Skip to content

Economy of Angola vs France compared: GDP & Debt

Updated on by Georank team

Angola has a GDP of $101B compared to $3.16T for France, ranking 71/197 and 7/197 by economy size, respectively.

Angola has $60.5B in government debt (59.9% of GDP), compared to $3.58T (113.1% of GDP) in France.

Angola vs France GDP by year

Angola
France
1x
Year GDP, current $
Angola France
2024 $100,998,916,781 $3,160,442,622,465
2023 $107,167,747,140 $3,056,250,648,138
2022 $131,212,208,930 $2,794,788,137,067
2021 $79,559,543,805 $2,966,433,692,008
2020 $58,852,456,454 $2,647,926,055,110
2019 $80,734,428,593 $2,722,793,515,172
2018 $89,512,794,227 $2,781,576,320,884
2017 $84,376,935,689 $2,588,868,323,335
2016 $59,878,249,719 $2,470,407,619,777
2015 $102,543,067,841 $2,442,483,452,643
2014 $153,449,860,496 $2,861,236,112,552
2013 $148,845,200,697 $2,816,077,607,875
2012 $143,572,907,528 $2,683,007,095,787
2011 $125,551,634,704 $2,870,408,553,990
2010 $95,546,919,755 $2,646,230,027,988
2009 $81,705,175,408 $2,700,075,882,519
2008 $98,790,432,989 $2,926,802,941,586
2007 $73,037,821,927 $2,655,816,911,867
2006 $58,653,659,980 $2,317,861,544,691
2005 $41,396,636,383 $2,192,146,403,028
2004 $26,997,977,897 $2,109,792,297,237
2003 $20,342,128,112 $1,835,095,983,049
2002 $17,311,512,432 $1,492,427,756,382
2001 $8,936,079,118 $1,370,376,677,299
2000 $9,129,594,970 $1,360,959,069,477
1999 $6,152,923,310 $1,486,915,879,702
1998 $6,506,221,616 $1,496,906,382,032
1997 $7,648,380,196 $1,449,392,222,971
1996 $7,526,421,519 $1,598,889,216,566
1995 $5,538,749,260 $1,595,219,345,512
1994 $4,438,321,017 $1,385,822,778,828
1993 $5,768,720,422 $1,314,383,368,080
1992 $8,307,810,974 $1,389,663,073,110
1991 $10,603,784,541 $1,258,961,748,634
1990 $11,229,515,599 $1,257,649,439,827
1989 $10,201,780,977 $1,016,742,237,302
1988 $8,769,836,769 $1,010,827,662,152
1987 $8,084,412,414 $926,320,855,615
1986 $7,072,536,109 $764,946,585,851
1985 $7,554,065,410 $547,220,981,165
1984 $6,131,475,065 $525,033,325,828
1983 $5,784,341,596 $553,356,312,936
1982 $5,550,483,036 $578,152,310,610
1981 $5,550,483,036 $609,184,791,792
1980 $5,930,503,401 $694,529,183,483
1979 - $608,218,624,730
1978 - $501,724,418,605
1977 - $406,401,711,688
1976 - $368,363,152,144
1975 - $357,324,307,786
1974 - $282,739,225,314
1973 - $261,970,536,240
1972 - $201,738,881,664
1971 - $164,694,210,962
1970 - $147,312,861,698
1969 - $140,660,914,841
1968 - $128,710,572,572
1967 - $118,088,635,381
1966 - $109,306,730,313
1965 - $100,927,668,584
1964 - $93,424,179,943
1963 - $84,227,606,650
1962 - $75,196,980,365
1961 - $67,158,050,215
1960 - $61,959,085,885

Data sources: World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06).

