External balance on goods and services as a percent of GDP in Madagascar
Madagascar: External balance on goods and services as a percent of GDP was -11.6% in 2025. ◆ Volatile
External balance on goods and services as a percent of GDP in Madagascar, 1960–2025
Source: National statistical organizations and central banks, OECD national accounts, and World Bank staff estimates (2026) – processed by Our World in Data. Measured in % of GDP.
Analysis
Madagascar recorded -11.6% for external balance on goods and services as a percent of gdp in 2025.
That represents a change of down 21.6% on the previous year and down 160.7% over ten years.
Over the whole period, external balance on goods and services as a percent of gdp in Madagascar peaked at -0.9% in 2001 and was at its lowest, -21.7%, in 2009.
Madagascar ranks 136th of 191 countries on this measure, in the middle of the range.
The series is highly variable year to year, so single readings are best treated with caution.
External balance on goods and services as a percent of GDP in Madagascar, year by year
| Year | % of GDP | Change |
|---|---|---|
| 1960 | -6.6% | — |
| 1961 | -4.9% | -25.7% |
| 1962 | -4.6% | -5.5% |
| 1963 | -7.1% | +54.4% |
| 1964 | -6.6% | -7.3% |
| 1965 | -6.8% | +2.5% |
| 1966 | -5.9% | -13.0% |
| 1967 | -4.0% | -32.4% |
| 1968 | -5.0% | +26.3% |
| 1969 | -5.0% | -0.7% |
| 1970 | -2.4% | -51.5% |
| 1971 | -6.6% | +171.3% |
| 1972 | -4.1% | -38.3% |
| 1973 | -4.6% | +14.1% |
| 1974 | -4.7% | +1.1% |
| 1975 | -5.0% | +7.5% |
| 1976 | -2.4% | -53.1% |
| 1977 | -3.6% | +52.6% |
| 1978 | -6.9% | +91.6% |
| 1979 | -15.8% | +128.9% |
| 1980 | -8.9% | -43.5% |
| 1981 | -5.8% | -35.6% |
| 1982 | -4.5% | -22.6% |
| 1983 | -3.0% | -32.8% |
| 1984 | -1.8% | -41.0% |
| 1985 | -2.6% | +50.1% |
| 1986 | -1.9% | -30.1% |
| 1987 | -1.8% | -0.1% |
| 1988 | -3.3% | +79.9% |
| 1989 | -1.1% | -68.4% |
| 1990 | -6.6% | +532.0% |
| 1991 | -3.8% | -42.6% |
| 1992 | -4.2% | +9.3% |
| 1993 | -5.2% | +26.0% |
| 1994 | -3.5% | -32.9% |
| 1995 | -3.4% | -3.4% |
| 1996 | -1.8% | -46.1% |
| 1997 | -4.6% | +150.3% |
| 1998 | -4.5% | -1.8% |
| 1999 | -4.2% | -6.1% |
| 2000 | -4.5% | +7.2% |
| 2001 | -0.9% | -80.3% |
| 2002 | -6.6% | +632.2% |
| 2003 | -6.6% | +1.4% |
| 2004 | -9.9% | +48.5% |
| 2005 | -10.5% | +6.4% |
| 2006 | -7.1% | -32.0% |
| 2007 | -11.1% | +55.8% |
| 2008 | -18.9% | +70.5% |
| 2009 | -21.7% | +14.3% |
| 2010 | -14.1% | -34.8% |
| 2011 | -11.0% | -21.8% |
| 2012 | -9.1% | -17.7% |
| 2013 | -9.8% | +8.1% |
| 2014 | -5.4% | -45.0% |
| 2015 | -4.4% | -17.9% |
| 2016 | -2.6% | -40.3% |
| 2017 | -3.5% | +33.5% |
| 2018 | -4.8% | +34.8% |
| 2019 | -5.8% | +20.6% |
| 2020 | -8.7% | +51.7% |
| 2021 | -9.0% | +3.5% |
| 2022 | -9.5% | +4.6% |
| 2023 | -9.3% | -1.4% |
| 2024 | -9.5% | +2.2% |
| 2025 | -11.6% | +21.6% |
Madagascar compared with similar countries
- Madagascar's -11.6% is below the median for low income countries, which is -11.3%, 1.0× the median. (22 countries reporting)
- Madagascar's -11.6% is below the median for Sub-Saharan Africa, which is -6.9%, 1.7× the median. (45 countries reporting)
Biggest year-on-year movements
Years where External balance on goods and services as a percent of GDP in Madagascar changed far more than this series normally does. A large move can be a real event or a change in how the figure was measured — the source note below says who published it.
