Skip to content

Economy of Angola vs Bhutan compared: GDP & Debt

Updated on by Georank team

Angola has a GDP of $80.4B compared to $3.02B for Bhutan, ranking 81/197 and 169/197 by economy size, respectively.

Angola has $50.2B in government debt (64.5% of GDP), compared to $3.49B (102.9% of GDP) in Bhutan.

The chart below compares the two countries' GDP growth in both current (nominal) and constant dollars, accounting for inflation over time.

Angola
GDP, current $

GDP, constant 2015 $
Bhutan
GDP, current $

GDP, constant 2015 $
Year GDP
Angola Bhutan
Current $ Constant $ Current $ Constant $
1970 - - $61,812,113 $126,311,212
1971 - - $66,289,450 $129,692,690
1972 - - $70,139,867 $131,201,350
1973 - - $78,900,289 $133,126,191
1974 - - $92,901,784 $139,993,193
1975 - - $86,820,762 $135,363,169
1976 - - $88,461,263 $147,484,467
1977 - - $97,884,434 $159,137,561
1978 - - $94,086,228 $170,478,518
1979 - - $105,377,995 $178,646,088
1980 $5,930,503,401 $23,063,262,074 $128,669,201 $187,593,999
1981 $5,550,483,036 $22,048,478,262 $139,174,178 $215,962,517
1982 $5,550,483,036 $22,048,478,262 $141,439,317 $223,391,139
1983 $5,784,341,596 $22,974,514,664 $156,704,290 $246,693,105
1984 $6,131,475,065 $24,352,986,041 $160,423,494 $257,934,068
1985 $7,554,065,410 $25,205,340,428 $163,288,815 $268,325,027
1986 $7,072,536,109 $25,936,295,740 $191,218,115 $298,893,145
1987 $8,084,412,414 $26,995,209,500 $242,742,766 $385,734,527
1988 $8,769,836,769 $28,649,716,325 $272,298,067 $404,123,931
1989 $10,201,780,977 $28,661,640,755 $264,798,626 $433,849,538
1990 $11,229,515,599 $27,672,785,865 $287,765,007 $478,896,647
1991 $10,603,784,541 $27,947,122,601 $240,294,286 $476,943,344
1992 $8,307,810,974 $26,315,491,127 $240,233,531 $498,886,989
1993 $5,768,720,422 $20,004,137,038 $225,973,693 $508,796,713
1994 $4,438,321,017 $20,272,065,135 $258,954,708 $533,989,801
1995 $5,538,749,260 $23,312,874,912 $290,490,984 $571,764,867
1996 $7,526,421,519 $26,470,456,890 $303,408,346 $603,584,570
1997 $7,648,380,196 $28,395,991,341 $352,229,077 $636,020,231
1998 $6,506,221,616 $29,728,088,881 $363,458,381 $673,634,664
1999 $6,152,923,310 $30,376,604,084 $399,311,200 $727,417,466
2000 $9,129,594,970 $31,304,495,194 $460,733,418 $751,822,819
2001 $8,936,079,118 $32,621,161,810 $496,110,226 $806,919,210
2002 $15,285,592,370 $37,079,068,253 $559,345,264 $891,192,074
2003 $17,812,704,586 $38,187,732,393 $651,935,430 $960,585,284
2004 $23,552,057,679 $42,369,289,093 $735,348,490 $1,010,125,139
2005 $36,970,900,884 $48,737,393,240 $860,391,000 $1,080,178,039
2006 $52,381,025,141 $54,366,562,158 $942,879,879 $1,141,108,778
2007 $65,266,415,494 $61,983,317,521 $1,255,767,964 $1,324,881,878
2008 $88,538,665,085 $68,906,854,084 $1,317,517,835 $1,384,891,724
2009 $70,307,196,182 $69,499,453,031 $1,331,343,798 $1,491,078,191
2010 $83,799,474,070 $72,556,300,250 $1,708,880,730 $1,668,991,760
2011 $111,789,747,671 $75,075,493,557 $1,977,728,659 $1,810,676,784
2012 $128,052,915,766 $81,488,522,604 $1,973,387,228 $1,904,194,983
2013 $132,339,109,040 $85,525,963,564 $1,943,696,952 $1,937,258,290
2014 $135,966,802,587 $89,650,503,848 $2,089,079,571 $2,051,190,106
2015 $90,496,420,507 $90,496,420,507 $2,187,815,803 $2,187,815,803
2016 $52,761,617,226 $88,161,567,931 $2,357,504,761 $2,373,253,832
2017 $73,690,154,991 $88,031,782,694 $2,591,358,009 $2,422,779,967
2018 $79,450,688,259 $86,872,966,033 $2,583,335,722 $2,507,622,617
2019 $70,897,962,732 $86,262,880,685 $2,735,683,570 $2,651,940,022
2020 $48,501,561,204 $81,399,194,251 $2,457,604,334 $2,380,954,251
2021 $66,505,129,988 $82,375,341,953 $2,768,802,960 $2,486,224,986
2022 $104,399,746,853 $84,883,445,838 $2,898,227,744 $2,615,853,471
2023 $84,875,162,197 $85,798,573,860 $3,019,253,885 $2,743,574,975
2024 $80,396,942,242 $89,594,220,855 - -

