Madagascar: Broad money (% of GDP)

Key figures

What the numbers say

In 2024, Madagascar's broad money (% of GDP) rose 0.45 percentage points on 2023 (from 26.84% to 27.29%).

Across the 30 yearly changes before that (1994 to 2023), the average change was +0.26 percentage points and a typical year strayed about 1.65 percentage points from that (the standard deviation). This year's change was 0.1 standard deviations above that average, so it was an ordinary year: it sits within the range of normal year-to-year movement.

On record, the biggest yearly rise was 3.66 percentage points in 1991 and the biggest yearly fall was 4.88 percentage points in 1995. The numbers show how large and when, not why; for the cause, look at what happened in that country in those years.

From 2015 to 2024 the straight-line trend is upward, about 0.54 percentage points a year. A straight line explains 66% of the movement over 10 observed years.

Worked out from the yearly values above. How the checks work: standard deviation, z-scores and straight-line trends.

How it compares

In 2024, Madagascar had the 30th highest value of the 33 economies reporting that year. Higher is not always better: for some indicators the lowest value is the one to aim for. See the full ranking.

Closest to Madagascar in the 2024 ranking

• Gambia, The — 27th of 33: 46.88%
• Botswana — 28th of 33: 44.1%
• Guinea — 29th of 33: 30.1%
• Malawi — 31st of 33: 27.15%
• Liberia — 32nd of 33: 27.04%
• Rwanda — 33rd of 33: 26.1%

What this measures

Broad money is the sum of all liquid financial instruments held by money-holding sectors that are widely accepted in an economy as a medium of exchange, plus those that can be converted into a medium of exchange at short notice at, or close to, their full nominal value. This indicator is expressed as a percentage of Gross Domestic Product (GDP) which is the total income earned through the production of goods and services in an economic territory during an accounting period.

Regional and income-group figures are computed by the World Bank as a weighted average.

All 63 values

Broad money (% of GDP) in nearby economies

• Angola — 13.79% (2025)
• Benin — 29.58% (2025)
• Botswana — 44.1% (2024)
• Burkina Faso — 43.31% (2025)
• Burundi — 44.6% (2025)
• Cabo Verde — 94.18% (2025)
• Cameroon — 21.4% (2018)
• Central African Republic — 32.9% (2022)
• Chad — 15.98% (2021)
• Comoros — 36.1% (2025)
• Congo, Dem. Rep. — 17.64% (2025)
• Congo, Rep.

More financial sector data for Madagascar

• GDP deflator (base year varies by country) — 358.35 (2025)
• DEC alternative conversion factor (LCU per US$) — US$4,530 (2025)
• Official exchange rate (LCU per US$, period average) — US$4,530 (2025)
• Inflation, GDP deflator (annual % growth) — 8.38% (2025)
• Domestic credit to private sector by banks (% of GDP) — 16.28% (2024)
• Net domestic credit (current LCU) — 17.77 trillion (2024)
• Net foreign assets (current LCU) — 10.3 trillion (2024)
• Monetary sector credit to private sector (% of GDP) — 16.48% (2024)
• Broad money (current LCU) — 21.72 trillion (2024)

Reading data like this

• Where to find free public data, and how to check it before you trust it — 2 min read
• Data analysis examples: 6 worked from one dataset — 3 min read
• Real change or random noise? A plain guide to reading your numbers — 2 min read

Questions people ask

What is Madagascar's broad money (% of GDP)?

27.29% in 2024, according to the World Bank (World Development Indicators).

How has it changed since 1962?

It is up 12.74 percentage points from 14.54% in 1962. The highest value was 28.24% in 2020 and the lowest 10.32% in 1983.

How does Madagascar rank?

30th highest of 33 economies with data for 2024.

Is the latest change in broad money (% of GDP) unusual for Madagascar?

In 2024, Madagascar's broad money (% of GDP) rose 0.45 percentage points on 2023 (from 26.84% to 27.29%). Across the 30 yearly changes before that (1994 to 2023), the average change was +0.26 percentage points and a typical year strayed about 1.65 percentage points from that (the standard deviation). This year's change was 0.1 standard deviations above that average, so it was an ordinary year: it sits within the range of normal year-to-year movement.

Source

World Bank, World Development Indicators, indicator FM.LBL.BMNY.GD.ZS, licensed CC BY 4.0. Original source: International Financial Statistics database, International Monetary Fund (IMF); World Development Indicators Database, World Bank (WB); National Accounts data files, Organisation for Economic Co-operation and Development (OECD) Figures are fetched from the World Bank API and refreshed monthly; see the series on data.worldbank.org. The full definition and method are in the World Bank's metadata glossary. Comparisons use the same World Bank release.

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