Madagascar: New business density (new registrations per 1,000 people ages 15-64)

Key figures

What the numbers say

In 2024, Madagascar's new business density (new registrations per 1,000 people ages 15-64) rose 0.00245 on 2023 (from 0.12 to 0.12).

Across the 9 yearly changes before that (2015 to 2023), the average change was +0.000377 and a typical year strayed about 0.02 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 0.02 in 2017 and the biggest yearly fall was 0.03 in 2020. 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 17% 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 123rd highest value of the 127 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

• India — 119th of 127: 0.18
• West Bank and Gaza — 120th of 127: 0.17
• Chad — 121st of 127: 0.13
• Congo, Dem. Rep. — 123rd of 127: 0.11
• Niger — 124th of 127: 0.1
• Central African Republic — 125th of 127: 0.1

What this measures

The number of newly registered firms with limited liability per 1,000 working-age people (ages 15-64) per calendar year.

Limitations: The definition of entrepreneurship used is limited to the formal sector. Yet, it should be noted that the exclusion of the informal sector is based on the difficulties of quantifying the number of firms that compose it, rather than on its relevance for developing economies. Data collected from economies categorized as offshore financial centers by Eurostat are excluded from the analysis, because registered entities in these countries may not fit the objective of the Entrepreneurship Database aiming at measuring formally registered companies with actual economic activities.

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

All 11 values

New business density (new registrations per 1,000 people ages 15-64) in nearby economies

• Angola — 1.55 (2024)
• Benin — 0.69 (2024)
• Botswana — 13.33 (2024)
• Burkina Faso — 0.77 (2024)
• Burundi — 0.98 (2024)
• Cabo Verde — 21.76 (2024)
• Central African Republic — 0.1 (2024)
• Chad — 0.13 (2024)
• Comoros

More private sector & trade data for Madagascar

• Merchandise trade (% of GDP) — 39.44% (2025)
• Merchandise imports (current US$) — US$5.24 billion (2025)
• Merchandise exports (current US$) — US$2.5 billion (2025)
• Merchandise imports from economies in the Arab World (% of total merchandise imports) — 24.13% (2023)
• Merchandise imports from high-income economies (% of total merchandise imports) — 46.22% (2023)
• Merchandise imports from low- and middle-income economies outside region (% of total merchandise imports) — 45.66% (2023)
• Merchandise imports from low- and middle-income economies in South Asia (% of total merchandise imports) — 12.11% (2023)
• Merchandise imports from low- and middle-income economies in Sub-Saharan Africa (% of total merchandise imports)

Reading data like this

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Questions people ask

What is Madagascar's new business density (new registrations per 1,000 people ages 15-64)?

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

How has it changed since 2014?

It is up 5.1% from 0.11 in 2014 (0.5% a year on average, compounded). The highest value was 0.13 in 2019 and the lowest 0.1 in 2020.

How does Madagascar rank?

123rd highest of 127 economies with data for 2024.

Is the latest change in new business density (new registrations per 1,000 people ages 15-64) unusual for Madagascar?

In 2024, Madagascar's new business density (new registrations per 1,000 people ages 15-64) rose 0.00245 on 2023 (from 0.12 to 0.12). Across the 9 yearly changes before that (2015 to 2023), the average change was +0.000377 and a typical year strayed about 0.02 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 IC.BUS.NDNS.ZS, licensed CC BY 4.0. Original source: Entrepreneurship Database, World Bank (WB), uri: https://www.worldbank.org/en/programs/entrepreneurship 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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