Madagascar: Net acquisition of financial assets (current LCU)

Key figures

What the numbers say

In 2024, Madagascar's net acquisition of financial assets (current LCU) fell 1.46 trillion on 2023 (from 677.56 billion to -777.74 billion).

Across the 20 yearly changes before that (2004 to 2023), the average change was +29.06 billion and a typical year strayed about 364.85 billion from that (the standard deviation). This year's change was 4.1 standard deviations below that average, so it was unusually large compared with the rest of the record.

On record, the biggest yearly rise was 799.95 billion in 2020 and the biggest yearly fall was 1.46 trillion in 2024. 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 there is no clear straight-line trend: a straight line explains 7% of the movement over 10 observed years, so the value is moving around more than it is heading anywhere.

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 55th highest value of the 57 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

• Mauritius — 51st of 57: -19.87 billion
• Hungary — 52nd of 57: -153.78 billion
• Philippines — 53rd of 57: -224.95 billion
• Chile — 55th of 57: -890.95 billion
• Uganda — 56th of 57: -1 trillion
• Angola — 57th of 57: -2.2 trillion

What this measures

Net acquisition of government financial assets includes domestic and foreign financial claims, SDRs, and gold bullion held by monetary authorities as a reserve asset. The net acquisition of financial assets should be offset by the net incurrence of liabilities. This indicator is expressed in current prices, meaning no adjustment has been made to account for price changes over time. This series is expressed in local currency units.

Limitations: For most countries central government finance data have been consolidated into one account, but for others only budgetary central government accounts are available. Countries reporting budgetary data are noted in the country metadata. Because budgetary accounts may not include all central government units (such as social security funds), they usually provide an incomplete picture. In federal states the central government accounts provide an incomplete view of total public finance. Data on government revenue and expense are collected by the IMF through questionnaires to member countries and by the Organisation for Economic Co-operation and Development (OECD).

All 22 values

Net acquisition of financial assets (current LCU) in nearby economies

• Angola — -2.2 trillion (2024)
• Botswana — -2.86 billion (2023)
• Burkina Faso — 137.43 billion (2024)
• Burundi — 134.1 billion (2021)
• Cabo Verde — 1.5 billion (2020)
• Cameroon — -58.09 billion (2021)
• Central African Republic — -2.89 billion (2021)
• Congo, Dem. Rep. — -1.25 trillion (2022)
• Congo, Rep. — 220.7 billion (2021)
• Côte d'Ivoire

More public sector data for Madagascar

• Military expenditure (current USD) — 119.68 million (2025)
• Military expenditure (current LCU) — 542.69 billion (2025)
• Military expenditure (% of GDP) — 0.62% (2025)
• Military expenditure (% of general government expenditure) — 3.8% (2025)
• Armed forces personnel, total — 22,000 (2020)
• Armed forces personnel (% of total labor force) — 0.15% (2020)
• Grants and other revenue (current LCU) — 2.24 trillion (2024)
• Grants and other revenue (% of revenue) — 19.46% (2024)
• Revenue, excluding grants (current LCU) — 9.73 trillion (2024)
• Revenue, excluding grants (% of GDP)

Reading data like this

• Where to find free public data, and how to check it before you trust it — 2 min read
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• Real change or random noise? A plain guide to reading your numbers — 2 min read

Questions people ask

What is Madagascar's net acquisition of financial assets (current LCU)?

-777.74 billion in 2024, according to the World Bank (World Development Indicators).

How has it changed since 2003?

It is down 906.9% from 96.39 billion in 2003. The highest value was 912.15 billion in 2020 and the lowest -777.74 billion in 2024.

How does Madagascar rank?

55th highest of 57 economies with data for 2024.

Is the latest change in net acquisition of financial assets (current LCU) unusual for Madagascar?

In 2024, Madagascar's net acquisition of financial assets (current LCU) fell 1.46 trillion on 2023 (from 677.56 billion to -777.74 billion). Across the 20 yearly changes before that (2004 to 2023), the average change was +29.06 billion and a typical year strayed about 364.85 billion from that (the standard deviation). This year's change was 4.1 standard deviations below that average, so it was unusually large compared with the rest of the record.

Source

World Bank, World Development Indicators, indicator GC.AST.TOTL.CN, licensed CC BY 4.0. Original source: Government Finance Statistics Yearbook and data files, International Monetary Fund (IMF) 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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