Economic indicators

Angola Bhutan
Gross domestic product
$80.4B
2024
$3.02B
2023
GDP rank
81/197
2024
169/197
2023
GDP growth
-5.28%
2023-2024
4.18%
2022-2023
GDP per capita
$2,122
2024
$3,839
2023
GDP per capita rank
156/197
2024
132/197
2023
GDP per capita, PPP
$8,348
2024
$16,254
2023
Government debt
$50.2B
2024
$3.49B
2023
Debt-to-GDP ratio
64.5%
2025
102.9%
2025
Government debt per person
$1,326
2024
$4,432
2023
Government debt per person rank
135/185
2024
87/185
2023
Average annual personal income after taxes
$33,074
2025
$6,460
2025
Income share by richest 10%
39.6%
2018
22.7%
2022
Income share by poorest 10%
1.3%
2018
3.6%
2022
Government expenditure, % of GDP
17.3%
2025
30.5%
2025
Consumer prices inflation
21.6%
2024-2025
2.4%
2024-2025
Central bank interest rate
18%
2023
n/a
Unemployment rate
14.1%
2022
3.28%
2024
Population
39983997
801123

GDP per capita in Angola vs Bhutan

Angola's GDP per capita is $2,122, ranking 156/197, compared to $3,839 in Bhutan, ranking 132/197. Adjusted for purchasing power (GDP per capita PPP), Angola ranks 136th at $8,348, while Bhutan ranks 109th at $16,254.

Angola
GDP per capita

GDP per capita, PPP
Bhutan
GDP per capita

GDP per capita, PPP
Year Current $
Angola Bhutan
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
1970 - - $200.3 -
1971 - - $207.7 -
1972 - - $212.4 -
1973 - - $230.9 -
1974 - - $262.8 -
1975 - - $237.4 -
1976 - - $233.7 -
1977 - - $249.9 -
1978 - - $232.2 -
1979 - - $251.4 -
1980 $729 - $296.9 -
1981 $658 - $311 -
1982 $634 - $306 -
1983 $637 - $328 -
1984 $650 - $326 -
1985 $772 - $321 -
1986 $698 - $365 -
1987 $770 - $449 -
1988 $807 - $489 -
1989 $908 - $462 -
1990 $966 $3,341 $488 $1,638
1991 $882 $3,373 $401 $1,657
1992 $669 $3,143 $416 $1,840
1993 $450 $2,369 $407 $2,001
1994 $335 $2,374 $467 $2,146
1995 $404 $2,696 $530 $2,374
1996 $531 $3,013 $553 $2,548
1997 $522 $3,178 $630 $2,683
1998 $429 $3,254 $638 $2,819
1999 $393 $3,263 $685 $3,017
2000 $564 $3,327 $772 $3,113
2001 $534 $3,428 $812 $3,338
2002 $882 $3,824 $896 $3,663
2003 $993 $3,879 $1,022 $3,942
2004 $1,266 $4,263 $1,130 $4,173
2005 $1,916 $4,876 $1,300 $4,523
2006 $2,617 $5,404 $1,406 $4,860
2007 $3,141 $6,096 $1,850 $5,729
2008 $4,103 $6,651 $1,920 $6,035
2009 $3,137 $6,498 $1,918 $6,466
2010 $3,597 $6,607 $2,436 $7,246
2011 $4,616 $6,711 $2,788 $7,935
2012 $5,086 $7,355 $2,751 $8,577
2013 $5,058 $7,561 $2,680 $8,667
2014 $5,006 $7,990 $2,849 $9,323
2015 $3,214 $7,120 $2,954 $10,214
2016 $1,808 $6,844 $3,152 $11,273
2017 $2,437 $6,993 $3,435 $11,677
2018 $2,539 $7,348 $3,400 $11,970
2019 $2,190 $7,528 $3,577 $12,909
2020 $1,450 $6,451 $3,192 $12,475
2021 $1,926 $7,408 $3,571 $13,459
2022 $2,930 $7,925 $3,711 $15,064
2023 $2,310 $8,047 $3,839 $16,254
2024 $2,122 $8,348 - -

