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Madagascar FlagEconomy of Madagascar

Having discarded past socialist economic policies, Madagascar has since the mid 1990s followed a policy of privatization and liberalization. This strategy placed the country on a steady growth path. 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 United States.  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.

Facts on the People of Madagascar

 
 
GDP of Madagascar Africa(purchasing power parity):
$16.36 billion (2005 est.)
GDP of Madagascar Africa(official exchange rate):
$4.719 billion (2005 est.)
GDP of Madagascar - real growth rate:
5.1% (2005 est.)
GDP per capita of Madagascar (PPP):
$900 (2005 est.)
GDP of Madagascar Africa- composition by sector:
agriculture: 27.6%
industry: 16.5%
services: 55.9% (2005 est.)
Labor force of Malagasy:
7.3 million (2000)
Population of Malagasy below poverty line:
50% (2004 est.)
Household income or consumption of Malagasy by percentage share:
lowest 10%: 3%
highest 10%: 29% (1999)
Distribution of family income of Malagasy Africa - Gini index:
47.5 (2001)
Inflation rate (consumer prices):
15% (2005 est.)
Investment (gross fixed):
26.4% of GDP (2005 est.)
Budget of Madagascar Africa:
revenues: $703.6 million
expenditures: $853 million; including capital expenditures of $331 million (2005 est.)
Agriculture products of Malagasy Africa:
coffee, vanilla, sugarcane, cloves, cocoa, rice, cassava (tapioca), beans, bananas, peanuts; livestock products
Industries in Madagascar Africa:
meat processing, soap, breweries, tanneries, sugar, textiles, glassware, cement, automobile assembly plant, paper, petroleum, tourism
Industrial production growth rate of Madagascar Africa:
3% (2000 est.)
Electricity production in Madagascar:
825.4 million kWh (2003)
Electricity  production in Madagascar Africa by source:
fossil fuel: 36.1%
hydro: 63.9%
nuclear: 0%
other: 0% (2001)
Electricity consumption of Malagasy:
767.7 million kWh (2003)
Electricity exports of Malagasy:
0 kWh (2003)
Electricity  imports of Madagascar:
0 kWh (2003)
Oil production in Madagascar:
89.27 bbl/day (2003 est.)
Oil consumption of Malagasy Africa:
15,000 bbl/day (2003 est.)
Oil exports of Madagascar:
NA bbl/day
Oil imports of Madagascar Africa:
NA bbl/day
Oil proved reserves in Madagascar:
0 bbl (1 January 2002)
Natural gas production in Madagascar:
0 cu m (2003 est.)
Natural gas consumption of Malagasy:
0 cu m (2003 est.)
Natural gas - proved reserves:
0 cu m (1 January 2002)
Current account balance of Madagasy:
-$438 million (2005 est.)
Exports of Madagascar Africa:
$951 million f.o.b. (2005 est.)
Exports commodities of Malagasy Africa:
coffee, vanilla, shellfish, sugar, cotton cloth, chromite, petroleum products
Exports partners of Madagascar:
France 30.7%, US 30.1%, Germany 8.7% (2005)
Imports of Madagascar Africa:
$1.4 billion f.o.b. (2005 est.)
Imports commodities of Madagascar:
capital goods, petroleum, consumer goods, food
Imports partners of Madagascar:
France 16.6%, China 10.6%, Iran 7.3%, Mauritius 6.7%, South Africa 6.1%, Hong Kong 5% (2005)
Reserves of foreign exchange and gold:
$572 million (2005 est.)
Debt of Malagasy external:
$4.6 billion (2002)
Economic aid of Malagasy - recipient:
$354 million (2001)
Currency (code):
Madagascar ariary (MGA)
Currency code:
MGF
Exchange rates of Malagasy Ariary:
Malagasy ariary per US dollar - 2,003 (2005), 1,868.9 (2004), 1,238.3 (2003), 1,366.4 (2002), 1,317.7 (2001)
Fiscal year in Madagascar:
calendar year

 

 

 

 

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