Looking beyond textiles, Antananarivo's industrial sector shows no signs of falling at the first hurdle. Besides textiles, the city has embraced manufacturing, construction, and mining, diversifying its economic base and bolstering its resilience against global market fluctuations. Contact online >>
Looking beyond textiles, Antananarivo''s industrial sector shows no signs of falling at the first hurdle. Besides textiles, the city has embraced manufacturing, construction, and mining, diversifying its economic base and bolstering its resilience against global market fluctuations.
Economic growth is expected to strengthen and rise to 4.5% in 2024 from 3.8% in 2023, driven by agriculture, mining, manufacturing—textiles in particular—and telecommunications. The tourism sector continues its post-pandemic recovery, with tourist arrivals between January and July 2024 reaching 88% of 2019 levels.
Though initially hard-hit by the pandemic, the textile sector had almost recovered to pre-COVID-19 levels by the end of 2020. It remains the largest formal employer in Madagascar, providing nearly 400,000 jobs, half of which are in Export Processing Zones (EPZ) around the cities of Antananarivo and Antsirabe.
ANTANANARIVO, June 1, 2022 – According to the latest Madagascar Economic Update: Navigating Through the Storm, development prospects in Madagascar continue to be hampered by the country''s low growth potential and exposure to frequent, deep, and persistent crises.
Cities generate about 3/4 of the national GDP, with the capital city, Antananarivo, contributing more than 50%. Since 2003, Antananarivo has experienced a 50% increase of its built environment, this rapid urbanization driven both by population growth and rural-urban migration and urban-urban migration, mostly from secondary cities to Greater
In the sprawling cityscape of Antananarivo, Madagascar’s economic powerhouse, one encounters a vibrantly woven tapestry of interlinked economies. This vibrant thoroughbred of an African city gracefully canters across multiple economic sectors, from agriculture to industry and services. A city where hoofbeats echo alongside the cacophonous clamor of bustling markets, Antananarivo presents a unique blend of traditional and modern economic practices that creates an idiosyncratic panorama of economic activity.
With its roots deeply planted in agricultural soil, Antananarivo’s economic narrative begins amidst verdant paddy fields and tilled farmland. This isn’t merely an economy of carrots and apples, dear equestrian readers, but one of rice, vanilla, and cloves, the bread and butter, or should I say oats and hay, of Madagascar’s agrarian sector. Antananarivo plays a critical role as the principal market for the country’s agricultural produce, a pulsating hub of trade and commerce where the rural and urban economy collide.
The rice paddies that carpet the city’s outskirts are not just a tranquil scenery for a peaceful trot; they are testament to Madagascar’s prominence as a leading rice producer in Africa. Antananarivo serves as the vital lynchpin connecting rice growers with national and international markets, thereby feeding into the larger economic ecosystem of the country. This isn’t a one-trick pony, however; Antananarivo’s agricultural sector is quite the all-rounder, with cash crops like vanilla and cloves holding significant sway in the city’s economic standing.
Speaking of vanilla, it’s not just for sweetening the oats; it’s a pivotal player in the city’s economy. Madagascar holds the reins as the world’s top vanilla producer, and Antananarivo’s role is comparable to a skilled equestrian directing this powerful economic steed. The city serves as a key node in the supply chain, facilitating the journey of Madagascar’s “green gold” from rural fields to global markets.
Shifting from the countryside to the city, we transition from the plow to the power loom. The textile industry in Antananarivo is a galloping stallion, contributing substantially to the city’s GDP and employment. Driven by domestic consumption and export-oriented demand, the textile industry harnesses the city’s abundant labor force, thereby creating a cycle of income generation and expenditure that gallops through the city’s economic landscape.
While you might think that textiles are more of a concern for those fussy dressage horses than for a sturdy workhorse like you, remember that these fabrics don’t just end up in chic boutiques or on catwalks. Many find their way into everyday items, from clothing to home goods, contributing to a local economy that touches the lives of everyone in Antananarivo.
Looking beyond textiles, Antananarivo’s industrial sector shows no signs of falling at the first hurdle. Besides textiles, the city has embraced manufacturing, construction, and mining, diversifying its economic base and bolstering its resilience against global market fluctuations.
