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Madagascar Economy
Madagascar Economy: A summary of information about Madagascar Economy, from government research data as well as independent research and other sources.
Madagascar: Economy
Economy - overview
Madagascar faces problems of chronic malnutrition, underfunded health and education facilities, a roughly 3% annual population growth rate, and severe loss of forest cover, accompanied by erosion. Agriculture, including fishing and forestry, is the mainstay of the economy, accounting for 34% of GDP and contributing more than 70% to export earnings. Industry features textile manufacturing and the processing of agricultural products. Growth in output in 1992-97 averaged less than the growth rate of the population. Growth has been held back by antigovernment strikes and demonstrations, a decline in world coffee demand, and the erratic commitment of the government to economic reform. Formidable obstacles stand in the way of Madagascar's realizing its considerable growth potential; the extent of government reforms, outside financial aid, and foreign investment will be key determinants. Growth should be in the 5% range in 2000-01.
GDP
purchasing power parity - $11.5 billion (1999 est.)
GDP - real growth rate
4.5% (1999 est.)
GDP - per capita
purchasing power parity - $780 (1999 est.)
GDP - composition by sector
agriculture: 34% industry: 12% services: 54% (1997 est.)
Population below poverty line
NA%
Household income or consumption by percentage share
lowest 10%: 2.3% highest 10%: 34.9% (1993)
Inflation rate (consumer prices)
9.5% (1999 est.)
Labor force
7 million (1995)
Unemployment rate
NA%
Budget
revenues: $553 million expenditures: $735 million, including capital expenditures of $NA (1998 est.)
Industries
meat processing, soap, breweries, tanneries, sugar, textiles, glassware, cement, automobile assembly plant, paper, petroleum, tourism
Industrial production growth rate
5% (1999 est.)
Electricity - production
750 million kWh (1998)
Electricity - production by source
fossil fuel: 33.33% hydro: 66.67% nuclear: 0% other: 0% (1998)
Electricity - consumption
698 million kWh (1998)
Electricity - exports
0 kWh (1998)
Electricity - imports
0 kWh (1998)
Agriculture - products
coffee, vanilla, sugarcane, cloves, cocoa, rice, cassava (tapioca), beans, bananas, peanuts; livestock products
Exports
$600 million (f.o.b., 1998 est.)
Exports - commodities
coffee 45%, vanilla 20%, cloves, shellfish, sugar, petroleum products (1995 est.)
Exports - partners
France 40%, US 9%, Germany 8%, Japan 6%, UK 6% (1997)
Imports
$881 million (c.i.f., 1998 est.)
Imports - commodities
intermediate manufactures 30%, capital goods 28%, petroleum 15%, consumer goods 14%, food 13% (1995 est.)
Imports - partners
France 39%, Hong Kong 5%, Japan 5%, China, Singapore (1997)
Debt - external
$4.1 billion (1997 est.)
Economic aid - recipient
$838 million (1997)
Currency
1 Malagasy franc (FMG) = 100 centimes
Exchange rates
Malagasy francs (FMG) per US$1 - 6,302.9 (October 1999), 5,877.81 (1999), 5,441.4 (1998), 5,090.9 (1997), 4,061.3 (1996), 4,265.6 (1995)
Fiscal year
calendar year