| Economy
The economy of Madagascar is dominated
by agriculture with 70 percent of the population living
in rural areas. Agriculture contributes about 30 percent
of GDP, industry 14 percent (with food industry, energy,
and beverages industry as main sub-sectors), and services
about 55 percent.
Growth in 2003
rose by 9.6 percent, bringing GDP to just below its 2001 level. The primary sector
is expected to recover significantly in 2004, growing at just under 5 percent,
after the 1.3 percent increase of 2003. After strong recoveries in 2003, the secondary
and tertiary sectors are projected to grow more moderately. The small but fast
growing industries in the secondary sector, led by the firms of the Export Processing
Zone (EPZ) in particular, are expected to grow at 8.6 percent, while growth in
the tertiary sector is projected to slow to 8.3 percent. Economic
Indicators
| Indicators | 2002 | 2003 | 2004 |
GDP
(US$ billions) | 4.5 | 5.5 | 4.4 |
| Gross capital formation/GDP | 11.8 | 17.9 | 27.5 | | Exports
of goods and services/GDP | 16.9 | 23.1 | 31.7 |
| Gross domestic savings/GDP | 5.9 | 8.9 | 11.1 |
| Gross national savings/GDP | 5.8 | 13.0 | 17.3 |
| Current account balance/GDP | -5.9 | -4.9 | -9.4 |
| Interest payments/GDP | 1.2 | 0.6 | 0.7 |
| Total debt/GDP | ... | 90.5 | 79.8 |
| Total debt service/exports | ... | 5.4 | 6.2 |
| Present value of debt/GDP | ... | 26.8 | ... |
| Present value of debt/exports | ... | 114.8 | ... |
Source
: World Bank , Country Data, Madagascar |
