Economy of Madagascar

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Economy of Madagascar

The capital of Madagascar, Antananarivo
Currency	Malagasy ariary (MGA)
Fiscal year	Calendar year
Trade organisations	WTO, African Union
Country group	Developing/Emerging[1] Low-income economy[2]
Statistics
Population	26,955,737(2020)[3]
GDP	$15.969 billion (nominal, 2023 est.)[4] $57.044 billion (PPP, 2023 est.)[4]
GDP growth	4.6% (2018)[5] 4.8% (2019)[5] -3.2% (2020, projected)[5] 3.2% (2021, projected)[5]
GDP per capita	USD 1,916$ (2023)[4]
GDP by sector	services (60.3%), agriculture (23,7%), industry (16%) (2017 est.)
Inflation (CPI)	7.8% (2017 est.)
Gini coefficient	42.6 medium (2012)[6]
Human Development Index	0.501 low (2021)[7] (173rd) 0.367 low IHDI (2021)[8]
Labour force	13.40 million (2017 est.)
Unemployment	1.8%[9]
Main industries	meat processing, soap, breweries, tanneries, sugar, textiles, glassware, cement, automobile manufacturing, paper, petroleum, tourism,
External
Exports	$2.35 billion (2017 est.)[10]
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.)[11]
Imports	$3.235 billion (2017 est.)[10]
Import goods	capital goods, consumer goods, food
Main import partners	China 24%  France 11%  UAE 9%  India 7%  South Africa 5% (2019 est.) [11]
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)
Main data source: CIA World Fact Book All values, unless otherwise stated, are in US dollars.

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.

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^[12]—deterred foreign investments in Madagascar and caused the Malagasy economy to decline.^[13] Foreign investments have resumed following the resumption of elections in early 2014.^{[citation needed]} Madagascar is a least developed country according to United Nations.