Economy Of Madagascar
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Economy overview
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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 has 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 four-fifths of the population. Exports of apparel have boomed in recent years primarily due to duty-free access to the United States. 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.
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GDP
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purchasing power parity - $13.02 billion (2004 est.)
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GDP - real growth rate
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6% (2004 est.)
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GDP - per capita
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purchasing power parity - $800 (2004 est.)
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GDP - composition by sector
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agriculture: 34.5%
industry: 7.8%
services: 57.7% (2004 est.)
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Investment gross fixed
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14.8% of GDP (2004 est.)
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Population below poverty line
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71% (2004 est.)
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Household income or consumption by percentage share
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lowest 10%: 3%
highest 10%: 29% (1999)
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Distribution of family income - Gini index
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38.1 (1999)
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Inflation rate consumer prices
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8% (2004 est.)
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Labor force
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7.3 million (2000)
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Labor force by occupation
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Unemployment rate
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5.9% (1998)
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Budget
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revenues: $739.6 million
expenditures: $1.071 billion, including capital expenditures of $331 million (2004 est.)
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Public debt
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Agriculture products
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coffee, vanilla, sugarcane, cloves, cocoa, rice, cassava (tapioca), beans, bananas, peanuts; livestock products
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Industries
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meat processing, soap, breweries, tanneries, sugar, textiles, glassware, cement, automobile assembly plant, paper, petroleum, tourism
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Industrial production growth rate
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3% (2000 est.)
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Electricity production
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830.2 million kWh (2001)
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Electricity production by source
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fossil fuel: 36.1%
hydro: 63.9%
other: 0% (2001)
nuclear: 0%
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Electricity consumption
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772.1 million kWh (2001)
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Electricity exports
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0 kWh (2001)
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Electricity imports
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0 kWh (2001)
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Oil production
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0 bbl/day (2001 est.)
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Oil consumption
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13,000 bbl/day (2001 est.)
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Oil exports
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NA (2001)
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Oil imports
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NA (2001)
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Oil proved reserves
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0 bbl (1 January 2002)
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Natural gas production
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Natural gas consumption
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Natural gas exports
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Natural gas imports
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Natural gas proved reserves
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0 cu m (1 January 2002)
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Current account balance
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$-398 million (2004 est.)
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Exports
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$700 million f.o.b. (2004 est.)
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Exports commodities
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coffee, vanilla, shellfish, sugar; cotton cloth, chromite, petroleum products
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Exports partners
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France 37.4%, US 29.2%, Germany 5.5%, Mauritius 5.2% (2003)
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Imports
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$920 million f.o.b. (2003 est.)
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Imports commodities
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capital goods, petroleum, consumer goods, food
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Imports partners
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China 14.2%, France 13.2%, South Africa 6.4%, Iran 6.2% (2003)
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Reserves of foreign exchange gold
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$423 million (2004 est.)
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Debt external
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$4.6 billion (2002)
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Economic aid recipient
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$354 million (2001)
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Currency
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Malagasy franc (MGF)
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Currency code
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MGF
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Exchange rates
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Malagasy francs per US dollar - 6,210 (2003), 6,831.96 (2002), 6,588.49 (2001), 6,767.48 (2000), 6,283.77 (1999)
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Fiscal year
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calendar year
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Applied Language Solutions offer English to French Translation , English to Malagasy Translation .
This information was reproduced in part from the CIA World Fact book.
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