Madagascar: public finances

How much public debt does Madagascar have?

Madagascar's government debt was 47.7% of GDP in 2025 and is projected at 49.8% in 2026, according to the IMF World Economic Outlook. It was 52.1% in 2023.

The IMF figure covers gross debt of the general government, domestic and external, as a share of annual GDP. The Ministry of Economy and Finance, which publishes the budget and debt reports, had a website that could not be reached on 15 October 2026.

Official sources: IMF DataMapper: General government gross debt, Madagascar

What is Madagascar's budget deficit?

Madagascar's government borrowed the equivalent of 2.1% of GDP in 2025, and the IMF World Economic Outlook projects a deficit of 4.5% of GDP in 2026 and 3.8% in 2027.

The figure is net lending or borrowing of the general government, the difference between revenue, including grants, and spending. A negative value in the IMF series is a deficit. The Ministry of Economy and Finance, which publishes the budget and debt reports, had a website that could not be reached on 15 October 2026.

Official sources: IMF DataMapper: Net lending/borrowing, Madagascar

How much tax does Madagascar collect?

Tax revenue is projected at 11.5% of GDP for 2026, according to the table in the central bank's monetary policy decision of 4 August 2026. The quarterly figure for the second quarter of 2026, taken from the finance law, is 5.2%.

The ratio compares taxes collected with the size of the economy. Quarterly ratios are smaller than annual ones because they set three months of revenue against a full year of GDP. The finance law and budget execution reports are published by the Ministry of Economy and Finance, whose website could not be reached on 15 October 2026.

Official sources: Banky Foiben'i Madagasikara: Monetary policy decision of 4 August 2026

What is Madagascar's national debt?

The IMF puts general government gross debt in Madagascar at 47.7% of GDP in 2025. Since 2005 it has ranged from 28.2% of GDP (2007) to 74.4% of GDP (2005). It is 30th highest of 46 in Sub-Saharan Africa, where the median is 53.0% of GDP. Worldwide: 108th of 185.

What is Madagascar's fiscal deficit?

The latest figure from the IMF, for 2025, is -2.1% of GDP, a deficit. The peak was -0.8% of GDP in 2010 and the low -5.7% of GDP in 2006. Across Sub-Saharan Africa the middle value was -3.0% of GDP, and Madagascar placed 17th highest of 47. Worldwide: 76th of 188.

How much does Madagascar's government take in?

In 2025, general government revenue in Madagascar was 11.4% of GDP, according to the IMF. Its high point since 2005 was 2005, at 15.9% of GDP; its low point was 2012, at 9.3% of GDP. Sub-Saharan Africa median: 18.4% of GDP; Madagascar is 42nd highest of 47. World rank, highest first: 179th of 187.

How much does Madagascar's government spend?

The latest figure from the IMF, for 2025, is 13.5% of GDP. The peak was 18.5% of GDP in 2006 and the low 11.5% of GDP in 2012. Sub-Saharan Africa median: 20.8% of GDP; Madagascar is 43rd highest of 46. World rank, highest first: 181st of 186.

How much tax does Madagascar collect?

The latest figure from the IMF, for 2024, is 10.9% of GDP. Since 2005 it has ranged from 8.3% of GDP (2009) to 11.4% of GDP (2008). It is 12th highest of 16 in Sub-Saharan Africa, where the median is 14.1% of GDP. World rank, highest first: 78th of 92.

What is Madagascar's military budget as a share of GDP?

According to SIPRI, military spending in Madagascar was 0.6% of GDP in 2025. Its high point since 2005 was 2005, at 1.1% of GDP; its low point was 2016, at 0.5% of GDP. It is 38th highest of 44 in Sub-Saharan Africa, where the median is 1.3% of GDP. World rank, highest first: 130th of 149.