Nomad Watch
MG

Madagascar

MG · MDG · #46 · 16 cities

Nomad score 46/100 Compare

Key indicators

GDP per capita (PPP) (2031)
$2,849
GDP (2031)
$33.6B
GDP growth (2031)
4.8% →
Inflation (2031)
5.0% ↓
Unemployment (2025)
3.0% ↓
Population (2031)
37.1M
Population growth (2031)
2.8% →
Gini index (2021)
36.8
Government debt (2031)
48.3% of GDP
Current account (2031)
-5.4% of GDP
FDI inflows (2024)
$606.2M
Life expectancy (2024)
63.8 yrs
Health spending (2023)
3.4% of GDP
Internet users (2024)
18.7%
Mobile subscriptions (2023)
75.5/100
Trade openness (2025)
54.2% of GDP
Exchange rate (2025)
4,529.75/USD
Foreign reserves (2024)
$2.8B
Source: World Bank + IMF World Economic Outlook. Most recent data: 2031.

GDP overview

Nominal GDP and real growth. Dashed = IMF forecast.

GDP per capita (PPP)

Purchasing power parity adjusted, in international dollars

Inflation (CPI)

Unemployment

ILO modeled estimate

Population

Fiscal and trade

Government debt (2031)
48.3% of GDP
Current account (2031)
-5.4% of GDP
FDI inflows (2024)
$606.2M

Income inequality (Gini)

Gini index (2021)
0.37
Assessment
Moderate inequality
Source: World Bank PIP via OWID. 0 = perfect equality, 1 = maximum inequality.

Business environment

New business density (2024)
0.12/1k
Tax revenue (2024)
10.9% of GDP
Services sector (2025)
48.8% of GDP

Financial access and costs

ATMs per 100k (2024)
3.0
Bank branches per 100k (2024)
2.7
ICT service exports (2024)
19.2%
Goods and services tax (2024)
8.3%

Historical data

Historical economic data
Year GDP GDP/cap PPP Growth Inflation Unemp. Population Gini Debt Curr. acct FDI Life exp. Health Internet FX rate
2031 * $33.6B $2,849 4.8% 5.0% - 37.1M - 48.3% -5.4% - - - - -
2030 * $30.7B $2,677 4.8% 6.0% - 36.1M - 48.7% -5.4% - - - - -
2029 * $27.9B $2,493 4.7% 6.0% - 35.1M - 50.6% -5.4% - - - - -
2028 * $25.3B $2,322 4.6% 6.0% - 34.1M - 50.6% -5.7% - - - - -
2027 * $22.9B $2,167 4.1% 7.0% - 33.2M - 50.4% -6.6% - - - - -
2026 * $21.2B $2,058 3.6% 8.3% - 32.3M - 49.3% -8.0% - - - - -
2025 $19.6B $1,952 2.8% 8.0% 3.0% 31.4M - 48.7% -5.8% - - - - 4,529.75
2024 $17.6B $1,889 4.3% 7.6% 3.1% 30.6M - 49.8% -5.3% $606.2M 63.8 - 18.7% 4,525.42
2023 $16.0B $1,810 4.2% 9.9% 3.0% 29.8M - 52.1% -4.0% $519.5M 63.6 3.4% 18.2% 4,429.58
2022 $15.3B $1,716 4.1% 8.2% 3.2% 29.0M - 49.8% -5.4% $467.8M 63.1 3.2% 17.8% 4,096.12
2021 $14.4B $1,577 4.7% 5.8% 3.5% 28.2M 36.8 49.4% -4.9% $357.5M 62.5 3.6% 13.8% 3,829.98
2020 $13.1B $1,490 -7.1% 4.2% 3.3% 27.3M - 52.9% -5.4% $358.5M 62.7 3.7% 11.4% 3,787.75
2019 $14.1B $1,612 4.4% 5.6% 2.5% 26.5M - 41.3% -2.3% $474.3M 63.5 3.1% 9.4% 3,618.32
2018 $13.8B $1,547 3.2% 8.6% 2.3% 25.7M - 42.9% 0.7% $612.0M 63.5 4.2% 7.8% 3,334.75
2017 $13.2B $1,547 3.9% 8.6% 2.1% 24.9M - 40.1% -0.4% $464.9M 63.4 4.8% 6.4% 3,116.11
2016 $11.8B $1,562 4.0% 6.1% 2.0% 24.2M - 40.3% 0.5% $540.8M 63.4 5.3% 4.7% 3,176.54
2015 $11.3B $1,497 3.1% 7.4% 1.8% 23.5M - 44.1% -1.6% $328.1M 63.4 5.0% 4.2% 2,933.51
2014 $12.5B $1,499 3.3% 6.1% 1.4% 22.8M - 37.8% -0.3% $372.9M 63.3 4.5% 3.7% 2,414.81
2013 $12.4B $1,473 2.3% 5.8% 1.0% 22.1M - 36.2% -6.5% $565.8M 63.2 3.8% 3.0% 2,206.91
2012 $11.6B $1,464 3.0% 5.7% 0.6% 21.5M 42.6 30.4% -7.5% $814.8M 63.0 3.9% 2.3% 2,194.97
2011 $11.6B $1,475 1.6% 9.5% 2.5% 20.9M - 29.9% -6.7% $815.5M 62.9 4.5% 1.9% 2,025.12
2010 $10.0B $1,464 0.6% 9.2% 4.3% 20.3M 42.4 32.3% -8.9% $912.3M 62.6 4.7% 1.7% 2,089.95
2009 $9.6B $1,480 -4.0% 9.0% 3.9% 19.7M - 34.9% -18.2% $1.3B 62.3 4.4% 1.6% 1,956.21
2008 $10.7B $1,577 6.7% 9.3% 3.4% 19.1M - 31.0% -15.6% $1.1B 62.0 4.1% 1.7% 1,708.37
2007 $8.5B $1,493 5.7% 10.3% 3.2% 18.5M - 28.2% -9.9% $789.4M 61.5 4.6% 0.7% 1,873.88
2006 $6.4B $1,416 5.4% 10.8% 3.0% 18.0M - 32.2% -9.2% $294.7M 61.1 5.1% 0.6% 2,142.30
2005 $5.9B $1,343 4.8% 18.4% 2.6% 17.5M 39.9 74.4% -12.5% $85.4M 60.7 5.2% 0.6% 2,003.03
Source: World Bank + IMF World Economic Outlook. * = IMF forecast.

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