Spending and national debt comparison

In 2024, Angola's government spending was $14.1B, accounting for 17.3% of its GDP, while Bhutan's spent $871M, or 30.5% of GDP.

Debt-to-GDP ratio is 64.5% in Angola and 102.9% in Bhutan, ranking 67/185 and 20/185, respectively.

Angola
Government spending

Government debt
Bhutan
Government spending

Government debt
Year % of GDP
Angola Bhutan
Government spending Government debt Government spending Government debt
1987 - - 47.5% 17.3%
1988 - - 45.3% 24.7%
1989 - - 46.8% 26.4%
1990 - - 35.8% 27.4%
1991 - - 30.8% 33.5%
1992 - - 34.5% 35.6%
1993 - - 35.2% 60.2%
1994 - - 37.9% 53.2%
1995 - - 38.6% 38.7%
1996 25.2% 92% 37.9% 36.8%
1997 26.8% 73.5% 37.8% 33%
1998 26.1% 96.3% 31.1% 36.4%
1999 39.4% 104.8% 40.2% 39.2%
2000 35.8% 118.2% 43% 44%
2001 30.3% 100.2% 50.3% 52.4%
2002 27.6% 65.1% 39.3% 57.7%
2003 30.1% 50.8% 34.7% 68.5%
2004 26% 41.6% 31% 76%
2005 23.7% 29.9% 36.4% 80.8%
2006 27.3% 16.7% 33.4% 80.1%
2007 34.1% 18.8% 33.2% 67.3%
2008 47.2% 28.1% 36.1% 60.6%
2009 38.7% 48.4% 39.3% 61%
2010 34.6% 32.6% 41.5% 55.8%
2011 33.3% 26.3% 36.1% 62.3%
2012 33.2% 23.8% 35.1% 71.5%
2013 32.9% 29.5% 32.5% 92.4%
2014 32.3% 35.3% 28.9% 89.8%
2015 23.9% 50.4% 27.5% 90.2%
2016 19.4% 66.7% 30.5% 107.5%
2017 21% 60.5% 30.6% 104.1%
2018 18.3% 82.5% 31.7% 107.3%
2019 18.2% 101.4% 24.2% 99.7%
2020 20% 119.1% 30.9% 114.9%
2021 17.3% 74.3% 36.6% 123.3%
2022 19.5% 56.1% 32.1% 117.3%
2023 19.2% 71.4% 28.8% 115.4%
2024 17.5% 62.5% 27.2% 107.8%
2025 17.3% 64.5% 30.5% 102.9%

Government deficit by year

In 2023, Angola's government deficit, the difference between spending and revenue, was -$1.59B, equivalent to -1.88% of GDP. This compares to Bhutan's deficit of -$142M, or -4.7% of GDP.

Over the past 28 years, Angola recorded a fiscal deficit in 14 of those years, while Bhutan ran a deficit in 22 years. On average, Angola posted an annual deficit equal to -0.07% of GDP, compared to deficit of -2.57% of GDP for Bhutan.

