Economy
Nominal GDP
USD 17.7 billion
GDP per capita
USD 530
2021–2025 average
Currency
- Name
- Malagasy ariary
Малагасийский ариари - ISO code
- MGA
- Rate against the US dollar
- USD 1 = 4,401 MGA
- Rate against the rouble
- 100 MGA = 1.8985 RUB
- Rate type
- Cross rate via the Bank of Russia USD/RUB rate
- Currency zone
- National currency
Exchange rate as of 1 October 2026
Economic structure
GDP structure: 2021–2025 average Source: Based on World Bank data. Period: 2021–2025 average
- Agriculture 22.0%
- Industry 22.9%
- Services 49.2%
Industries and programmes
- Key industries
- Vanilla, cloves, nickel and cobalt (Ambatovy), ilmenite, textiles, and tourism.
- Government programmes
- National strategy and development programs following the change in leadership in 2025
- The previous development framework was the Plan Émergence Madagascar
International trade
Exports of goods, 2021–2025
USD billion Source: World Bank / WTO, merchandise exports (TX.VAL.MRCH.CD.WT). Period: 2021–2025
Table
| Year | USD billion | index, 2021 = 100 |
|---|---|---|
| 2021 | 2.73 | 100.0 |
| 2022 | 3.61 | 132.2 |
| 2023 | 3.21 | 117.6 |
| 2024 | 2.58 | 94.5 |
| 2025 | 2.50 | 91.6 |
- Imports of goods
- USD 4.94 billion 2021–2025 averageSource: ITC. Period: 2021–2025 average
- Exports of goods and services
- USD 4.19 billion 2025Source: World Bank, national accounts. Period: 2025
- Change in exports of goods, 2021–2025
- −8.4%
- Average annual rate of change in exports of goods, 2021–2025
- −2.2%
Export specialisation
Main export products
share of exports of goods, %, 2024 Source: UN Comtrade, 2024; share of total merchandise exports, HS chapters (2 digits). Period: 2024
Main export destinations
share of exports of goods, %, 2024 Source: UN Comtrade, 2024; share of total merchandise exports, HS chapters (2 digits). Period: 2024
Investment areas
- Mining (nickel, graphite, ilmenite)
- Agro-processing
- Textiles
- Tourism
- Renewable energy
Agreements with Russia
Investment protection
There is no bilateral agreement with Russia on the promotion and reciprocal protection of investments.
Absent
Double taxation
There is no double taxation agreement with Russia.
Absent
Visa requirements
Russian citizens holding ordinary passports require a visa.
Visa required
Peaceful nuclear energy
No information
Other agreements
Source: Russian Ministry of Foreign Affairs (https://www.mid.ru/ru/foreign_policy/international_contracts/international_contracts/2_contract/43820/)- Agreement on Military Cooperation (2018).
- Agreement on Military-Technical Cooperation (2022).
- Agreement on the Use of Madagascar’s Debt to Finance Development Projects (2015).
- Treaty on Legal Assistance in Civil, Family and Criminal Matters.
Incentives
- Main regimes and incentives
Investment Law 2007; SEZ Law 2017; incentives for export-oriented enterprises.
- Type of measure
- Administering organisation
- EDBM — Economic Development Board of Madagascar
