Current Account Balance: Madagascar

Analysis# Madagascar Current Account Balance Madagascar's current account balance stands at -6.5% of GDP in 2026, reflecting a persistently widened deficit. The metric has deteriorated significantly from its all-time peak of 0.7% in 2018, when the country briefly achieved a surplus position. Since 1980, the balance has shifted 39.3 percentage points downward, though the -6.5% figure remains well above the devastating -18.2% low recorded in 2009. The 2018 surplus marked a critical inflection point before deficits resumed. From 2017 through 2026, the account balance declined from -0.4% to -6.5%, with particularly sharp deterioration between 2019 and 2020. Projections indicate the deficit will continue widening, suggesting structural challenges in Madagascar's trade and capital flows. The consistent negative readings over the past seven years signal mounting external imbalances requiring policy attention.