Deficit/surplus
Angola

Bhutan
Year Deficit/surplus, % of GDP
Angola Bhutan
1987 - -0.56%
1988 - 1.33%
1989 - -10.1%
1990 - -7.21%
1991 - -0.48%
1992 - -3.47%
1993 - 4.71%
1994 - -0.13%
1995 - -0.88%
1996 4.49% 2.55%
1997 -0.23% -1.92%
1998 -5.1% 1.28%
1999 -8.1% -1.28%
2000 2.02% -3.39%
2001 2.8% -12.2%
2002 -2.24% -4.33%
2003 -4.1% -10.2%
2004 1.03% 1.8%
2005 6.4% -6.96%
2006 8.42% -0.07%
2007 3.85% 0.79%
2008 -3.8% -2.57%
2009 -6.8% -0.8%
2010 2.98% 1.92%
2011 7.2% -3.02%
2012 3.68% -2.1%
2013 -0.27% -4.55%
2014 -5.07% 2.46%
2015 -2.57% -0.49%
2016 -3.98% -2.31%
2017 -5.75% -4.49%
2018 2.03% -1.52%
2019 0.69% -1.49%
2020 -1.66% -1.81%
2021 3.4% -5.76%
2022 0.58% -6.95%
2023 -1.88% -4.7%
2024 -1.02% -0.17%
2025 -2.31% -2.51%

Inflation comparison by year

Over the past 30 years, Angola has recorded an average annual inflation rate of 194%, compared with 5.74% in Bhutan. In 2025, inflation was 21.6% in Angola and 2.4% in Bhutan.

Inflation
Angola

Bhutan
Year Inflation
Angola Bhutan Angola Bhutan
1996 4,146% 8.8%
1997 221.5% 8.6%
1998 107.4% 7.6%
1999 248.2% 9.1%
2000 325% 7.2%
2001 152.6% 3.7%
2002 108.9% 2.9%
2003 98.2% 2.5%
2004 43.5% 3.3%
2005 23% 4.8%
2006 13.3% 4.9%
2007 12.2% 5.2%
2008 12.5% 6.3%
2009 13.7% 7.1%
2010 14.5% 4.8%
2011 13.5% 8.6%
2012 10.3% 10.1%
2013 8.8% 8.1%
2014 7.3% 9.6%
2015 9.2% 6.7%
2016 30.7% 3.3%
2017 29.8% 4.3%
2018 19.6% 3.6%
2019 17.1% 2.8%
2020 22.3% 3%
2021 25.8% 8.2%
2022 21.4% 5.9%
2023 13.6% 4.5%
2024 28.2% 4.3%
2025 21.6% 2.4%

Balance of trade

Angola Bhutan
Current account balance
$6.31B
2024
-$670M
2024
Current account balance ranking
30/189
2024
111/189
2024
Current account balance, % of GDP
+7.85%
2024
-31.9%
2023
Goods imports
$14.2B
2024
$1.29B
2024
Goods exports
$36.8B
2024
$656M
2024
Service imports
$8.49B
2024
$228M
2024
Service exports
$129M
2024
$288M
2024
Imports of goods and services, % of GDP
24.4%
2024
53.2%
2023
Exports of goods and services, % of GDP
37.9%
2024
28.3%
2023

Economic freedom indices

The indices of economic freedom below are issued by the Heritage Foundation. Higher scores indicate stronger economic health.

Angola Bhutan
Economic freedom 55 57.5
Economic freedom ranking 130/197 113/197
Property rights 39.9 69.7
Government integrity 28.2 71.1
Judicial effectiveness 25.7 62.9
Tax burden 86.9 83.4
Government spending 89.5 68.2
Fiscal health 89.1 25.8
Business freedom 45.2 67.2
Labor freedom 50.8 57.7
Monetary freedom 64.2 70.5
Trade freedom 70.4 63
Investment freedom 30 20
Financial freedom 40 30

Economic freedom by year comparison

The Economic Freedom Index for Angola is 55, ranking 130/197, compared to 57.5 for Bhutan, ranking 113/197. The chart below displays a comparison of annual changes in economic freedom indexes.

Angola
Bhutan
Year Economic freedom index
Angola Bhutan
1995 27.4 -
1996 24.4 -
1997 24.2 -
1998 24.9 -
1999 23.7 -
2000 24.3 -
2001 - -
2002 - -
2003 - -
2004 - -
2005 - -
2006 43.5 -
2007 44.7 -
2008 46.9 -
2009 47 57.7
2010 48.4 57
2011 46.2 57.6
2012 46.7 56.6
2013 47.3 55
2014 47.7 56.7
2015 47.9 57.4
2016 48.9 59.5
2017 48.5 58.4
2018 48.6 61.8
2019 50.6 62.9
2020 52.2 62.1
2021 54.2 58.3
2022 52.6 59.3
2023 53 59
2024 54.3 55.4
2025 55 57.5

