Sub-Saharan Africa · Low income
Madagascar: the economy in numbers
Per person: $599, or $1,952 at purchasing power parity. Population: 32.7 million (2025).
GDP in 2025, current US dollars: #134 of 204 economies. IMF forecast for 2026: +3.8%.
GDP
Adjusted for US inflation, in 2025 dollars: $7.33 billion in 1960, $19.6 billion in 2025.
GDP per capita
In 2025 dollars: $1,435 per person in 1960, $599 in 2025.
Real GDP growth
Average over 2016–2025: 2.8% a year. Years of falling GDP since 1961: 13 of 65.
Source: International Monetary Fund, World Economic Outlook (October 2026)
Inflation
Consumer prices rose 7.44 times from 2000 to 2025. Highest annual inflation: 49.1% in 1995.
Source: International Monetary Fund, World Economic Outlook (October 2026)
Government debt, % of GDP
Highest since 1990: 113.8% of GDP in 1991. IMF forecast for 2031: 49.7%.
Population
1960: 5.11 million · 2025: 32.7 million.
Unemployment rate
1991: 6.2% · 2025: 3.0%.
Life expectancy at birth
1960: 43.3 years · 2024: 63.8 years.
Exports of goods and services
1960: 10.0% · 2025: 21.3%.
Data by year
Show the year-by-year table
| Year | GDP | GDP per capita | Per capita, PPP | Real growth | Inflation | Gov. debt, % GDP | Population | Unemployment | Life expectancy | Exports, % GDP |
|---|---|---|---|---|---|---|---|---|---|---|
| 2031 | 4.8%f | 5.0%f | 49.7%f | |||||||
| 2030 | 4.8%f | 5.5%f | 49.9%f | |||||||
| 2029 | 4.7%f | 6.0%f | 50.9%f | |||||||
| 2028 | 4.6%f | 6.5%f | 50.9%f | |||||||
| 2027 | 4.5%f | 8.0%f | 50.6%f | |||||||
| 2026 | 3.8%f | 8.4%f | 49.8%f | |||||||
| 2025 | $19.6B | $599 | $1,952 | 3.0% | 8.1% | 47.7% | 32.7M | 3.0% | 21.3% | |
| 2024 | $17.6B | $550 | $1,889 | 4.3% | 7.6% | 49.8% | 32M | 3.1% | 63.8 | 24.0% |
| 2023 | $16B | $514 | $1,810 | 4.2% | 9.9% | 52.1% | 31.2M | 3.0% | 63.6 | 26.7% |
| 2022 | $15.3B | $504 | $1,716 | 4.1% | 8.2% | 49.8% | 30.4M | 3.2% | 63.1 | 30.5% |
| 2021 | $14.4B | $483 | $1,577 | 4.7% | 5.8% | 49.4% | 29.7M | 3.5% | 62.5 | 23.1% |
| 2020 | $13.1B | $451 | $1,490 | −7.1% | 4.2% | 52.9% | 29M | 3.3% | 62.7 | 20.1% |
| 2019 | $14.1B | $500 | $1,612 | 4.4% | 5.6% | 41.3% | 28.2M | 2.5% | 63.5 | 28.4% |
| 2018 | $13.8B | $500 | $1,547 | 3.2% | 8.6% | 42.9% | 27.5M | 2.3% | 63.5 | 31.5% |
| 2017 | $13.2B | $492 | $1,547 | 3.9% | 8.6% | 40.1% | 26.8M | 2.1% | 63.4 | 30.9% |
| 2016 | $11.8B | $454 | $1,562 | 4.0% | 6.0% | 40.3% | 26.1M | 1.9% | 63.4 | 29.1% |
| 2015 | $11.3B | $445 | $1,497 | 3.1% | 7.4% | 44.1% | 25.4M | 1.8% | 63.4 | 28.4% |
| 2014 | $12.5B | $506 | $1,499 | 3.3% | 6.1% | 37.8% | 24.8M | 1.4% | 63.3 | 28.3% |
| 2013 | $12.4B | $515 | $1,473 | 2.3% | 5.8% | 36.2% | 24.1M | 1.0% | 63.2 | 23.3% |
| 2012 | $11.6B | $494 | $1,464 | 3.0% | 5.7% | 30.4% | 23.5M | 0.6% | 63.0 | 21.8% |
| 2011 | $11.6B | $506 | $1,475 | 1.6% | 9.5% | 29.9% | 22.8M | 2.5% | 62.9 | 22.7% |
| 2010 | $9.98B | $450 | $1,464 | 0.6% | 9.2% | 32.3% | 22.2M | 4.3% | 62.6 | 21.9% |
| 2009 | $9.62B | $446 | $1,480 | −4.0% | 9.0% | 34.9% | 21.5M | 3.9% | 62.3 | 20.4% |
| 2008 | $10.7B | $513 | $1,577 | 6.7% | 9.3% | 31.0% | 20.9M | 3.4% | 62.0 | 27.7% |
