Madagascar External Debt to GNI
External debt stocks as % of GNI DT.DOD.DECT.GN.ZS
Madagascar's external debt to gni was 40.93% in 2025, ranked 58th globally. This represents a 4.4% increase from 2024. Data from World Bank, covering 1970–2025.
Overview
Madagascar's external debt to gni stood at 40.93% in 2025, a rise of +1.72pp from 2024. Based on recent trends, this figure is projected to reach 40.93% by 2025. Madagascar ranked 58th globally.
Madagascar’s external debt-to‑GNI ratio stood at 40.93 % in 2025, placing the country 58th in the world and just above the Dominican Republic’s 41.22 % and South Africa’s 41.35 % levels. The indicator has oscillated over a 56‑year span, climbing from a low of 8.75 % in 1976 to a dramatic peak of 126.33 % in 1991, when debt accumulation coincided with structural adjustment programmes and a sharp fall in export earnings. Since the early 1990s the ratio has trended downward, stabilising in the high‑30s to low‑40s range, reflecting gradual fiscal consolidation, modest growth in gross national income and periodic debt relief initiatives. Nevertheless, the current level remains markedly higher than the 1976 trough, indicating persistent vulnerability to external financing conditions. Continued improvements in export diversification, fiscal discipline and access to concessional financing could further reduce the debt burden, steering the ratio toward a more sustainable trajectory.
Data & projection
| Year | External Debt to GNI | YoY change | Rank |
|---|---|---|---|
| 2027* trend | 42.03% | - | - |
| 2026* trend | 41.48% | - | - |
| 2025* trend | 40.93% | - | - |
| 2025 | 40.93% | +1.72pp | #58 |
| 2024 | 39.21% | −2.20pp | #46 |
| 2023 | 41.41% | +1.73pp | #50 |
| 2022 | 39.69% | +1.76pp | #43 |
| 2021 | 37.92% | −0.30pp | #37 |
| 2020 | 38.22% | +8.59pp | #39 |
| 2019 | 29.63% | +1.79pp | #30 |
| 2018 | 27.84% | +1.46pp | #28 |
| 2017 | 26.38% | +0.36pp | #30 |
| 2016 | 26.02% | −1.46pp | #32 |
| 2015 | 27.48% | +3.23pp | #36 |
| 2014 | 24.24% | −0.26pp | #36 |
| 2013 | 24.50% | −2.20pp | #38 |
| 2012 | 26.71% | +1.42pp | #48 |
| 2011 | 25.29% | −2.83pp | #40 |
Detected Pattern
Analysis
Madagascar matched the Export Boom Cycle pattern in 2016. Historically, 71% of countries showing this pattern (546 out of 768) saw external debt to gni improve within 24 months. View full analysis →
Frequently Asked Questions
Madagascar's external debt to gni was 40.93% in 2025. Ranked 58th globally. This represents a 4.4% increase from the previous year.
Madagascar's external debt to gni peaked at 126.33% in 1991.
The lowest external debt to gni in Madagascar was 8.75% in 1976.
Madagascar ranks 58th globally in external debt to gni as of 2025.
The World Bank indicator code is DT.DOD.DECT.GN.ZS. Data sourced from World Bank.
Madagascar's external debt to gni is projected to reach 40.93% by 2025 based on trend extrapolation.
The external debt to gni of Madagascar in 2025 was 40.93%. This ranks 58th in the world.
Cite this page
@misc{historysaid_madagascar_external-debt-to-gni,
title = {Madagascar External Debt to GNI},
url = {https://historysaid.com/madagascar/external-debt-to-gni/},
publisher = {HistorySaid},
year = {2026}
}