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Madagascar Economy

Madagascar    Economy Top of Page
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 30% 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 prices, and the erratic commitment of the government to economic reform. The extent of government reforms, outside financial aid, and foreign investment will be key determinants of future growth. For 2001, growth should again be about 5%.
GDP: purchasing power parity - $12.3 billion (2000 est.)
GDP - real growth rate: 4.8% (2000 est.)
GDP - per capita: purchasing power parity - $800 (2000 est.)
GDP - composition by sector: agriculture:  30%

industry:  14%

services:  56% (1999 est.)
Population below poverty line: 70% (1994 est.)
Household income or consumption by percentage share: lowest 10%:  1.9%

highest 10%:  36.7% (1993)
Inflation rate (consumer prices): 10% (1999 est.)
Labor force: 7 million (1999)
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: 3% (2000 est.)
Electricity - production: 810 million kWh (1999)
Electricity - production by source: fossil fuel:  37.04%

hydro:  62.96%

nuclear:  0%

other:  0% (1999)
Electricity - consumption: 753.3 million kWh (1999)
Electricity - exports: 0 kWh (1999)
Electricity - imports: 0 kWh (1999)
Agriculture - products: coffee, vanilla, sugarcane, cloves, cocoa, rice, cassava (tapioca), beans, bananas, peanuts; livestock products
Exports: $538 million (f.o.b., 1998)
Exports - commodities: coffee, vanilla, shellfish, sugar; cotton cloth, chromite, petroleum products
Exports - partners: France 41%, US 19%, Germany 13%, UK 8%, Japan 6% (1999)
Imports: $693 million (f.o.b., 1998)
Imports - commodities: intermediate manufactures, capital goods, petroleum, consumer goods, food
Imports - partners: France 34%, Hong Kong 6%, China 6%, Japan 5%, Singapore 4% (1999)
Debt - external: $4.4 billion (1999)
Economic aid - recipient: $838 million (1997)
Currency: Malagasy franc (MGF)
Currency code: MGF
Exchange rates: Malagasy francs per US dollar - 6,656.3 (November 2000), 6,283.8 (1999), 5,441.4 (1998), 5,090.9 (1997), 4,061.3 (1996)
Fiscal year: calendar year


Countryfacts Information Courtesy: CIA Worldbook

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