| Year | Change | From | To |
|---|---|---|---|
| 2002 | -632.2% | -0.9% | -6.6% |
| 1990 | -532.0% | -1.1% | -6.6% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1960s | -5.7% | -7.1% | -4.0% | 10 |
| 1970s | -5.6% | -15.8% | -2.4% | 10 |
| 1980s | -3.5% | -8.9% | -1.1% | 10 |
| 1990s | -4.2% | -6.6% | -1.8% | 10 |
| 2000s | -9.8% | -21.7% | -0.9% | 10 |
| 2010s | -7.1% | -14.1% | -2.6% | 10 |
| 2020s | -9.6% | -11.6% | -8.7% | 6 |
Countries ranked near Madagascar
- 133 United States Virgin Islands -10.9% compare
- 134 Eritrea -11.1% compare
- 135 Cape Verde -11.4% compare
- 137 Egypt -11.7% compare
- 138 Haiti -12.8% compare
- 139 Seychelles -13.0% compare
More economy & growth data for Madagascar
- SDRs holdings, US dollar, annual growth rate 102.48 % change on previous year (2025)
- SDRs holdings, US dollar, per unit of GDP 0.0027 units per US$ of GDP (2025)
- SDRs holdings, US dollar, per capita 1.59 units per person (2025)
- SDRs holdings, SDR, annual growth rate 92.82 % change on previous year (2025)
- SDRs holdings, SDR, per unit of GDP 0.0019 units per US$ of GDP (2025)
- SDRs holdings, SDR, per capita 1.16 units per person (2025)
- IMF holdings of currency, US dollar, annual growth rate 5.01 % change on previous year (2025)
- IMF holdings of currency, US dollar, per unit of GDP 0.0149 units per US$ of GDP (2025)
- IMF holdings of currency, US dollar, per capita 8.94 units per person (2025)
- IMF holdings of currency, SDR, annual growth rate 0 % change on previous year (2025)
Frequently asked questions
- What is external balance on goods and services as a percent of gdp in Madagascar?
- External balance on goods and services as a percent of gdp in Madagascar was -11.6% in 2025, according to National statistical organizations and central banks, OECD national accounts, and World Bank staff estimates (2026) – processed by Our World in Data.
- What is the highest external balance on goods and services as a percent of gdp recorded in Madagascar?
- The highest recorded value was -0.9% in 2001.
- What is the lowest external balance on goods and services as a percent of gdp recorded in Madagascar?
- The lowest recorded value was -21.7% in 2009.
- How does Madagascar rank for external balance on goods and services as a percent of gdp?
- Madagascar ranks 136th out of 191 countries with data for 2025.
- Is external balance on goods and services as a percent of gdp rising or falling in Madagascar?
- Over the last ten years it is down 160.7%. The long-run trend across the full record is volatile.
- Where does this Madagascar data come from?
- The figures come from National statistical organizations and central banks, OECD national accounts, and World Bank staff estimates (2026) – processed by Our World in Data, published as part of External balance on goods and services as a percent of GDP. Statizoid updates them automatically from the source API.
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About this data
Exports of goods and services minus imports of goods and services divided by gross domestic product, expressed as a percentage.