9%2018: 3.2%2019: 4.4%2020: -7.1%2021: 4.7%2022: 4.1%2023: 4.2%2024: 4.3%2025: 2.8%2026: 3.6% (IMF projection)2027: 4.1% (IMF projection)2028: 4.6% (IMF projection)2029: 4.7% (IMF projection)2030: 4.8% (IMF projection)2031: 4.8% (IMF projection)IMF projection19952000200520102015202020252030

Inflation, %

Average consumer prices · lighter bars = IMF projection
-1.70.049.01995: 49.0%1996: 19.8%1997: 4.5%1998: 6.2%1999: 7.2%2000: 11.6%2001: 7.9%2002: 16.5%2003: -1.7%2004: 14.0%2005: 18.4%2006: 10.8%2007: 10.3%2008: 9.3%2009: 9.0%2010: 9.2%2011: 9.5%2012: 5.7%2013: 5.8%2014: 6.1%2015: 7.4%2016: 6.1%2017: 8.6%2018: 8.6%2019: 5.6%2020: 4.2%2021: 5.8%2022: 8.2%2023: 9.9%2024: 7.6%2025: 8.0%2026: 8.3% (IMF projection)2027: 7.0% (IMF projection)2028: 6.0% (IMF projection)2029: 6.0% (IMF projection)2030: 6.0% (IMF projection)2031: 5.0% (IMF projection)IMF projection19952000200520102015202020252030

IMF outlook

IMF World Economic Outlook April 2026 · italics = IMF projection
Indicator2021202220232024202520262027202820292030
Real GDP growth %4.74.14.24.32.83.64.14.64.74.8
Inflation, average consumer prices %5.88.29.97.68.08.37.06.06.06.0
GDP, current prices USD bn14151618202123252831
GDP per capita, current prices USD509530539575622656690740794853
GDP per capita, PPP Int. USD1,6621,8041,8971,9732,0302,1062,1802,2562,3402,430
General government gross debt % of GDP49.449.852.149.848.749.350.450.650.648.7
General government net lending/borrowing % of GDP-2.8-5.5-4.2-2.5-2.2-4.6-3.9-3.9-3.9-3.8
Current account balance % of GDP-4.9-5.4-4.0-5.3-5.8-8.0-6.6-5.7-5.4-5.4
Population million28.1828.9629.7730.5931.4432.3233.2234.1435.0936.07

Government debt, % of GDP

General government gross debt
0.090.22000: 90%2001: 82%2002: 87%2003: 86%2004: 82%2005: 74%2006: 32%2007: 28%2008: 31%2009: 35%2010: 32%2011: 30%2012: 30%2013: 36%2014: 38%2015: 44%2016: 40%2017: 40%2018: 43%2019: 41%2020: 53%2021: 49%2022: 50%2023: 52%2024: 50%2025: 49%2026: 49% (IMF projection)2027: 50% (IMF projection)2028: 51% (IMF projection)2029: 51% (IMF projection)2030: 49% (IMF projection)2031: 48% (IMF projection)IMF projection2000200520102015202020252030

Current account, % of GDP

Balance of payments
-18.20.00.72000: -5.6%2001: -2.6%2002: -8.9%2003: -5.1%2004: -7.9%2005: -12.5%2006: -9.2%2007: -9.9%2008: -15.6%2009: -18.2%2010: -8.9%2011: -6.7%2012: -7.5%2013: -6.5%2014: -0.3%2015: -1.6%2016: 0.5%2017: -0.4%2018: 0.7%2019: -2.3%2020: -5.4%2021: -4.9%2022: -5.4%2023: -4.0%2024: -5.3%2025: -5.8%2026: -8.0% (IMF projection)2027: -6.6% (IMF projection)2028: -5.7% (IMF projection)2029: -5.4% (IMF projection)2030: -5.4% (IMF projection)2031: -5.4% (IMF projection)IMF projection2000200520102015202020252030

Economic structure

Value added by sector, % of GDP · World Bank
AgricultureManufacturingOther industryServices
YearStructureAgricultureIndustryManufacturingServices
199535.0––43.6
200530.8––51.4
201525.719.08.550.8
202521.723.9–48.8

Income, trade and society

World Bank WDI · change over 10 years
IndicatorLatestUnitYear10Y change
GNI per capita, Atlas method560USD2025+19.1%
GNI, Atlas method18USD bn2025+53.5%
Exports of goods and services21.3% of GDP2025-7.1 pp
Imports of goods and services32.9% of GDP2025+0.1 pp
Life expectancy at birth63.8years2024+0.9%
Urban population32.9% of total2025+3.7 pp

Sources: IMF World Economic Outlook (April 2026; 2026 onwards are IMF projections) · World Bank World Development Indicators (CC BY 4.0)