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The African Exponent DATA

Country

🇲🇬 Madagascar

MG · MGA Malagasy ariary · Compare Madagascar →

Policy rate not yet covered
Headline inflation 6.80% stale Mar 2026
FX premium not yet covered
Latest T-bill 2.56% 91-day · 14 Aug 2026

Tier 1 · Markets

The Market Now

Series Per US$1 As of Source
Official not yet covered
Marketparallel 4,518.28 27 Sep 2026, 00:35 UTC Binance P2P
Premium not yet covered

Official rate, 10-year annual average (World Bank)

2,4003,4504,50020142017202020232025

Download CSV — FX history · Download CSV — official rate, annual

Tier 2 · Policy & Prices

Policy & Prices

Policy rate

not yet covered

Inflation

Series YoY Period Source
Headline stale 6.80% Mar 2026 Source

As of 12 Sep 2026, 19:49 UTC

Download CSV — headline

Yield curve

weighted avg BFM

91-day 2.56% 14 Aug 2026
182-day 3.80% 14 Aug 2026
364-day 5.86% 14 Aug 2026

Steep — 364-day above 91-day.

Download CSV — auction history

Tier 3 · Structure

Structure & trajectory

Annual indicators, latest available year on each card · Sources: World Bank / UN / IMF WEO Oct 2025 / V-Dem / EIA

15 of 26 indicators improving mixed

Rule: for each metric with at least two observations, direction is the sign of (latest − earliest). Child mortality, $3/day poverty, national poverty, debt service, debt-to-GDP, and the Gini index are inverted (a decline is improvement). Overall: improving if ≥60% of those metrics improved, mixed if 40–60%, worsening if <40%.

Population

32.7M · 2025

25M29M33M201520172019202120232025

↑ 8M since 2014

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GDP per capita (PPP)

$1,952 · 2025

$1,400$1,700$2,000201520172019202120232025

↑ $453.64 since 2014

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GDP per capita growth

0.6% · 2025

-10%0%3%201520172019202120232025

↓ 0 pts since 2014

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Life expectancy

63.8 years · 2024

626364201420162018202020222024

↑ 0.6 years since 2014

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Child mortality

62.4 per 1,000 · 2024

626466201420162018202020222024

↓ 3.3 since 2014

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Internet users

18.7% · 2024

3.7%11.3%19%201420162018202020222024

↑ 15 pts since 2014

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Manufacturing share of GDP

13.1% · 2024

8.5%10.8%13%201420162018202020222024

↑ 4.1 pts since 2014

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Electricity access

42.5% · 2024

22%32%42%201420162018202020222024

↑ 19.5 pts since 2014

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Adult literacy

74.7% · 2021

74%75.5%77%2018201920202021

↓ 2 pts since 2018

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Debt service / exports

7.2% · 2024

2.7%5%7.2%201420162018202020222024

↑ 4.4 pts since 2014

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Exports of goods and services

