Country Report Madagascar June 2011

Economic structure: Quarterly indicators

	2009				2010
	1 Qtr	2 Qtr	3 Qtr	4 Qtr	1 Qtr	2 Qtr	3 Qtr	4 Qtr
Prices
Consumer prices (2005=100)	143.5	143.5	144.8	149.9	155.0	156.7	159.3	164.4
Consumer prices (% change, year on year)	10.1	9.9	7.9	8.0	8.0	9.2	10.0	9.7
Financial indicators
Exchange rate AR:US$ (av)	1,935	1,988	1,935	1,966	2,106	2,106	2,112	2,036
Exchange rate AR:US$ (end-period)	1,959	1,936	1,980	1,955	2,110	2,254	2,015	2,146
Base rate (end-period; %)	10.0	10.0	9.5	9.5	9.5	9.5	9.5	9.5
Deposit rate (av; %)	11.1	11.5	11.5	11.5	10.0	10.3	10.3	10.5
Lending rate (av; %)	43.5	45.0	45.0	45.0	45.0	45.0	45.0	49.0
M1 (end-period; AR bn)	2,279.4	2,234.6	2,245.3	2,402.9	2,365.1	2,469.4	2,443.0	2,618.8
M1 (% change, year on year)	14.7	8.0	6.4	6.2	3.8	10.5	8.8	9.0
M2 (end-period; AR bn)	3,554.7	3,561.6	3,671.9	3,900.7	3,879.3	3,983.4	3,969.3	4,280.4
M2 (% change, year on year)	15.3	13.8	13.5	11.3	9.1	11.8	8.1	9.7
Foreign trade (US$ m)a
Exports fob	235.6	245.9	280.7	291.6	250.6	238.8	273.8	315.4
Imports cif	-914.4	-927.5	-603.8	-696.6	-650.9	-736.6	-655.7	-708.8
Trade balance	-678.9	-681.6	-323.0	-405.0	-400.4	-497.9	-381.9	-393.4
Foreign reserves (US$ m)
Reserves excl gold (end-period)	882	829	1,134	1,136	1,044	1,109	1,107	1,172
a DOTS estimates.
Sources: IMF, International Financial Statistics; Direction of Trade Statistics.

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