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Formerly an independent kingdom, Madagascar became a French colony in 1896 but regained independence in 1960. During 1992-93, free presidential and National Assembly elections were held ending 17 years of single-party rule. In 1997, in the second presidential race, Didier RATSIRAKA, the leader during the 1970s and 1980s, was returned to the presidency. The 2001 presidential election was contested between the followers of Didier RATSIRAKA and Marc RAVALOMANANA, nearly causing secession of half of the country. In April 2002, the High Constitutional Court announced RAVALOMANANA the winner. RAVALOMANANA achieved a second term following a landslide victory in the generally free and fair presidential elections of 2006. In early 2009, protests over increasing restrictions on opposition press and activities resulted in RAVALOMANANA stepping down and the presidency was conferred to the mayor of Antananarivo, Andry RAJOELINA. Numerous attempts have been made by regional and international organizations to resolve the subsequent political gridlock by forming a power-sharing government. In late 2011, RAJOELINA appointed a new cabinet, and the country appeared to be moving towards new elections sometime in 2012.


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Economy

Economy - overview
After discarding socialist economic policies in the mid-1990s, Madagascar followed a World Bank- and IMF-led policy of privatization and liberalization that has been undermined since the start of the political crisis. This strategy 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 80% of the population. Exports of apparel boomed in recent years primarily due to duty-free access to the US, however, Madagascar's failure to comply with the requirements of the African Growth and Opportunity Act (AGOA) led to the termination of the country's duty-free access in January 2010 and a sharp fall in textile production. Deforestation and erosion, aggravated by the use of firewood as the primary source of fuel, are serious concerns. The current political crisis, which began in early 2009, has dealt additional blows to the economy. Tourism dropped more than 50% in 2009 compared with the previous year, and many investors are wary of entering the uncertain investment environment.

Gdp (purchasing power parity) World Ranking: 127
$20.66 billion (2011 est.)
$20.55 billion (2010 est.)
$20.44 billion (2009 est.)
Note Data are in 2011 US dollars

Gdp (official exchange rate)
$10.03 billion (2011 est.)

Gdp - real growth rate World Ranking: 188
0.5% (2011 est.)
0.5% (2010 est.)
-4.1% (2009 est.)

Gdp - per capita (ppp) World Ranking: 218
$900 (2011 est.)
$1,000 (2010 est.)
$1,000 (2009 est.)
Note Data are in 2011 US dollars

Gdp - composition by sector
Agriculture 28.3%
Industry 16.4%
Services 55.2% (2011 est.)

Labor force World Ranking: 51
9.504 million (2007)

Population below poverty line
50% (2004 est.)

Household income or consumption by percentage share
Lowest 10% 2.2%
Highest 10% 34.7% (2010 est.)

Distribution of family income - gini index World Ranking: 28
47.5 (2001)
38.1 (1999)

Investment (gross fixed) World Ranking: 110
18.9% of GDP (2011 est.)

Budget
Revenues $1.588 billion
Expenditures $1.672 billion (2011 est.)

Taxes and other revenues World Ranking: 190
15.8% of GDP (2011 est.)

Budget surplus (+) or deficit (-) World Ranking: 57
-0.8% of GDP (2011 est.)

Inflation rate (consumer prices) World Ranking: 189
9.5% (2011 est.)
9.2% (2010 est.)

Central bank discount rate
5% (31 December 2010 est.)
NA% (31 December 2009 est.)

Commercial bank prime lending rate World Ranking: 2
52.5% (31 December 2011 est.)
46% (31 December 2010 est.)

Stock of narrow money World Ranking: 138
$1.444 billion (31 December 2011 est.)
$1.22 billion (31 December 2010 est.)

Stock of broad money World Ranking: 146
$2.223 billion (31 December 2011 est.)
$1.994 billion (31 December 2010 est.)

Stock of domestic credit World Ranking: 161
$944.1 million (31 December 2011 est.)
$890.8 million (31 December 2010 est.)

Market value of publicly traded shares
$NA

Agriculture - products
Coffee, vanilla, sugarcane, cloves, cocoa, rice, cassava (tapioca), beans, bananas, peanuts; livestock products

Industries
Meat processing, seafood, soap, breweries, tanneries, sugar, textiles, glassware, cement, automobile assembly plant, paper, petroleum, tourism

Industrial production growth rate World Ranking: 119
2% (2010 est.)

Electricity - production World Ranking: 142
1.11 billion kWh (2008 est.)

Electricity - consumption World Ranking: 145
1.032 billion kWh (2008 est.)

Electricity - exports
0 kWh (2009 est.)

Electricity - imports
0 kWh (2009 est.)

Oil - production World Ranking: 194
0 bbl/day (2010 est.)

Oil - consumption World Ranking: 125
22,000 bbl/day (2010 est.)

Oil - exports World Ranking: 173
0 bbl/day (2009 est.)

Oil - imports World Ranking: 121
16,390 bbl/day (2009 est.)

Oil - proved reserves World Ranking: 158
0 bbl (1 January 2011 est.)

Natural gas - production World Ranking: 94
0 cu m (2009 est.)

Natural gas - consumption World Ranking: 199
0 cu m (2009 est.)

Natural gas - exports World Ranking: 138
0 cu m (2009 est.)

Natural gas - imports World Ranking: 89
0 cu m (2009 est.)

Natural gas - proved reserves World Ranking: 201
0 cu m (1 January 2006 est.)

Current account balance World Ranking: 152
-$2.476 billion (2011 est.)
-$2.477 billion (2010 est.)

Exports World Ranking: 149
$1.389 billion (2011 est.)
$1.173 billion (2010 est.)

Exports - commodities
Coffee, vanilla, shellfish, sugar, cotton cloth, clothing, chromite, petroleum products

Exports - partners
France 23.4%, Indonesia 15.8%, Singapore 6.8%, China 5.9%, Germany 5.7%, US 5.2%, Canada 4% (2011)

Imports World Ranking: 136
$3.709 billion (2011 est.)
$3.534 billion (2010 est.)

Imports - commodities
Capital goods, petroleum, consumer goods, food

Imports - partners
China 17.4%, France 13.2%, South Africa 6.7%, Singapore 4.9%, Bahrain 4.8%, Mauritius 4.6%, Kuwait 4.5% (2011)

Reserves of foreign exchange and gold World Ranking: 126
$1.255 billion (31 December 2011 est.)
$1.172 billion (31 December 2010 est.)

Debt - external World Ranking: 139
$2.323 billion (31 December 2011 est.)
$2.228 billion (31 December 2010 est.)

Stock of direct foreign investment - at home
$NA

Stock of direct foreign investment - abroad
$NA

Exchange rates
Malagasy ariary (MGA) per US dollar -
2,025.1 (2011 est.)
2,090 (2010 est.)
1,956.2 (2009)
1,654.78 (2008)
1,880 (2007)

Fiscal year
Calendar year


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  Madagascar (Antananarivo):


  GPS points from Madagascar (Antananarivo)

Ambohitralanana Antsiranana

Ambalahady Fianarantsoa

Marosihanaka Antananarivo

Andranonabidy Toamasina

Vohitrosy Mahajanga

Cap Antanifotsy Antsiranana

Tsaramborona Antsiranana

Marosondry Toamasina




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