Madagascar’s economic growth, which was negative (4.1%) in 2009 and weak (0.5%) in 2010, progressed to 1.6% in 2011, still low compared to the average growth of sub- Saharan African countries, estimated at 5.3% by the International Monetary Fund (IMF) in its October 2012 Regional Economic Outlook. The economy grew by 1.9% in 2012, driven mainly by the mining industries, transport (helped by a revival of tourism) and exports from customs-free zones.1 The authorities applied a restrictive fiscal policy to cope with the reduction of external aid, a consequence of the political crisis that has shaken the country since 2009. They followed a prudent monetary policy and managed to contain the budget deficit at 3.1% of GDP (as against 1.7% in 2011). Similarly, they managed to limit the increase of prices to an annual average of 6.4%, down from 9.8% in 2011. The currentaccount deficit widened to 8.3% of GDP from 6.9% of GDP in 2011. This was the result of greater deterioration in the trade balance and in the services balance, which could not be offset by improvements in the balance of current transfers and of the balance of financial transactions and in capital. Finally, if the elections intended to put an end to the crisis are organised in 2013 as planned, growth could accelerate in 2013 and 2014 to 3% and 4%, respectively. It would benefit from the expansion of the mining industries, the gradual resumption of external financing favourable to construction, and the buoyancy of trade and tourism.