Business & Markets · Credit to private sector · Madagascar
Madagascar’s credit to private sector fell to 16.5% of GDP in 2024.
16.5% of GDP
2024
Down 0.45 pp from 2023.
Updated 8 Oct 2026
In plain words
16.5% of GDP
What it is. This measure adds up the loans and other credit that banks and other domestic financial institutions extend to private firms and households, then divides the total by the size of the economy. It shows how much of the country's annual output is matched by private borrowing. Lending to the government and informal lending between individuals are left out.
Neither way is good in itself. A higher share can mean a deeper financial system that funds investment and housing, and it can also mean heavier debt and more risk if lending grows too fast. A lower share can mean scarce finance, or an economy with little leverage. The latest figure, for 2024, is 16.5% of GDP, down from 16.9% of GDP a year earlier, a fall of 0.45 percentage points. Since 2015 the series has ranged from a low of 11.9% of GDP in 2016 to a high of 18.6% of GDP in 2022. The current level sits nearer the top of that range than the bottom, and below the 2022 peak.
Why it matters. At 16.5% of GDP, private credit in Madagascar is modest relative to the economy. Firms that want to expand often rely on retained profits or informal finance, and many households have limited access to formal loans. The small dip from 2023 means private lending grew a little more slowly than the economy over that year. The 2022 high of 18.6% of GDP is the level to compare against if the share starts rising again.
| Period | Credit to private sector · Madagascar |
|---|---|
| 2015 | 12.3% of GDP |
| 2016 | 11.9% of GDP |
| 2017 | 12.7% of GDP |
| 2018 | 13% of GDP |
| 2019 | 14.2% of GDP |
| 2020 | 16.4% of GDP |
| 2021 | 17.9% of GDP |
| 2022 | 18.6% of GDP |
| 2023 | 16.9% of GDP |
| 2024 | 16.5% of GDP |
Source: World Bank, World Development Indicators (CC BY 4.0) · Licence: CC BY 4.0
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Strata-AF™ Data, Credit to private sector, Madagascar, 2024; source World Bank, World Development Indicators (CC BY 4.0), retrieved 8 Oct 2026; https://data.strata-af.com/business/private-sector-credit/madagascar
Data insights · Worked out from the published figures
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Working this out from the published figures…
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Methodology
Domestic credit to the private sector as a share of GDP. Unit: % of GDP.
Source: World Bank, World Development Indicators (series FS.AST.PRVT.GD.ZS), retrieved through the World Bank API and published under CC BY 4.0. Updated annually; the World Bank's own source notes apply.