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Madagascar:
Economy

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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


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