More economic indicators

Angola Bhutan
Services, % of GDP
39.3%
2024
52.7%
2023
Industry, % of GDP
44.2%
2024
29.6%
2023
Agriculture, forestry, and fishing, % of GDP
16.4%
2024
15%
2023
GNI, Atlas method
$84B
2024
$2.94B
2023
GNI per capita, PPP
$7,660
2024
$15,360
2023
Total reserves including gold
$14.2B
2024
$941M
2024
Total reserves ranking
69/177
2024
143/177
2024
Net foreign direct investment
$1.14B
2024
-$22.8M
2024
Net inflows of foreign direct investment
-$1.11B
2024
$22.8M
2024
Net outflows of foreign direct investment
$33.1M
2024
n/a
Servicing debt to the IMF, % of GNI
16.3%
2023
4.86%
2023
Poverty at national poverty lines
36.6%
2020
12.4%
2022
Gross capital formation, % of GDP
25%
2024
45.2%
2023

GDP per capita map

GDP per capita

Compare countries by 7 more topics

Economy comparisons

Economy vs Angola vs Bhutan
Afghanistan Compare Compare
Albania Compare Compare
Algeria Compare Compare
Andorra Compare Compare
Antigua Compare Compare
Argentina Compare Compare
Armenia Compare Compare
Australia Compare Compare
Austria Compare Compare
Azerbaijan Compare Compare
Bahamas Compare Compare
Bahrain Compare Compare
Bangladesh Compare Compare
Barbados Compare Compare
Belarus Compare Compare
Belgium Compare Compare
Belize Compare Compare
Benin Compare Compare
Bolivia Compare Compare
Bosnia Compare Compare
Botswana Compare Compare
Brazil Compare Compare
Brunei Compare Compare
Bulgaria Compare Compare
Burkina Faso Compare Compare
Burundi Compare Compare
Cambodia Compare Compare
Cameroon Compare Compare
Canada Compare Compare
Cape Verde Compare Compare
Cayman Islands Compare Compare
CAR Compare Compare
Chad Compare Compare
Chile Compare Compare
China Compare Compare
Colombia Compare Compare
Comoros Compare Compare
Congo Compare Compare
Costa Rica Compare Compare
Croatia Compare Compare
Cuba Compare Compare
Curacao Compare Compare
Cyprus Compare Compare
Czech Republic Compare Compare
DR Congo Compare Compare
Denmark Compare Compare
Djibouti Compare Compare
Dominica Compare Compare
Dominican Republic Compare Compare
East Timor Compare Compare
Ecuador Compare Compare
Egypt Compare Compare
El Salvador Compare Compare
Equatorial Guinea Compare Compare
Eritrea Compare Compare
Estonia Compare Compare
Eswatini Compare Compare
Ethiopia Compare Compare
Fiji Compare Compare
Finland Compare Compare
France Compare Compare
Gabon Compare Compare
Gambia Compare Compare
Georgia Compare Compare
Germany Compare Compare
Ghana Compare Compare
Greece Compare Compare
Grenada Compare Compare
Guatemala Compare Compare
Guinea Compare Compare
Guinea-Bissau Compare Compare
Guyana Compare Compare
Haiti Compare Compare
Honduras Compare Compare
Hungary Compare Compare
Iceland Compare Compare
India Compare Compare
Indonesia Compare Compare
Iran Compare Compare
Iraq Compare Compare
Ireland Compare Compare
Israel Compare Compare
Italy Compare Compare
Ivory Coast Compare Compare
Jamaica Compare Compare
Japan Compare Compare
Jordan Compare Compare
Kazakhstan Compare Compare
Kenya Compare Compare
Kiribati Compare Compare
Kuwait Compare Compare
Kyrgyzstan Compare Compare
Laos Compare Compare
Latvia Compare Compare
Lebanon Compare Compare
Lesotho Compare Compare
Liberia Compare Compare
Libya Compare Compare
Liechtenstein Compare Compare
Lithuania Compare Compare
Luxembourg Compare Compare
Madagascar Compare Compare
Malawi Compare Compare
Malaysia Compare Compare
Maldives Compare Compare
Mali Compare Compare
Malta Compare Compare
Marshall Islands Compare Compare
Mauritania Compare Compare
Mauritius Compare Compare
Mexico Compare Compare
Moldova Compare Compare
Monaco Compare Compare
Mongolia Compare Compare
Montenegro Compare Compare
Morocco Compare Compare
Mozambique Compare Compare
Myanmar Compare Compare
Namibia Compare Compare
Nauru Compare Compare
Nepal Compare Compare
Netherlands Compare Compare
New Zealand Compare Compare
Nicaragua Compare Compare
Niger Compare Compare
Nigeria Compare Compare
North Korea Compare Compare
North Macedonia Compare Compare
Norway Compare Compare
Oman Compare Compare
Pakistan Compare Compare
Palau Compare Compare
Palestine Compare Compare
Panama Compare Compare
Papua New Guinea Compare Compare
Paraguay Compare Compare
Peru Compare Compare
Philippines Compare Compare
Poland Compare Compare
Portugal Compare Compare
Qatar Compare Compare
Romania Compare Compare
Russia Compare Compare
Rwanda Compare Compare
Saint Kitts Compare Compare
Saint Lucia Compare Compare
Saint Vincent Compare Compare
Samoa Compare Compare
San Marino Compare Compare
Sao Tome Compare Compare
Saudi Arabia Compare Compare
Senegal Compare Compare
Serbia Compare Compare
Seychelles Compare Compare
Sierra Leone Compare Compare
Singapore Compare Compare
Slovakia Compare Compare
Slovenia Compare Compare
Solomon Islands Compare Compare
Somalia Compare Compare
South Africa Compare Compare
South Korea Compare Compare
South Sudan Compare Compare
Spain Compare Compare
Sri Lanka Compare Compare
Sudan Compare Compare
Suriname Compare Compare
Sweden Compare Compare
Switzerland Compare Compare
Syria Compare Compare
Taiwan Compare Compare
Tajikistan Compare Compare
Tanzania Compare Compare
Thailand Compare Compare
Togo Compare Compare
Tonga Compare Compare
Trinidad Compare Compare
Tunisia Compare Compare
Turkey Compare Compare
Turkmenistan Compare Compare
Tuvalu Compare Compare
Uganda Compare Compare
Ukraine Compare Compare
UAE Compare Compare
United Kingdom Compare Compare
United States Compare Compare
Uruguay Compare Compare
Uzbekistan Compare Compare
Vanuatu Compare Compare
Vatican Compare Compare
Venezuela Compare Compare
Vietnam Compare Compare
Yemen Compare Compare
Zambia Compare Compare
Zimbabwe Compare Compare