$4.1B · 2024

$2.5B$3.6B$4.7B201420162018202020222024

↑ $549.3M since 2014

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GDP growth

3% · 2025

-8%0%5%201520172019202120232025

↓ 0.3 pts since 2014

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GDP

$19.6B · 2025

$11B$15.5B$20B201520172019202120232025

↑ $7.1B since 2014

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Unemployment

3% · 2025

1.7%2.6%3.5%201520172019202120232025

↑ 1.7 pts since 2014

ILO modeled estimate — national definitions differ

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FDI inflows

$606.2M · 2024

$320M$465M$610M201420162018202020222024

↑ $233.3M since 2014

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Remittances

$406.3M · 2024

$290M$395M$500M201420162018202020222024

↑ $61.8M since 2014

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External debt

$6.7B · 2024

$2.9B$4.8B$6.7B201420162018202020222024

↑ $3.7B since 2014

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Agriculture share of GDP

21.7% · 2025

21%23.5%26%201520172019202120232025

↓ 4.1 pts since 2014

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Services share of GDP

48.8% · 2025

48%49.5%51%201520172019202120232025

↓ 2 pts since 2014

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Investment rate

21% · 2025

18%20.5%23%201520172019202120232025

↑ 2.8 pts since 2014

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Terms of trade

84.40 · 2024

84.0092.00100.00201420162018202020222024

↓ 13.70 since 2014

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FX reserves

$2.8B · 2024

$770M$1.8B$2.8B201420162018202020222024

↑ $2B since 2014

includes gold

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Lending rate

60% · 2025

48%54%60%201520172019202120232025

→ 0 pts since 2014

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Deposit rate

12.1% · 2025

12%13.5%15%201520172019202120232025

↑ 1.1 pts since 2014

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Health expenditure

3.4% · 2023

3.1%4.2%5.3%2014201820202023

↓ 1 pts since 2014

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Physicians

0.2 per 1,000 · 2022

0.170.1850.220142016201820202022

↓ 0 since 2014

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Tertiary enrollment

6.1% · 2023

4.6%5.3%6.1%2014201820202023

↑ 1.5 pts since 2014

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Tourist arrivals

87,100 · 2020

87,000288,500490,000201520162017201820192020

↓ 194,900 since 2015

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Account ownership

24.5% · 2024

8.5%17.2%26%201420162018202020222024

↑ 15.9 pts since 2014

Findex · every 3–4 years

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Exports per capita derived

$128.55 · 2024

$89$124.5$160201420162018202020222024

↓ $15.2 since 2014

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Median age

18.9 years · 2023

1718192014201820202023

↑ 1.6 years since 2014

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Government revenue / GDP

12.4% · 2026

10%12%14%201620182020202220242026

↑ 1.9 pts since 2014

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Debt to GDP

49.3% · 2026

37%45%53%20142017202020232026

↑ 11.5 pts since 2014

Source: IMF WEO · latest 1–2 years are IMF estimates

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Gross debt (national currency)

MGA 48.8T · 2026

MGA 11.0TMGA 30.0TMGA 49.0T20142017202020232026

↑ MGA 37.3T since 2014

Source: IMF WEO · latest 1–2 years are IMF estimates

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Current account / GDP

-8% · 2026

-8%0%0.7%20142017202020232026

↓ 7.7 pts since 2014

Source: IMF WEO · latest 1–2 years are IMF estimates

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Budget balance / GDP

-4.6% · 2026

-5.5%-3.3%-1.1%20142017202020232026

↓ 2.6 pts since 2014

Source: IMF WEO · latest 1–2 years are IMF estimates

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Electoral democracy

0.36 · 2025

0.360.420.49201520172019202120232025

↓ 0.10 since 2014

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Trade profile

Exports

$4.1B · 2024

$2.5B$3.6B$4.7B201420162018202020222024

↑ $549.3M since 2014

Imports

$5.4B · 2024

$3.5B$4.8B$6.1B201420162018202020222024

↑ $1.4B since 2014

Balance derived

−$1.3B · 2024

$-1.5B$-840M$-180M201420162018202020222024

↓ $865.4M since 2014

Top exports · 2024

Products

  1. Nickel $463.5M · 18.1%
  2. Coffee, tea, spices $447.5M · 17.5%
  3. Apparel, not knitted $273.7M · 10.7%
  4. Ores, slag and ash $238.6M · 9.3%
  5. Apparel, knitted $220.7M · 8.6%
  6. Fish and crustaceans $103.9M · 4.1%
  7. Pearls, precious stones and metals $88.2M · 3.4%
  8. Salt, earths, stone, cement $76.5M · 3.0%
  9. Cocoa and cocoa preparations $75M · 2.9%
  10. Essential oils and cosmetics $74.9M · 2.9%

Partners

  1. France $453.7M · 17.7%
  2. United States $395M · 15.4%
  3. China $268.3M · 10.5%
  4. South Korea $184.3M · 7.2%
  5. Japan $176.5M · 6.9%
  6. India $160.4M · 6.3%
  7. Netherlands $137.3M · 5.4%
  8. South Africa $94.5M · 3.7%
  9. Canada $93.8M · 3.7%
  10. Germany $76.2M · 3.0%

Top imports · 2024

Products

  1. Mineral fuels $905.4M · 18.8%
  2. Machinery and mechanical appliances $352.3M · 7.3%
  3. Electrical machinery and equipment $301.4M · 6.3%
  4. Vehicles other than railway $282.8M · 5.9%
  5. Cereals $224.2M · 4.7%
  6. Animal or vegetable fats and oils $215.8M · 4.5%
  7. Pharmaceutical products $192.5M · 4.0%
  8. Plastics $156.2M · 3.3%
  9. Knitted or crocheted fabrics $146M · 3.0%
  10. Salt, earths, stone, cement $144M · 3.0%

Partners

  1. China $1.2B · 24.7%
  2. Oman $652.7M · 13.6%
  3. France $291.1M · 6.1%
  4. India $266.3M · 5.5%
  5. Pakistan $211.5M · 4.4%
  6. South Africa $205.6M · 4.3%
  7. United Arab Emirates $203.5M · 4.2%
  8. Mauritius $163.2M · 3.4%
  9. Malaysia $146.3M · 3.0%
  10. Egypt $134.1M · 2.8%

2025 filings are still arriving — this page updates as each country reports

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