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World > Africa > Madagascar > Economy (Facts)

Madagascar - Economy (Facts)
Economy - overview: Having discarded past socialist economic policies, Madagascar has since the mid 1990s followed a World Bank- and IMF-led policy of privatization and liberalization. This strategy placed the country on a slow and steady growth path from an extremely low level. 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 US. Deforestation and erosion, aggravated by the use of firewood as the primary source of fuel, are serious concerns. 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.
GDP - real growth rate: 4.7% (2006 est.)
GDP (purchasing power parity): $17.27 billion (2006 est.)
GDP (official exchange rate): $5.059 billion (2006 est.)
GDP - per capita (PPP): $900 (2006 est.)
GDP - composition by sector: agriculture: 26.9%
industry: 16.5%
services: 56.6% (2006 est.)
Population below poverty line: 50% (2004 est.)
Household income or consumption by percentage share: lowest 10%: 3%
highest 10%: 29% (1999)
Inflation rate (consumer prices): 12% (2006 est.)
Labor force: 7.3 million (2000)
Budget: revenues: $879.9 million
expenditures: $1.147 billion; including capital expenditures of $331 million (2006 est.)
Industries: meat processing, seafood, soap, breweries, tanneries, sugar, textiles, glassware, cement, automobile assembly plant, paper, petroleum, tourism
Industrial production growth rate: 3% (2000 est.)
Electricity - production: 984 million kWh (2004)
Electricity - consumption: 915.1 million kWh (2004)
Electricity - exports: 0 kWh (2004)
Electricity - imports: 0 kWh (2004)
Oil - production: 90.59 bbl/day (2004 est.)
Oil - consumption: 14,500 bbl/day (2004 est.)
Oil - exports: NA bbl/day
Oil - imports: NA bbl/day
Oil - proved reserves: 0 bbl (1 January 2005)
Natural gas - production: 0 cu m (2004 est.)
Agriculture - products: coffee, vanilla, sugarcane, cloves, cocoa, rice, cassava (tapioca), beans, bananas, peanuts; livestock products
Exports: $993.5 million f.o.b. (2006 est.)
Exports - commodities: coffee, vanilla, shellfish, sugar, cotton cloth, chromite, petroleum products
Exports - partners: France 32%, US 25.3%, Germany 6%, Italy 5%, UK 4.1% (2006)
Imports: $1.544 billion f.o.b. (2006 est.)
Imports - commodities: capital goods, petroleum, consumer goods, food
Imports - partners: France 13.4%, China 11.6%, Iran 9%, Mauritius 7.4%, Hong Kong 4.6% (2006)
Debt - external: $4.6 billion (2002)
Economic aid - recipient: $354 million (2001)
Currency: Malagasy Franc (MGF)
Currency code: MGF
Exchange rates: Malagasy ariary per US dollar - 2,161.4 (2006), 2,003 (2005), 1,868.9 (2004), 1,238.3 (2003), 1,366.4 (2002)
Fiscal year: calendar year


Facts at a Glance: Geography - People - Government - Economy - Communications - Transportation - Military - Climate - Current Time - Ranking Positions
Notes and Commentary: People - Economy - Government and Political Conditions - Foreign Relations - Relations with U.S.



Facts at a Glance
Geography
People
Government
Economy
Communications
Transportation
Military
Climate
Current Time
Ranking Positions


Notes and Commentary
People
Economy
Government and Political Conditions
Foreign Relations
Relations with U.S.





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