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Economy - overview:
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Having discarded past socialist economic policies, Madagascar has since the mid 1990s followed a World Bank and IMF led policy of privatization and liberalization, which has placed the country on a slow and steady growth path. Agriculture, including fishing and forestry, is a mainstay of the economy, accounting for one-fourth of GDP and employing four-fifths of the population. Export earnings primarily are earned in the small industrial sector, which features textile manufacturing and agriculture processing. Deforestation and erosion, aggravated by the use of firewood as the primary source of fuel are serious concerns. The separatist political crisis of 2002 undermined macroeconomic stability, with the estimated drop in output being subject to a wide margin of error. Poverty reduction will be the centerpiece of economic policy for the next few years.
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GDP:
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purchasing power parity - $12.59 billion (2002)
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GDP - real growth rate:
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-11.9% (2002 est.)
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GDP - per capita:
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purchasing power parity - $800 (2002 est.)
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GDP - composition by sector:
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agriculture: 25%
industry: 12%
services: 63% (2001 est.)
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Population below poverty line:
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71% (1999 est.)
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Household income or consumption by percentage share:
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lowest 10%: 3%
highest 10%: 29% (1999)
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Distribution of family income - Gini index:
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38.1 (1999)
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Inflation rate (consumer prices):
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7.4% (2001 est.)
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Labor force:
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7.3 million (2000)
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Unemployment rate:
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5.9% (1998)
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Budget:
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revenues: $553 million
expenditures: $735 million, including capital expenditures of $NA (1998 est.)
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Industries:
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meat processing, soap, breweries, tanneries, sugar, textiles, glassware, cement, automobile assembly plant, paper, petroleum, tourism
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Industrial production growth rate:
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3% (2000 est.)
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Electricity - production:
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830.2 million kWh (2001)
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Electricity - production by source:
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fossil fuel: 36.1%
hydro: 63.9%
other: 0% (2001)
nuclear: 0%
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Electricity - consumption:
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772.1 million kWh (2001)
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Electricity - exports:
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0 kWh (2001)
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Electricity - imports:
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0 kWh (2001)
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Oil - production:
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0 bbl/day (2001 est.)
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Oil - consumption:
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13,000 bbl/day (2001 est.)
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Oil - exports:
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NA (2001)
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Oil - imports:
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NA (2001)
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Oil - proved reserves:
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0 bbl (37257)
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Natural gas - proved reserves:
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0 cu m (37257)
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Agriculture - products:
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coffee, vanilla, sugarcane, cloves, cocoa, rice, cassava (tapioca), beans, bananas, peanuts; livestock products
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Exports:
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$700 million f.o.b. (2002)
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Exports - commodities:
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coffee, vanilla, shellfish, sugar; cotton cloth, chromite, petroleum products
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Exports - partners:
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France 34%, US 24.6%, Netherlands 6%, Germany 5.9%, Mauritius 4% (2002)
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Imports:
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$985 million f.o.b. (2002)
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Imports - commodities:
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capital goods, petroleum, consumer goods, food
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Imports - partners:
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France 17.2%, Iran 11%, Mauritius 10.6%, Bahrain 9.4%, Hong Kong 6.9%, South Africa 5.9%, China 4.1% (2002)
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Debt - external:
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$4.6 billion (2002)
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Economic aid - recipient:
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$838 million (1997)
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Currency:
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Malagasy franc (MGF)
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Currency code:
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MGF
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Exchange rates:
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Malagasy francs per US dollar - 6,831.96 (2002), 6,588.49 (2001), 6,767.48 (2000), 6,283.77 (1999), 5,441.4 (1998)
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Fiscal year:
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calendar year
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