| Economy | Madagascar |
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Economy - overview:
|
Having discarded past socialist economic policies, Madagascar has since the mid 1990s followed a World Bank- and IMF-led policy of privatization and liberalization. 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 have boomed in recent years primarily due to duty-free access to the US. Deforestation and erosion, aggravated by the use of firewood as the primary source of fuel, are serious concerns. President RAVALOMANANA has worked aggressively to revive the economy following the 2002 political crisis, which triggered a 12% drop in GDP that year. Poverty reduction and combating corruption will be the centerpieces of economic policy for the next few years. |
GDP (purchasing power parity):
|
$20.76 billion (2008 est.)
$19.4 billion (2007)
$18.27 billion (2006)
note: data are in 2008 US dollars |
GDP - per capita (PPP):
|
$1,000 (2008 est.)
$1,000 (2007 est.)
$1,000 (2006 est.)
note: data are in 2008 US dollars |
GDP (official exchange rate):
|
$9.729 billion (2008 est.) |
GDP - real growth rate:
|
7% (2008 est.)
6.2% (2007 est.)
5% (2006 est.) |
GDP - composition by sector:
|
agriculture: 26%
industry: 15.9%
services: 58.1% (2008 est.) |
Investment (gross fixed):
|
27.2% of GDP (2008 est.) |
Population below poverty line:
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50% (2004 est.) |
Household income or consumption by percentage share:
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lowest 10%: 1.9%
highest 10%: 36.6% (2001) |
Distribution of family income - Gini index:
|
47.5 (2001) |
Inflation rate (consumer prices):
|
9.2% (2008 est.) |
Central bank discount rate:
|
void |
Commercial bank prime lending rate:
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45% (31 December 2007) |
Stock of money:
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$1.161 billion (31 December 2007) |
Stock of money - per capita:
|
57 USD per capita |
Stock of quasi money:
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$577.4 million (31 December 2007) |
Stock of quasi money - per capita:
|
28 USD per capita |
Stock of domestic credit:
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$767.5 million (31 December 2007) |
Stock of domestic credit - per capita:
|
38 USD per capita |
Labor force:
|
7.3 million (2000) |
Labor force participation rate:
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35.35 % of population |
Labor force - by occupation:
|
void |
Unemployment rate:
|
void |
Budget:
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revenues: $1.688 billion
expenditures: $2.066 billion (2008 est.) |
Budget revenues per capita:
|
82 USD per capita |
Public debt:
|
void |
Industries:
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meat processing, seafood, soap, breweries, tanneries, sugar, textiles, glassware, cement, automobile assembly plant, paper, petroleum, tourism |
Industrial production growth rate:
|
8% (2008 est.) |
Electricity - production:
|
1.045 billion kWh (2007 est.) |
Electricity - production per capita:
|
51 kWh per capita |
Electricity - consumption:
|
907 million kWh (2006 est.) |
Electricity - consumption - per capita:
|
44 kWh per capita |
Electricity - exports:
|
0 kWh (2007 est.) |
Electricity - imports:
|
0 kWh (2007 est.) |
Oil - production:
|
92.18 bbl/day (2007 est.) |
Oil - production per capita:
|
5 bbl/day per capita |
Oil - consumption:
|
18,190 bbl/day (2006 est.) |
Oil - consumption - per capita:
|
0.32 bbl/year per capita |
Oil - exports:
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480.3 bbl/day (2005) |
Oil - imports:
|
17,100 bbl/day (2005) |
Oil - proved reserves:
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0 bbl (1 January 2006 est.) |
Natural gas - production:
|
0 cu m (2007 est.) |
Natural gas - production per capita:
|
void |
Natural gas - consumption:
|
0 cu m (2007 est.) |
Natural gas - consumption - per capita:
|
void |
Natural gas - exports:
|
0 cu m (2007 est.) |
Natural gas - imports:
|
0 cu m (2007 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:
|
-$1.088 billion (2008 est.) |
Current account balance - per capita:
|
-52 USD per capita |
Exports:
|
$1.316 billion f.o.b. (2008 est.) |
Exports per capita:
|
64 USD per capita |
Exports - commodities:
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coffee, vanilla, shellfish, sugar, cotton cloth, chromite, petroleum products |
Exports - partners:
|
France 31.8%, US 26.6%, Germany 6.1%, UK 4.9%, Italy 4.4% (2007) |
Imports:
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$2.541 billion f.o.b. (2008 est.) |
Imports per capita:
|
124 USD per capita |
Imports - commodities:
|
capital goods, petroleum, consumer goods, food |
Imports - partners:
|
France 13.6%, China 13%, Iran 8.1%, South Africa 6.4%, Hong Kong 4.9%, Mauritius 4.8% (2007) |
Reserves of foreign exchange and gold:
|
$996 million (31 December 2008 est.) |
Reserves of foreign exchange and gold - per capita:
|
49 USD per capita |
Debt - external:
|
$4.6 billion (2002) |
Debt - external - per capita:
|
223 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 |
Economic aid - donor:
|
void |
Economic aid - recipient:
|
$929.2 million (2005) |
Economic aid - recipient per capita:
|
45 USD per capita |
Currency (code):
|
ariary (MGA) |
Exchange rates:
|
Malagasy ariary (MGA) per US dollar - 1,654.78 (2008 est.), 1,880 (2007), 2,161.4 (2006), 2,003 (2005), 1,868.9 (2004) |
Fiscal year:
|
calendar year |
|
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