Madagascar:
Economy

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Other pages in this profile of Madagascar:
Geography, People, Government, Communications & Transportation, Military & Transnational Issues.


Economy - overview	Definition 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 (purchasing power parity)	Definition - World rank and map $18.12 billion (2007 est.)
GDP (official exchange rate)	Definition $7.322 billion (2007 est.)
GDP - real growth rate	Definition - World rank and map 6.3% (2007 est.)
GDP - per capita	Definition - World rank and map $1,100 (2007 est.)
GDP - composition by sector	Definition agriculture: 26.8% industry: 15.8% services: 57.4% (2007 est.)
Labor force	Definition 7.3 million (2000)
Population below poverty line	Definition 50% (2004 est.)
Household income or consumption by percentage share	Definition lowest 10%: 1.9% highest 10%: 36.6% (2001)
Distribution of family income - Gini index	Definition - World rank and map 47.5 (2001)
Inflation rate (consumer prices)	Definition - World rank and map 10.3% (2007 est.)
Investment (gross fixed)	Definition - World rank and map 25.9% of GDP (2007 est.)
Budget	Definition revenues: $1.227 billion expenditures: $1.629 billion (2007 est.)
Agriculture - products	Definition coffee, vanilla, sugarcane, cloves, cocoa, rice, cassava (tapioca), beans, bananas, peanuts; livestock products
Industries	Definition meat processing, seafood, soap, breweries, tanneries, sugar, textiles, glassware, cement, automobile assembly plant, paper, petroleum, tourism
Industrial production growth rate	Definition - World rank and map 6% (2007 est.)
Electricity - production	Definition - World rank and map 1.046 billion kWh (2005)
Electricity - consumption	Definition - World rank and map 973.2 million kWh (2005)
Electricity - consumption per capita	Definition - World rank and map 48.6 kWh (2005)
Electricity - exports	Definition 0 kWh (2005)
Electricity - imports	Definition 0 kWh (2005)
Oil - production	Definition - World rank and map 92.18 bbl/day (2005 est.)
Oil - consumption	Definition - World rank and map 17,000 bbl/day (2005 est.)
Oil - consumption per 1,000 people	Definition - World rank and map 0.8 bbl/day (2005 est.)
Oil - exports	Definition - World rank and map 363.9 bbl/day (2004)
Oil - imports	Definition - World rank and map 17,830 bbl/day (2004)
Oil - proved reserves	Definition - World rank and map 0 bbl (1 January 2006 est.)
Natural gas - production	Definition - World rank and map 0 cu m (2005 est.)
Natural gas - consumption	Definition - World rank and map 0 cu m (2005 est.)
Natural gas - consumption per capita	Definition - World rank and map 0 cu m (2005 est.)
Natural gas - exports	Definition - World rank and map 0 cu m (2005 est.)
Natural gas - imports	Definition - World rank and map 0 cu m (2005)
Natural gas - proved reserves	Definition - World rank and map 0 cu m (1 January 2006 est.)
Current account balance	Definition - World rank and map -$1.106 billion (2007 est.)
Exports	Definition - World rank and map $989 million f.o.b. (2007 est.)
Exports - commodities	Definition coffee, vanilla, shellfish, sugar, cotton cloth, chromite, petroleum products
Exports - partners	Definition France 31.9%, US 26.7%, Germany 6.1%, UK 4.9%, Italy 4.4% (2006)
Imports	Definition - World rank and map $1.933 billion f.o.b. (2007 est.)
Imports - commodities	Definition capital goods, petroleum, consumer goods, food
Imports - partners	Definition France 14%, China 13.4%, Iran 8.4%, Hong Kong 5.2%, Mauritius 5.2% (2006)
Reserves of foreign exchange and gold	Definition - World rank and map $821 million (31 December 2007 est.)
Debt - external	Definition - World rank and map $4.6 billion (2002)
Stock of direct foreign investment - at home	Definition $NA
Stock of direct foreign investment - abroad	Definition $NA
Market value of publicly traded shares	Definition $NA
Economic aid - recipient	Definition $929.2 million (2005)
Currency (code)	Definition ariary (MGA)
Exchange rates	Definition Malagasy ariary per US dollar - 1,880 (2007), 2,161.4 (2006), 2,003 (2005), 1,868.9 (2004), 1,238.3 (2003)
Fiscal year	Definition calendar year

Madagascar: Economy

Madagascar:
Economy