| 2007 | $8.52B | $420 | $1,493 | 5.7% | 10.3% | 28.2% | 20.3M | 3.2% | 61.5 | 27.8% |
| 2006 | $6.4B | $324 | $1,416 | 5.4% | 10.8% | 32.2% | 19.7M | 2.9% | 61.1 | 27.5% |
| 2005 | $5.86B | $306 | $1,343 | 4.8% | 18.4% | 74.4% | 19.2M | 2.6% | 60.7 | 24.3% |
| 2004 | $5.06B | $272 | $1,280 | 5.3% | 14.0% | 81.9% | 18.6M | 4.0% | 60.2 | 19.5% |
| 2003 | $6.37B | $353 | $1,219 | 9.8% | −1.7% | 85.9% | 18.1M | 5.0% | 59.7 | 13.7% |
| 2002 | $5.35B | $305 | $1,121 | −12.4% | 16.5% | 86.7% | 17.5M | 5.5% | 59.2 | 21.8% |
| 2001 | $5.44B | $319 | $1,299 | 6.0% | 7.9% | 82.1% | 17M | 5.3% | 58.7 | 20.1% |
| 2000 | $4.63B | $280 | $1,236 | 4.5% | 11.9% | 90.2% | 16.5M | 5.8% | 58.0 | 19.1% |
| 1999 | $4.28B | $267 | $1,194 | 4.7% | 9.9% | 104.1% | 16M | 5.8% | 57.4 | 18.3% |
| 1998 | $4.4B | $284 | $1,162 | 3.9% | 6.2% | 108.5% | 15.5M | 5.9% | 56.8 | 16.4% |
| 1997 | $4.26B | $284 | $1,142 | 3.7% | 4.5% | 89.7% | 15M | 6.0% | 56.1 | 16.1% |
| 1996 | $4.93B | $340 | $1,119 | 2.2% | 19.8% | 98.7% | 14.5M | 6.1% | 55.5 | 17.0% |
| 1995 | $3.84B | $273 | $1,111 | 1.7% | 49.1% | 95.8% | 14.1M | 6.1% | 54.8 | 21.0% |
| 1994 | $3.52B | $259 | $1,104 | −0.0% | 38.9% | 96.0% | 13.6M | 6.1% | 54.2 | 20.0% |
| 1993 | $4.06B | $308 | $1,116 | 2.1% | 10.0% | 105.2% | 13.2M | 6.3% | 53.7 | 13.8% |
| 1992 | $3.71B | $290 | $1,101 | 1.2% | 14.5% | 110.9% | 12.8M | 6.3% | 52.9 | 14.5% |
| 1991 | $3.25B | $262 | $1,096 | −6.3% | 8.6% | 113.8% | 12.4M | 6.2% | 52.6 | 16.0% |
| 1990 | $3.93B | $326 | $1,166 | 3.1% | 11.8% | 92.7% | 12.1M | 52.1 | 12.9% | |
| 1989 | $3.18B | $271 | 4.1% | 9.0% | 11.7M | 51.8 | 15.4% | |||
| 1988 | $3.19B | $281 | 3.4% | 26.9% | 11.4M | 51.4 | 13.6% | |||
| 1987 | $3.21B | $291 | 1.2% | 15.0% | 11M | 51.1 | 14.1% | |||
| 1986 | $4.35B | $405 | 2.0% | 14.5% | 10.7M | 50.7 | 9.8% | |||
| 1985 | $3.8B | $364 | 1.2% | 10.6% | 10.4M | 50.4 | 9.9% | |||
| 1984 | $3.91B | $385 | 1.8% | 9.9% | 10.1M | 50.2 | 10.7% | |||
| 1983 | $4.69B | $476 | 0.9% | 19.3% | 9.84M | 50.1 | 8.1% | |||
| 1982 | $4.78B | $501 | −1.9% | 31.8% | 9.56M | 50.0 | 8.5% | |||
| 1981 | $4.76B | $513 | −9.8% | 30.5% | 9.28M | 49.8 | 8.9% | |||
| 1980 | $5.2B | $578 | 1.0% | 18.2% | 9.01M | 50.0 | 10.7% | |||
| 1979 | $3.46B | $396 | 9.9% | 14.1% | 8.74M | 50.1 | 14.6% | |||
| 1978 | $2.67B | $315 | −2.7% | 6.5% | 8.48M | 50.0 | 17.2% | |||
| 1977 | $2.36B | $287 | 2.4% | 3.1% | 8.22M | 49.9 | 16.4% | |||
| 1976 | $2.18B | $274 | −3.1% | 5.0% | 7.98M | 49.8 | 15.2% | |||
| 1975 | $2.28B | $295 | 1.3% | 8.2% | 7.74M | 49.6 | 15.9% | |||
| 1974 | $1.92B | $255 | 2.0% | 22.1% | 7.51M | 49.3 | 15.5% | |||
| 1973 | $1.65B | $227 | −2.6% | 6.1% | 7.29M | 48.9 | 14.2% | |||
| 1972 | $1.34B | $190 | −1.3% | 5.6% | 7.07M | 48.5 | 14.3% | |||
| 1971 | $1.2B | $175 | 3.9% | 5.4% | 6.87M | 48.2 | 14.4% | |||
| 1970 | $1.11B | $167 | 5.3% | 2.9% | 6.67M | 47.9 | 19.2% | |||
| 1969 | $1.06B | $163 | 3.7% | 3.8% | 6.48M | 47.3 | 18.1% | |||
| 1968 | $1.03B | $164 | 6.8% | 1.0% | 6.31M | 46.9 | 17.8% | |||
| 1967 | $956M | $156 | 5.5% | 0.8% | 6.14M | 46.5 | 17.5% | |||
