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Madagascar Economy 1996

Overview:

Madagascar is one of the poorest countries in the world, suffering from chronic malnutrition, underfunded health and education facilities, a 3% annual population growth rate, and severe loss of forest cover, accompanied by erosion. Agriculture, including fishing and forestry, is the mainstay of the economy, accounting for over 30% of GDP and contributing more than 70% of total export earnings. Industry is largely confined to the processing of agricultural products and textile manufacturing; in 1991 it accounted for only 13% of GDP. In 1986 the government introduced a five-year development plan that stressed self-sufficiency in food (mainly rice) by 1990, increased production for exports, and reduced energy imports. Subsequently, growth in output has been held back because of protracted antigovernment strikes and demonstrations for political reform. Since 1993, corruption and political instability have caused the economy and infrastructure to decay further. Since April 1994, the government commitment to economic reforms has been erratic. Enormous obstacles stand in the way of Madagascar's realizing its considerable growth potential.

National product:

GDP - purchasing power parity - $10.6 billion (1994 est.)

National product real growth rate:

2.8% (1994 est.)

National product per capita:

$790 (1994 est.)

Inflation rate (consumer prices):

35% (1994 est.)

Unemployment rate:

NA%

Budget:

revenues:

$250 million

expenditures:

$265 million, including capital expenditures of $180 million (1991 est.)

Exports:

$240 million (f.o.b., 1993 est.)

commodities:

coffee 45%, vanilla 20%, cloves 11%, shellfish, sugar, petroleum products

partners:

France, US, Germany, Japan, Russia

Imports:

$510 million (f.o.b., 1993 est.)

commodities:

intermediate manufactures 30%, capital goods 28%, petroleum 15%, consumer goods 14%, food 13%

partners:

France, Germany, Japan, UK, Italy, Netherlands

External debt:

$4.3 billion (1993 est.)

Industrial production:

growth rate 3.8% (1993 est.); accounts for 13% of GDP

Electricity:

capacity:

220,000 kW

production:

560 million kWh

consumption per capita:

40 kWh (1993)

Industries:

agricultural processing (meat canneries, soap factories, breweries, tanneries, sugar refining plants), light consumer goods industries (textiles, glassware), cement, automobile assembly plant, paper, petroleum

Agriculture:

accounts for 31% of GDP; cash crops - coffee, vanilla, sugarcane, cloves, cocoa; food crops - rice, cassava, beans, bananas, peanuts; cattle raising widespread; almost self-sufficient in rice

Illicit drugs:

illicit producer of cannabis (cultivated and wild varieties) used mostly for domestic consumption

Economic aid:

recipient:

US commitments, including Ex-Im (FY70-89), $136 million; Western (non-US) countries, ODA and OOF bilateral commitments (1970-89), $3.125 billion; Communist countries (1970-89), $491 million

Currency:

1 Malagasy franc (FMG) = 100 centimes

Exchange rates:

Malagasy francs (FMG) per US$1 - 3,718.0 (November 1994), 1,913.8 (1993), 1,864.0 (1992), 1,835.4 (1991), 1,454.6 (December 1990)

Fiscal year:

calendar year

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