FACTBOX-Key facts on Madagascar

Wed Jan 28, 2009 11:13am GMT
 
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Jan 28 (Reuters) - Here are some key facts about Madagascar, the world's fourth largest island, where thousands of opposition supporters demonstrated on Wednesday, two days after an earlier anti-government rally descended into violence that killed nearly 40 people.

* THE ECONOMY:

-- Traditionally, the Madagascan economy has been based on cultivation of paddy rice, coffee, vanilla and cloves. But in recent years there have been billions of dollars of foreign investment by resource companies.

-- The economy has been forecast to grow by 7.5 percent in 2009 compared to 7.1 percent in 2008. The mining, hotel and agriculture sectors are expected to lead the expansion, according to the finance ministry.

-- Madagascar said last month it planned to increase spending in 2009 by 17 percent to 4,074 billion ariary ($2.23 billion) compared with 3,482 billion in 2008.

* MINING:

-- The global economic downturn and falling commodity prices have shown signs of hitting the pace of mine development.

-- Canada's Sherritt International (S.TO), has said it is revising the plan for its Ambatovy nickel project to cut costs, meaning it could be delayed beyond its early 2010 start date.

-- The project is expected to yield 60,000 tonnes of nickel and 5,600 tonnes of cobalt a year.  Continued...

 

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