Republic of Madagascar

Real GDP growth stabilized at 4.2 percent in 2024. Led by food and energy prices, year-on-year inflation persisted, rising from 7.3 percent in March 2024 to 8.6 percent in December 2024 as deteriorating road and electricity infrastructure continued to weigh on transportation and production costs. Fiscal performance over the first part of the year was mixed, mostly due to the disbursement of an exceptional loan to JIRAMA, only partially compensated by the slow execution of domestically financed public investment.