| Economy | Madagascar |
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Economy - overview:
|
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. GDP grew by less than 1% per year in 2010-11. |
GDP (purchasing power parity):
|
$20.6 billion (2011 est.)
$20.4 billion (2010 est.)
$20.3 billion (2009 est.)
note: data are in 2011 US dollars |
GDP - per capita (PPP):
|
$900 (2011 est.)
$1,000 (2010 est.)
$1,000 (2009 est.)
note: data are in 2011 US dollars |
GDP (official exchange rate):
|
$9.4 billion (2011 est.) |
GDP - real growth rate:
|
1% (2011 est.)
0.6% (2010 est.)
-3.7% (2009 est.) |
GDP - composition by sector:
|
agriculture: 28.8%
industry: 16.6%
services: 54.6% (2011 est.) |
Investment (gross fixed):
|
18.7% of GDP (2011 est.) |
Population below poverty line:
|
50% (2004 est.) |
Household income or consumption by percentage share:
|
lowest 10%: 2.6%
highest 10%: 41.5% (2005) |
Distribution of family income - Gini index:
|
47.5 (2001)
38.1 (1999) |
Inflation rate (consumer prices):
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10.9% (2011 est.)
9.2% (2010 est.) |
Central bank discount rate:
|
5% (31 December 2010 est.)
NA% (31 December 2009 est.) |
Commercial bank prime lending rate:
|
39% (31 December 2011 est.)
46% (31 December 2010 est.) |
Stock of money:
|
$1.216 billion (31 December 2008)
$1.161 billion (31 December 2007) |
Stock of money - per capita:
|
56 USD per capita |
Stock of quasi money:
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$667.2 million (31 December 2008)
$577.4 million (31 December 2007) |
Stock of quasi money - per capita:
|
31 USD per capita |
Stock of domestic credit:
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$944.6 million (31 December 2011 est.)
$890.8 million (31 December 2010 est.) |
Stock of domestic credit - per capita:
|
44 USD per capita |
Stock of narrow money:
|
$1.394 billion (31 December 2011 est.)
$1.22 billion (31 December 2010 est.) |
Stock of broad money:
|
$2.184 billion (31 December 2011 est.)
$1.994 billion (31 December 2010 est.) |
Labor force:
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9.504 million (2007) |
Labor force participation rate:
|
43.35 % of population |
Labor force - by occupation:
|
void |
Unemployment rate:
|
void |
Unemployment, youth ages 15-24:
|
total: 2.3%
male: 1.7%
female: 2.8% (2005) |
Budget:
|
revenues: $1.649 billion
expenditures: $1.737 billion (2011 est.) |
Budget revenues per capita:
|
76 USD per capita |
Taxes and other revenues:
|
17.5% of GDP (2011 est.) |
Budget surplus (+) or deficit (-):
|
-0.9% of GDP (2011 est.) |
Public debt:
|
void |
Industries:
|
meat processing, seafood, soap, breweries, tanneries, sugar, textiles, glassware, cement, automobile assembly plant, paper, petroleum, tourism |
Industrial production growth rate:
|
2% (2010 est.) |
Electricity - production:
|
1.11 billion kWh (2008 est.) |
Electricity - production per capita:
|
51 kWh per capita |
Electricity - consumption:
|
1.032 billion kWh (2008 est.) |
Electricity - consumption - per capita:
|
48 kWh per capita |
Electricity - exports:
|
0 kWh (2009 est.) |
Electricity - imports:
|
0 kWh (2009 est.) |
Oil - production:
|
0 bbl/day (2010 est.) |
Oil - production per capita:
|
void |
Oil - consumption:
|
22,000 bbl/day (2010 est.) |
Oil - consumption - per capita:
|
0.37 bbl/year per capita |
Oil - exports:
|
0 bbl/day (2009 est.) |
Oil - imports:
|
16,390 bbl/day (2009 est.) |
Oil - proved reserves:
|
0 bbl (1 January 2011 est.) |
Natural gas - production:
|
0 cu m (2009 est.) |
Natural gas - production per capita:
|
void |
Natural gas - consumption:
|
0 cu m (2009 est.) |
Natural gas - consumption - per capita:
|
void |
Natural gas - exports:
|
0 cu m (2009 est.) |
Natural gas - imports:
|
0 cu m (2009 est.) |
Natural gas - proved reserves:
|
0 cu m (1 January 2006 est.) |
Agriculture - products:
|
coffee, vanilla, sugarcane, cloves, cocoa, rice, cassava (tapioca), beans, bananas, peanuts; livestock products |
Current account balance:
|
-$2.242 billion (2011 est.)
-$2.311 billion (2010 est.) |
Current account balance - per capita:
|
-102 USD per capita |
Exports:
|
$1.407 billion (2011 est.)
$1.173 billion (2010 est.) |
Exports per capita:
|
65 USD per capita |
Exports - commodities:
|
coffee, vanilla, shellfish, sugar, cotton cloth, chromite, petroleum products |
Exports - partners:
|
France 26.3%, US 9.2%, China 8.5%, Netherlands 6.4%, Germany 5.6%, Canada 4.4%, Spain 4.3% (2010) |
Imports:
|
$3.653 billion (2011 est.)
$3.453 billion (2010 est.) |
Imports per capita:
|
167 USD per capita |
Imports - commodities:
|
capital goods, petroleum, consumer goods, food |
Imports - partners:
|
China 14.6%, France 11.4%, South Africa 6.4%, India 5.4%, Bahrain 4.6%, US 4.3%, Singapore 4.1% (2010) |
Reserves of foreign exchange and gold:
|
$1.103 billion (31 December 2011 est.)
$1.172 billion (31 December 2010 est.) |
Reserves of foreign exchange and gold - per capita:
|
51 USD per capita |
Debt - external:
|
$2.466 billion (31 December 2011 est.)
$2.265 billion (31 December 2010 est.) |
Debt - external - per capita:
|
113 USD per capita |
Stock of direct foreign investment - at home:
|
$NA |
Stock of direct foreign investment - at home - per capita:
|
void |
Stock of direct foreign investment - abroad:
|
$NA |
Stock of direct foreign investment - abroad - per capita:
|
void |
Market value of publicly traded shares:
|
$NA |
Market value of publicly traded shares - per capita:
|
void |
Currency (code):
|
ariary (MGA) |
Exchange rates:
|
Malagasy ariary (MGA) per US dollar -
1,950 (2011 est.)
2,090 (2010 est.)
1,956.2 (2009)
1,654.78 (2008)
1,880 (2007) |
Fiscal year:
|
calendar year |
|
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