Economy of Madagascar
The economy of Madagascar is US$9.769 billion by gross domestic product as of 2020, being a market economy and is supported by an agricultural industry and emerging tourism, textile and mining industries. Malagasy agriculture produces tropical staple crops such as rice and cassava, as well as cash crops such as vanilla and coffee.
The capital of Madagascar, Antananarivo | |
| Currency | Malagasy ariary (MGA) |
|---|---|
| Calendar year | |
Trade organisations | WTO, African Union |
Country group |
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| Statistics | |
| Population | 26,955,737(2020) |
| GDP |
|
GDP growth |
|
GDP per capita | USD 1,916$ (2023) |
GDP by sector | services (60.3%), agriculture (23,7%), industry (16%) (2017 est.) |
| 7.8% (2017 est.) | |
| 42.6 medium (2012) | |
| |
Labour force | 13.40 million (2017 est.) |
| Unemployment | 1.8% |
Main industries | meat processing, soap, breweries, tanneries, sugar, textiles, glassware, cement, automobile manufacturing, paper, petroleum, tourism, |
| External | |
| Exports | $2.35 billion (2017 est.) |
Export goods | coffee, vanilla, shellfish, sugar, cotton cloth, clothing, chromite, petroleum products |
Main export partners | United States 19% France 18% UAE 7% China 6% Japan 6% Germany 5% India 5% (2019) (2019 est.) |
| Imports | $3.235 billion (2017 est.) |
Import goods | capital goods, consumer goods, food |
Main import partners | China 24% France 11% UAE 9% India 7% South Africa 5% (2019 est.) |
| Public finances | |
Government debt | USD $3.914 billion (2017 est.) |
| Revenues | USD $1.292 billion |
| Expenses | USD $1.725 billion |
| Economic aid | recipient: $838 million (1997) |
Malagasy exports from customs protocol in some areas, notably the United States and the European Union. These exemptions have supported the growth of the Malagasy textile industry. Despite natural resources and developing industries, the 2009 Malagasy political crisis—considered by the international community to be an illegal coup—deterred foreign investments in Madagascar and caused the Malagasy economy to decline. Foreign investments have resumed following the resumption of elections in early 2014. Madagascar is a least developed country according to United Nations.