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Country profile · compared with SADC

Madagascar

SADCCOMESACurrency MGA

Madagascar is home to 32.7m people (2025) and has an economy of $19.6bn (2025), the 9th largest in SADC. Output per person of $599 is below the regional median of $2,539. The economy grew 3.0% in 2025, and the IMF expects 3.8% in 2026. Inflation was 8.1% in 2025, above the regional median of 3.6%. 42.5% of people have electricity (2024).

Where Madagascar stands out

  • Labour force participationIndicates how much of the population is economically active.Highest of 15 in SADC. Select for the data card.
    Highest of 15 in SADC
  • Foreign reservesThe buffer against currency crises.3rd highest of 16 in SADC. Select for the data card.
    3rd highest of 16 in SADC
  • Manufacturing, value addedManufacturing creates formal jobs and export diversification.3rd highest of 16 in SADC. Select for the data card.
    3rd highest of 16 in SADC

What to watch

  • GDP per personA rough guide to average purchasing power, useful for pricing and for judging whether a market can support premium products.Lowest of 16 in SADC. Select for the data card.
    Lowest of 16 in SADC
  • Lending interest rateThe cost of local debt financing and a guide to the hurdle rate local projects must clear.Highest of 16 in SADC. Select for the data card.
    Highest of 16 in SADC
  • Account ownershipMeasures the reach of formal finance.Lowest of 15 in SADC. Select for the data card.
    Lowest of 15 in SADC

Madagascar scores best on unmet demand and weakest on infrastructure

Scores from 0 to 100 by rank within SADC, against the SADC median. 100 means best in the region on that pillar.

MadagascarSADC median
Market sizeGrowthStabilityInfrastructureDigital,financeGovernanceUnmetdemand38605512182475
Source: Investor Lens method·dotzedw Insights Centre

The IMF expects Madagascar to grow 3.8% in 2026

Real GDP growth, per cent a year. Open bars are IMF forecasts.

ActualIMF forecast
0.0%1.0%2.0%3.0%4.0%5.0%3.0%20253.8%20264.5%20274.6%2028

Ten years of history are free with a Reader account.

Source: IMF·dotzedw Insights Centre

Farming employs 69% of workers but produces 22% of output

Share of jobs in each broad sector against its share of GDP, latest year. A sector with far more jobs than output has low productivity and room to grow.

Share of jobsShare of GDP
0%20%40%60%80%Agriculture69%22%48 pts apartIndustry10%24%14 pts apartServices21%49%28 pts apart
Source: World Bank, ILO·dotzedw Insights Centre

Key figures

The bar under each figure places it among the 16 countries of SADC, lowest on the left. Hover for context; select for the data card.

Madagascar on the map

Its 22 regions and 119 districts, shaded by population, power, water, transport and more; circles sized by value; or power lines, roads and masts on a street map.

Open the full map
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How Madagascar generates electricity

Share of electricity generation by source, latest year.

CoalGasOilWindNuclearBioenergy and otherHydroSolar

No electricity data for Madagascar.

The history of the power mix is part of the Individual plan

US$19 a month or US$190 a year. Subscribe on dotzedw.com and you come straight back to this page with Individual access. Already a member? Sign in with your dotzedw.com account.

Source: Ember, Energy Institute· Get the data (Professional)·dotzedw Insights Centre

Politics, parliament and elections

Compare all countries

In October 2025, after weeks of youth-led protests over water and power cuts, the army's CAPSAT unit under Colonel Michael Randrianirina took power; the National Assembly impeached President Andry Rajoelina, who had left the country, and Randrianirina was sworn in as President. The African Union suspended Madagascar. The transition plans a constitutional referendum in 2027 and a presidential election in October 2027.

Now: Military-led transition. The National Assembly continues to sit; the High Constitutional Court was briefly suspended and then swore in Randrianirina. Timetable as announced in May 2026.
Sources: 2025 Malagasy coup d'état (Wikipedia), Africanews
President of the Refoundation (transitional)
Michael Randrianirina, since 17 Oct 2025
Prime Minister
Herintsalama Rajaonarivelo, since 20 Oct 2025
How the executive is chosen
Under the 2010 Constitution the President is directly elected in two rounds; the transition has suspended this until the 2027 election
Term and limits
Five years; a president may serve at most two terms (2010 Constitution)
In power since
2025 (1 years)
Military-led transition since October 2025. Rajoelina first came to power in the 2009 coup and was elected in 2018 and 2023.
Next national election
October 2027 (presidential)
A constitutional referendum is planned for mid-2027.