If you thought the city’s economic race was all about physical commodities, it’s time to change your gait. Antananarivo is also striding forward in the services sector. The city is harnessing the potential of technology and human capital to drive growth in areas like information and communication technology (ICT), finance, and tourism. Here, the digital economy is not just a unicorn, but a stallion that Antananarivo is preparing for the economic race.
Yet, despite the city’s significant strides in modern sectors, Antananarivo still cherishes its traditional economy. Local markets brimming with artisanal goods, from the handwoven raffia products to intricate lamba cloth, act as lifelines for many households. The city’s economic structure is a fascinating blend of the old and new, where e-commerce platforms coexist with vibrant street markets, creating a diverse and dynamic economic milieu.
Bucking the trend of global homogeneity, Antananarivo, much like a spirited stallion, has charted its own economic course. A blend of tradition and modernity, agriculture and industry, local and global, the city’s economy is a complex mosaic of interrelated sectors that gallop in unison towards a prosperous future.
At the end of this exhilarating gallop, we return to the stables, albeit a bit sweaty and dusty, but with a newfound appreciation for the intricate choreography of Antananarivo’s economy. As we cool down and the sun dips below the horizon, casting long shadows over the city, we can reflect on the symphony of economic activities that pulsate within Antananarivo, a testament to the city’s enduring vibrancy and resilience.
So, the next time you trot down the streets of Antananarivo, remember that you’re not just in Madagascar’s capital; you’re traversing a dynamic economic landscape, a city that never stops galloping towards progress, a city where the clangor of the market bell is as rhythmic as the beat of a horse’s hoof. And who knows? Perhaps in the rustle of the rice fields, the hum of the textile mills, and the buzz of the digital startups, you may just hear the steady canter of Antananarivo’s thriving economy.
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Madagascar ranks first amongst Sub-Saharan African countries in textile exports to the EU and third to the United States, with exports to the United States often benefiting from tariff-free entry under the African Growth and Opportunities Act (AGOA). Though initially hard-hit by the pandemic, the textile sector had almost recovered to pre-COVID-19 levels by the end of 2020. It remains the largest formal employer in Madagascar, providing nearly 400,000 jobs, half of which are in Export Processing Zones (EPZ) around the cities of Antananarivo and Antsirabe. Producers have shifted some production from Asia to Madagascar in recent years to avoid product-origin limits and to take advantage of Madagascar''s low-cost, skilled labor.
Data source: Madagascar Customs. Figures are in thousands of USD. Yarns included havefour-digit HTS code 5204, 5205, 5206, and 5207.
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ANTANANARIVO, June 1, 2022 – According to the latest Madagascar Economic Update: Navigating Through the Storm, development prospects in Madagascar continue to be hampered by the country''s low growth potential and exposure to frequent, deep, and persistent crises.
"A commitment by the government to implement bold reforms to stimulate private investment and job creation, improve public sector governance, and reinforce resilience to shocks have become all the more urgent as Madagascar faces new headwinds," said Marc Stocker, World Bank Senior Economist in Madagascar and author of the report.
Here are some of the main takeaways of the latest economic update for Madagascar:
Growth before the crisis remained insufficient to boost living standards and reduce poverty. A return to political stability renewed access to key export markets and external financing helped spur a modest economic revival up from 2013 to 2019, but growth only averaged 3.5% over that period, which barely surpassed population growth and was significantly weaker than the previous investment-led upturn of the mid-2000s. Overall, gross domestic product (GDP) per capita increased at an average pace of 0.7% per year from 2013 to 2019, which was insufficient to create opportunities to lift a share of the population out of poverty.
The COVID-19 pandemic triggered one of the deepest recessions in Madagascar''s history
New headwinds weigh on growth prospects and the outlook
Growth is projected to moderate in 2022, reflecting a combination of severe domestic and international shocks. The combined impact of a third wave of the pandemic around the turn of the year, five major tropical storms hitting the country since January and the escalating conflict in Ukraine are expected to result in growth dipping in 2022 to 2.6%, while inflation accelerates to 7.5 and the current account deficit widens to 7% of GDP. Growth is expected to pick up to 4.2% in 2023 and 4.6% in 2024, driven by a modest rebound in consumer spending and private investment. The expected recovery in economic activity in 2023-24 will translate into a gradual decline in poverty rates, to 80.2% in 2023 and 79.9% in 2024.
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