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Prices & public finance · Sub-Saharan Africa · Low income
Madagascar: prices, money and public finance
Inflation is 8.1% (2025), 30th of 180 in the world and 14th of 44 in Sub-Saharan Africa. GDP deflator is 8.4% (2025), 30th of 209 in the world and 12th of 46 in Sub-Saharan Africa. Lending rate is 60.0% (2025), 1st of 136 in the world and 1st of 36 in Sub-Saharan Africa.
Inflation
MadagascarSub-Saharan AfricaLow incomeWorld
GDP deflator
MadagascarSub-Saharan AfricaLow incomeWorld
13 indicators
Prices & public finance: Madagascar in detail
Latest reported value, world rank and rank within Sub-Saharan Africa; values around 2000, 2010, 2020; group and world columns are World Bank aggregates.
| Indicator | Latest | World rank | In region | ~2000 | ~2010 | ~2020 | 10-year change | Region | Income group | World | Since 2000 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| InflationInflation, consumer prices, annual % | 8.1%2025 | 30/180 | 14/44 | 11.9% | 9.2% | 4.2% | +0.6 ppsince 2015 | 3.4% | 4.4% | 3.0% | |
| GDP deflatorInflation, GDP deflator, annual % | 8.4%2025 | 30/209 | 12/46 | 11.6% | 10.2% | 4.3% | +1.9 ppsince 2015 | 4.1% | 6.3% | 3.3% | |
| Lending rateLending interest rate, % | 60.0%2025 | 1/136 | 1/36 | 26.9% | 46.0% | 48.9% | +3.3 ppsince 2015 | — | — | — | |
| Real interest rateReal interest rate, % | 47.6%2025 | 2/136 | 1/36 | 13.7% | 32.5% | 42.7% | +0.5 ppsince 2015 | — | — | — | |
| Exchange rateOfficial exchange rate, local currency per US$ | 4,529.752025 | 9/210 | 2/47 | 1,353.50 | 2,089.95 | 3,787.75 | +54%since 2015 | — | — | — | |
| Tax revenueTax revenue, % of GDP | 10.9%2024 | 116/142 | 23/32 | · | 8.5% | 9.5% | +2.5 ppsince 2014 | — | 9.9% | 13.9% | |
| Government revenueGovernment revenue excluding grants, % of GDP | 12.2%2024 | 133/142 | 28/32 | · | 10.6% | 10.6% | +2.9 ppsince 2014 | — | 11.4% | 24.0% | |
| Government expenseGovernment expense, % of GDP | 11.0%2023 | 135/142 | 30/32 | · | 8.6% | 11.8% | +1.6 ppsince 2013 | — | 13.9% | 28.5% | |
| External debtExternal debt stocks, % of GNI | 39.2%2024 | 69/119 | 26/43 | 103.0% | 28.1% | 38.2% | +15.0 ppsince 2014 | — | 42.2% | — | |
| Private creditDomestic credit to private sector, % of GDP | 16.5%2024 | 138/169 | 21/42 | 7.4% | 10.9% | 16.4% | +4.8 ppsince 2014 | 31.7% | 12.6% | 140.3% | |
| Broad moneyBroad money, % of GDP | 27.3%2024 | 129/146 | 28/42 | 17.4% | 21.4% | 28.2% | +6.0 ppsince 2014 | 42.6% | 22.6% | 135.7% | |
| Reserves, months of importsTotal reserves in months of imports | 5.52024 | 56/165 | 5/32 | 2.8 | 3.4 | 5.7 | +163%since 2014 | 6.1 | 3.3 | 8.6 | |
| Military spendingMilitary expenditure, % of GDP | 0.62%2025 | 137/156 | 39/45 | 1.22% | 0.57% | 0.67% | +0.1 ppsince 2015 | 1.13% | 1.57% | 2.48% |
Source: World Bank, World Development Indicators (CC BY 4.0)“·” — no value reported within two years of that date. World rank counts countries with a recent value.
Better than ten years ago
- Reserves, months of imports+163%5.5 in 2024
Worse than ten years ago
- Inflation+0.6 pp8.1% in 2025
- External debt+15.0 pp39.2% in 2024
Only indicators where higher or lower is clearly better are rated (for example, unemployment down is better, life expectancy up is better).
neighbours
Madagascar and its neighbours
Countries sharing a land border with Madagascar. Latest values since 2005; the highest in each row is marked.
| Indicator | Madagascar | France | Mozambique | Comoros | Seychelles |
|---|---|---|---|---|---|
| Inflation | 8.1%2025 | 0.9%2025 | 4.4%2025 | 3.2%2025 | 0.3%2025 |
| GDP deflator | 8.4%2025 | 1.2%2025 | -1.0%2025 | 4.3%2025 | 2.6%2025 |
| Lending rate | 60.0%2025 | — | 17.5%2025 | 8.0%2022 | 9.9%2025 |
| Real interest rate | 47.6%2025 | — | 18.7%2025 | 0.0%2022 | 7.1%2025 |
| Exchange rate | 4,529.752025 | 0.882025 | 63.912024 | 435.382025 | 14.732025 |
| Tax revenue | 10.9%2024 | 22.8%2024 | 21.8%2024 | — | 22.1%2008 |
| Government revenue | 12.2%2024 | 42.1%2024 | 24.5%2024 | — | 29.5%2008 |
| Government expense | 11.0%2023 | 47.3%2023 | 26.0%2022 | — | 24.6%2008 |
| External debt | 39.2%2024 | — | 350.6%2024 | 24.8%2024 | — |