163 of the 163 members of the National Assembly are elected

National Assembly, seats as of June 2024. Parallel; 5-year term

163seatsMajority 82 · Two thirds 109 (dashed lines)
  • IRMAR84
  • IND50
  • Firaisankina22
  • FIVOI4
  • Other opposition parties3
How seats are filled
Elected in single-member constituencies by first past the post and in two-member constituencies by list proportional representation.
Powers
Passes laws and the budget; it voted to impeach President Rajoelina on 14 October 2025 by 130 votes.
Special majority
Two thirds of members are needed to impeach the President
Elections
Last 29 May 2024
Source: 2024 Malagasy parliamentary election (Wikipedia)·dotzedw Insights Centre

Senate: 18 members

Senate. Indirect; 5-year term

Seat make-up not recorded.

How seats are filled
Indirectly elected and appointed. Twelve senators elected by local councillors and six appointed by the President.
Powers
Reviews laws; its president stands in for the head of state in a vacancy.
Elections
Last 11 Dec 2023
Source: Senate (Madagascar) (Wikipedia)·dotzedw Insights Centre

What the record shows

  • Madagascar is under a military-led transition; the elected order was suspended in 2025.
  • The largest party changed from TIM in 2013 to IRMAR in 2024, with 41.8% of the vote.
  • The last presidential election, in 2023, was a landslide: the winner took 59%, 45 points ahead of the runner-up.
  • Turnout was 47% in 2024, down from 75% in 1992.
  • V-Dem's clean elections score is 18 out of 100, down from 34 in 2015.

The largest party won 42% of the parliamentary vote in 2024, against 25% in 1998

Every lower-house election since 1990: the largest party's share of the vote and of the seats, and turnout of registered voters. Open circles mark a change of government.

Largest party: votesLargest party: seatsTurnout
0%20%40%60%80%100%199520002005201020152020HalfTwo thirds51.5%Largest party: seats46.8%Turnout41.8%Largest party: votes
Source: Official results, V-Dem·dotzedw Insights Centre

The winner's lead over the runner-up was 45 points in 2023

First-round share of the valid vote for the winner and the runner-up in each presidential election since 1990.

WinnerRunner-up
0%20%40%60%80%100%199520002005201020152020Half59.0%Winner14.4%Runner-up
Source: Official results, V-Dem·dotzedw Insights Centre

Every national election

DateElectionResultTurnoutNotes
29 May 2024National AssemblyNational Assembly, 2024IRMAR41.8%, 84 seatsIND37.6%, 50 seatsFiraisankina14.9%, 22 seatsIRMAR 41.8%, 84 seats; IND 37.6%, 50 seats46.8%
16 Nov 2023PresidentialPresidential, 2023Andry Rajoelina (TGV)59.0%Siteny Randrianasoloniaiko (PSD)14.4%Marc Ravalomanana (TIM)12.1%Andry Rajoelina (TGV) 59.0%; Siteny Randrianasoloniaiko (PSD) 14.4%46.4%DisputedBoycott
27 May 2019ParliamentParliament, 2019independent54.0%, 46 seatsMAPAR / IRD33.4%, 84 seatsTIM10.5%, 16 seatsindependent 54.0%, 46 seats; MAPAR / IRD 33.4%, 84 seats40.0% V-Dem
2018PresidentialPresidential, 2018Rivo Rakotovao39.0%Runner-up36.8%Rivo Rakotovao 39.0%; Runner-up 36.8%53.9%Change of power V-Dem
20 Dec 2013ParliamentParliament, 2013independent50.6%, 53 seatsMAPAR / IRD17.3%, 49 seatsTIM10.8%, 20 seatsindependent 50.6%, 53 seats; MAPAR / IRD 17.3%, 49 seats61.8% V-Dem
2013PresidentialPresidential, 2013Hery Martial Rajaonarimampianina Rakotoarimanana21.1%Runner-up15.9%Hery Martial Rajaonarimampianina Rakotoarimanana 21.1%; Runner-up 15.9%61.8%Change of power V-Dem

Checked 30 Sept 2026. Not yet recorded: Party alignments in the National Assembly have shifted since the October 2025 takeover; seats shown are as elected in 2024. The Senate's status and membership under the transition are not confirmed.

Election calendar

All elections

Hover a vote for its result and what it means.

  • October 2027
    Presidential election ending the transition
    Madagascar: Presidential election ending the transitionA return to civilian rule would matter for donor funding, trade preferences and investor confidence. Watch whether the timetable holds.Sources: Africanews
    Scheduled
  • June 2027
    Constitutional referendum
    Madagascar: Constitutional referendumPart of the two-year transition led by Colonel Michael Randrianirina. The new constitution will set the rules for the October 2027 presidential vote.Sources: Africanews
    Scheduled
  • 16 Nov 2023
    Presidential electionWon by Andry Rajoelina
    Madagascar: Presidential electionResult: Andry Rajoelina re-elected amid an opposition boycott. He was removed in October 2025 after youth-led protests, and Colonel Michael Randrianirina took power.Superseded by the 2025 military-led transition. See the 2027 referendum and presidential election.Sources: Wikipedia, ISS Africa
    Held

Deals and projects

Every deal in Madagascar

Individual Every deal record with its parties, value, stage and sources.

Sources and method