| 1966 | $900M | $151 | 2.1% | 3.2% | 5.97M | 46.0 | 17.3% | |||
| 1965 | $834M | $143 | −0.5% | 4.2% | 5.82M | 45.4 | 13.2% | |||
| 1964 | $802M | $142 | 4.0% | 5.67M | 45.0 | 13.3% | ||||
| 1963 | $759M | $137 | −0.9% | 5.53M | 44.6 | 12.8% | ||||
| 1962 | $739M | $137 | 2.3% | 5.38M | 44.2 | 13.8% | ||||
| 1961 | $699M | $133 | 2.0% | 5.25M | 43.8 | 14.6% | ||||
| 1960 | $673M | $132 | 5.11M | 43.3 | 10.0% |
e: IMF estimate; f: IMF forecast.
Nearby economies in Sub-Saharan Africa
Nearest by distance between capitals, with GDP per capita.
Angola · Benin · Botswana · Burkina Faso · Burundi · Cabo Verde · Cameroon · Central African Republic · Chad · Comoros · Côte d’Ivoire · DR Congo · Equatorial Guinea · Eritrea · Eswatini · Ethiopia · Gabon · Gambia · Ghana · Guinea · Guinea-Bissau · Kenya · Lesotho · Liberia · Madagascar · Malawi · Mali · Mauritania · Mauritius · Mozambique · Namibia · Niger · Nigeria · Republic of the Congo · Rwanda · Senegal · Seychelles · Sierra Leone · Somalia · South Africa · South Sudan · Sudan · São Tomé and Príncipe · Tanzania · Togo · Uganda · Zambia · Zimbabwe
Rankings
GDP by country · GDP per capita · Real GDP growth · Inflation by country · Government debt to GDP · Stock market to GDP · Population by country · Unemployment by country
Data and methods
- GDP: gross domestic product in current US dollars, converted from the local currency at market exchange rates (World Bank); not adjusted for inflation.
- Purchasing power parity (PPP): GDP per person in international dollars, which buy the same basket of goods and services in every country. It compares living standards across countries in the same year; it is not adjusted for inflation over time.
- In 2025 dollars: the charts can remove US inflation (US consumer price index, annual average) so that dollar amounts from different years compare in today's money. Exchange rate swings still show.
- Growth and inflation: World Bank data (calendar years). Years the World Bank does not cover yet, and the estimates and forecasts, come from the IMF World Economic Outlook (October 2026): its forecasts start in 2026, and the years after a country's last actual year are IMF estimates.
- Government debt: gross debt of the general government (central, state and local government and social security funds) as a percentage of GDP, IMF. The World Bank's central government debt is narrower and covers fewer countries.
- Stock market capitalization: the end-of-year value of domestic companies listed on the country's exchanges (World Federation of Exchanges via the World Bank; before 2016, Standard & Poor's), as a percentage of GDP: the “Buffett indicator”. Investment funds are excluded, and so are companies listed only abroad; companies from elsewhere that list on an exchange count for its country (Hong Kong lists many mainland Chinese companies).
- Unemployment: ILO modeled estimates (share of the labor force); comparable across countries, but they may differ from national figures.
Source: World Bank, World Development Indicators (CC BY 4.0)
Source: International Monetary Fund, World Economic Outlook (October 2026)