2011, an vegetating economically year

In 2011, the growth rate is up 0.7%, some way far from the expected 2.8%. The HAT´s finance minister blames the world economic crisis and not the failure to settle the Malagasy political crisis for it. The state which basically intended to do without the foreign financial support invested 3% of the GDP in public expenses. Its single  scored point was an inflation rate kept at 10,1%. 

The year 2011´s sheet 

The primary sector enjoyed a slight improvement compared to its estate in 2010, in spite of a negative growth rate of minus 2.3%. So did the secondary sector with this time a positive growth rate of plus 2.7%, namely owed to the QMM company´s led mining programs. The third sector also enjoyed a growth rate of plus 2.1% thanks to the progressive resumption of tourism and to the construction of some sport and health care facilities. 

According to the applied austerity policy, public expenses were supposed to be kept below 13.8% of the GDP in 2011. The burden of taxation  amounts to10.9%. The current expense represents 10.7% of the GDP, capital expenditure will only reach 3.0% of the GDP and the staff related expenses, 5.6% of the GDP. The spending deficit comes up to 1.8%. 

The national trade balance was reduced to 577.4 millions of DTS for having amounted to 704.7 millions of DTS in 2010. The net investments are being expected to reach 438.7 millions of DTS. Besides, the Central Bank keeps on in its prudent policy as displayed by a central rate held at 9.5%. The Ariary was stable as a currency during the first semester before dropping during the second half of the year. 

Failed political goals 

By the end of 2011, the TGV republic remains virtual, the promised political system supposed to propel the economy and the end of the transitional calvary are faraway dreams. The HAT intends to keep on supporting an alleged economic stability, as well as the new social priority, mainly on electoral incentives. 

As a proof that the 4th republic is purely fictional, the year 2012´s budget is being expected to “put an end to the transition and induce new bases for the economic recovery in a new Republic “. The austerity policy is, therefore, going to keep on tormenting for a longer while. The HAT does no more stand by any eluding recovery of any foreign financial support and officially keeps them out of the issue. 

The HAT displayed more evidences of economic incompetence in spite of its dazzling promises of growth, investment and development. Its improvement came up to plus 0.01% in a year, for the general growth rate amounted to plus 0.6% in 2010 after the 2009 black year with minus 3.7%. Expecting any plus 2.8% high growth rate in 2011 without having to settle the political crisis proved to be presumptuous. In 2011, the ruling power wanted to collect 2 906.3 billions and spend 3 519.4 billions in public expenses. The ultimate balance sheet will not held any surprise, considering that the collected taxes neither increased in value nor remained the same