The current account balance is the sum of net trade in goods and services, net earnings from cross-border investments, and net transfer payments. It reflects a country's economic transactions with the rest of the world and is a fundamental component of the balance of payments. A surplus indicates that a country exports more than it imports, while a deficit shows the opposite.

Gross National Income (GNI) measures a country's total income. It encompasses income earned by residents, businesses, and foreign sources, defined as employee compensation and investment profits. GNI adds product taxes not included elsewhere and subtracts subsidies. It accounts for income from residents working abroad but excludes earnings from foreigners within the country.

A negative value for Net Foreign Direct Investment indicates a country is a net receiver of investments, as foreign inflows exceed outflows after Balance of Payments adjustments. A positive value indicates a net provider, with outflows exceeding inflows. Inflows are credits (increasing foreign claims on domestic assets), while outflows are debits (increasing domestic assets abroad).

Foreign direct investment (FDI, net inflows) shows how much capital foreign investors bring into a country after accounting for any funds that flow back in the opposite direction. It represents the net value of overseas companies establishing, expanding, or financing businesses in the reporting country. A positive number means more capital entered the country than was withdrawn, while a negative number means foreign investors pulled out more than they invested.

Foreign direct investment (FDI, net outflows) shows how much capital residents of a country invest abroad after accounting for any funds that flow back in the opposite direction. It represents the net value of domestic companies establishing, expanding, or financing businesses in other countries. A positive number means more capital was invested abroad than withdrawn, while a negative number means residents pulled back more than they invested.

Principal and interest payments to the IMF in currency, goods, or services on long-term debt expressed as a share of GNI.

Formerly gross domestic investment, gross capital formation measures the share of a country’s economic output invested in fixed assets, including buildings, machinery, and infrastructure. It indicates how much of the economy is devoted to building productive capacity.