Madagascar

After discarding socialist economic policies in the mid-1990s, Madagascar followed a World Bank- and IMF-led policy of privatization and liberalization that has been undermined since the start of the political crisis. 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. However, Madagascar’s failure to comply with the requirements of the African Growth and Opportunity Act (AGOA) led to the termination of the country’s duty-free access in January 2010. Deforestation and erosion, aggravated by the use of firewood as the primary source of fuel, are serious concerns. Former President RAVALOMANANA worked aggressively to revive the economy following the 2002 political crisis, which triggered a 12% drop in GDP that year. The current political crisis which began in early 2009 has dealt additional blows to the economy. Tourism dropped more than 50% in 2009, compared with the previous year, and many investors are wary of entering the uncertain investment environment.

$20.73 billion (2010 est.)

$20.42 billion (2009 est.)

$20.63 billion (2008 est.)

$8.33 billion (2010 est.)

1.5% (2010 est.)

-1% (2009 est.)

7% (2008 est.)

$1,000 (2010 est.)

$1,000 (2009 est.)

$1,000 (2008 est.)

9.504 million (2007)

50% (2004 est.)

47.5 (2001)

38.1 (1999)

34.6% of GDP (2010 est.)

8.1% (2010 est.)

9% (2009 est.)

NA%

45% (31 December 2009 est.)

45% (31 December 2008 est.)

$1.233 billion (31 December 2010 est)

$1.228 billion (31 December 2009 est)

$2.012 billion (31 December 2010 est.)

$1.994 billion (31 December 2009 est.)

$1.02 billion (31 December 2010 est.)

$997.6 million (31 December 2009 est.)

$NA

coffee, vanilla, sugarcane, cloves, cocoa, rice, cassava (tapioca), beans, bananas, peanuts; livestock products

meat processing, seafood, soap, breweries, tanneries, sugar, textiles, glassware, cement, automobile assembly plant, paper, petroleum, tourism

2% (2010 est.)

1.045 billion kWh (2007 est.)

971.4 million kWh (2007 est.)

0 kWh (2008 est.)

0 kWh (2008 est.)

0 bbl/day (2009 est.)

21,000 bbl/day (2009 est.)

365 bbl/day (2007 est.)

16,940 bbl/day (2007 est.)

0 bbl (1 January 2010 est.)

0 cu m (2008 est.)

0 cu m (2008 est.)

0 cu m (2008 est.)

0 cu m (2008 est.)

0 cu m (1 January 2006 est.)

-$600 million (2010 est.)

-$561 million (2009 est.)

$1.412 billion (2010 est.)

$1.309 billion (2009 est.)

coffee, vanilla, shellfish, sugar, cotton cloth, chromite, petroleum products

France 28.9%, US 20.49%, Germany 5.89%, China 4.36% (2009)

$1.958 billion (2010 est.)

$1.893 billion (2009 est.)

capital goods, petroleum, consumer goods, food

China 12.99%, Thailand 11.93%, Bahrain 7.1%, France 6.89%, US 4.13% (2009)

$1.038 billion (31 December 2010 est.)

$1.136 billion (31 December 2009 est.)

$2.973 billion (31 December 2010 est.)

$2.261 billion (31 December 2009 est.)

$NA

$NA

Malagasy ariary (MGA) per US dollar - 2,062.5 (2010), 1,956.21 (2009), 1,654.78 (2008), 1,880 (2007), 2,161.4 (2006)