National Savings: Madagascar

Analysis# Madagascar National Savings Madagascar's national savings stood at 17.844% of GDP in 2026, representing a 34.4% increase since 2004. The country's savings rate has fluctuated considerably over the past two decades, peaking at 23.11% in 2008 before declining to a low of 6.796% in 2005. The current level sits comfortably above the all-time minimum but remains below the historical peak, reflecting moderate savings capacity relative to economic output. The period from 2017 onward reveals significant volatility. After reaching 21.419% in 2018, savings dropped sharply to 12.34% by 2020, likely reflecting pandemic-related economic disruptions. Since that trough, Madagascar's savings rate has gradually recovered, climbing from 11.461% in 2021 to 17.844% in 2026. This recent upward trajectory suggests stabilization, though the rate remains below pre-pandemic peaks.