Ethiopia vs Madagascar: Government debt
Government debt: 33.5% of GDP in Ethiopia in 2024 and 47.8% of GDP in Madagascar in 2025, by IMF estimates. In 2024 the value was higher in Madagascar, by 16.3 percentage points, or 1.49 times that in Ethiopia.
EthiopiaMadagascar
Watch it change on the map% of GDP · IMF
Latest figures
% of GDP · IMF
| Country | Latest | 10 years before | Rank in 2025 | Projected |
|---|---|---|---|---|
| Ethiopia | 33.5 2024 | 44.2 | — | 27.5 2031 |
| Madagascar | 47.8 2025 | 44.1 | 85 of 149 | 49.7 2031 |
What the numbers say
- Madagascar has been higher since 2022, when it overtook Ethiopia.
- The IMF projection (World Economic Outlook, October 2026) puts Ethiopia at 27.5% of GDP and Madagascar at 49.7% of GDP in 2031.
Every year
% of GDP · IMF
| Year | Ethiopia | Madagascar |
|---|---|---|
| 2025 | 43.3 | 47.8 |
| 2024 | 33.5 | 49.8 |
| 2023 | 38.7 | 52.2 |
| 2022 | 47 | 49.8 |
| 2021 | 53.8 | 49.4 |
| 2020 | 53.3 | 52.9 |
| 2019 | 54.7 | 41.3 |
| 2018 | 58.5 | 42.9 |
| 2017 | 55.3 | 40.1 |
| 2016 | 51.8 | 40.3 |
| 2015 | 50.7 | 44.1 |
| 2014 | 44.2 | 37.9 |
| 2013 | 44.1 | 36.2 |
| 2012 | 39.4 | 30.4 |
| 2011 | 44.6 | 30 |
| 2010 | 39.4 | 32.3 |
| 2009 | 30 | 34.9 |
| 2008 | 56.1 | 31 |
| 2007 | 55.7 | 28.2 |
| 2006 | 79.6 | 32.2 |
| 2005 | 78.2 | 74.4 |
| 2004 | 103.1 | 81.9 |
| 2003 | 103.7 | 85.9 |
| 2002 | 107.4 | 86.7 |
| 2001 | 97.3 | 82.1 |
| 2000 | 93.6 | 90.2 |
| 1999 | 97.8 | 104.1 |
| 1998 | 89.3 | 108.5 |
| 1997 | 80.3 | 89.7 |
| 1996 | 132.8 | 98.7 |
| 1995 | 146.6 | 95.8 |
| 1994 | 155.2 | 96 |
| 1993 | 141 | 105.2 |
| 1992 | 87.9 | 110.9 |
| 1991 | – | 113.8 |
| 1990 | – | 92.7 |
- 12.3Projected
IMF projection (World Economic Outlook, October 2026) · 2026–2031
| Year | Ethiopia | Madagascar |
|---|---|---|
| 2026 | 40.7 | 49.8 |
| 2027 | 37 | 50.6 |
| 2028 | 34.2 | 50.9 |
| 2029 | 31.8 | 50.9 |
| 2030 | 29.7 | 49.9 |
| 2031 | 27.5 | 49.7 |
Each country on its own
Good to know
- What the government owes, as a share of the economy’s yearly output.
- Source: IMF, World Economic Outlook, October 2026.
- The dashed line is the IMF projection (World Economic Outlook, October 2026), a scenario rather than a forecast.
- Ranks count the 149 countries with a value in 2025, highest first.
How the layers work, where their data comes from and what they can’t tell you: Countries through time