GeoRank.org/economy/angola/france | CC BY

GDP per capita in Angola vs France by year

Angola
GDP per capita

GDP per capita, PPP
France
GDP per capita

GDP per capita, PPP
1x
Year Current $
Angola France
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $2,666 $10,119 $46,103 $62,557
2023 $2,916 $9,754 $44,700 $60,839
2022 $3,682 $9,588 $40,989 $57,043
2021 $2,304 $8,862 $43,725 $52,517
2020 $1,759 $7,827 $39,170 $49,482
2019 $2,494 $8,573 $40,408 $51,130
2018 $2,860 $8,278 $41,418 $46,381
2017 $2,791 $8,007 $38,687 $44,469
2016 $2,052 $7,767 $37,024 $42,880
2015 $3,642 $8,067 $36,702 $40,905
2014 $5,650 $9,018 $43,148 $40,218
2013 $5,689 $8,504 $42,669 $39,583
2012 $5,702 $8,246 $40,864 $37,671
2011 $5,184 $7,538 $43,930 $37,510
2010 $4,102 $7,412 $40,695 $35,908
2009 $3,645 $7,228 $41,728 $34,685
2008 $4,578 $7,316 $45,465 $35,053
2007 $3,515 $6,728 $41,486 $34,066
2006 $2,930 $6,018 $36,432 $32,424
2005 $2,146 $5,416 $34,696 $30,431
2004 $1,451 $4,771 $33,645 $28,921
2003 $1,134 $4,322 $29,480 $28,024
2002 $999 $4,241 $24,145 $28,350
2001 $534 $3,802 $22,332 $27,347
2000 $564 $3,690 $22,341 $26,007
1999 $393 $3,619 $24,576 $24,204
1998 $429 $3,609 $24,869 $23,263
1997 $522 $3,525 $24,169 $22,190
1996 $531 $3,342 $26,758 $21,268
1995 $404 $2,990 $26,792 $20,701
1994 $335 $2,633 $23,360 $19,892
1993 $450 $2,628 $22,239 $19,094
1992 $669 $3,486 $23,615 $18,801
1991 $882 $3,740 $21,501 $18,198
1990 $966 $3,705 $21,586 $17,475
1989 $908 - $17,547 -
1988 $807 - $17,550 -
1987 $770 - $16,176 -
1986 $698 - $13,430 -
1985 $772 - $9,657 -
1984 $650 - $9,312 -
1983 $637 - $9,862 -
1982 $634 - $10,360 -
1981 $658 - $10,956 -
1980 $729 - $12,565 -
1979 - - $11,063 -
1978 - - $9,167 -
1977 - - $7,459 -
1976 - - $6,792 -
1975 - - $6,617 -
1974 - - $5,261 -
1973 - - $4,907 -
1972 - - $3,809 -
1971 - - $3,137 -
1970 - - $2,833 -
1969 - - $2,729 -
1968 - - $2,518 -
1967 - - $2,328 -
1966 - - $2,173 -
1965 - - $2,024 -
1964 - - $1,891 -
1963 - - $1,723 -
1962 - - $1,554 -
1961 - - $1,402 -
1960 - - $1,307 -

Data sources: World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06).

GeoRank.org/economy/angola/france | CC BY

Angola's GDP per capita is $2,666, ranking 144/197, compared to $46,103 in France, ranking 27/197. Adjusted for purchasing power (GDP per capita PPP), Angola ranks 133rd at $10,119, while France ranks 30th at $62,557.

Economic indicators

Angola France
Gross domestic product
$101B
2024
$3.16T
2024
GDP rank
71/197
2024
7/197
2024
GDP growth
4.42%
2023-2024
1.19%
2023-2024
GDP per capita
$2,666
2024
$46,103
2024
GDP per capita rank
144/197
2024
27/197
2024
GDP per capita, PPP
$10,119
2024
$62,557
2024
GDP per capita PPP rank
133/197
2024
30/197
2024
Government debt
$60.5B
2024
$3.58T
2024
Debt-to-GDP ratio
59.9%
2024
113.1%
2024
Government debt per person
$1,597
2024
$52,165
2024
Government debt per person rank
127/185
2024
8/185
2024
Average annual personal income after taxes
$28,080
2026
$35,669
2026
Market capitalization of domestic companies n/a
$2.37T
2018
Number of millionaires n/a
2,897,000
2025
Number of billionaires n/a
52
2025
Income share by richest 10%
39.6%
2018
25%
2023
Income share by poorest 10%
1.3%
2018
3%
2023
Government expenditure, % of GDP
18.4%
2024
57.2%
2024
Consumer prices inflation
28.2%
2023-2024
2%
2023-2024
Central bank interest rate
18%
2023
n/a
Unemployment rate
14.1%
2022
7.44%
2024
Population
40555924
68788006

Spending and national debt comparison by year

Angola
Spending

Debt
France
Spending

Debt
1x
Year % of GDP
Angola France
Government spending Government debt Government spending Government debt
2024 18.4% 59.9% 57.2% 113.1%
2023 18.8% 72.4% 56.8% 109.6%
2022 19.5% 56.1% 58.4% 111.4%
2021 17.3% 74.3% 59.5% 112.8%
2020 20% 119.1% 61.7% 114.9%
2019 18.2% 101.4% 55.3% 98.1%
2018 18.3% 82.5% 56.4% 98.5%
2017 21% 60.5% 57.7% 98.7%
2016 19.4% 66.7% 57.4% 98.1%
2015 23.9% 50.4% 57.6% 96.9%
2014 32.3% 35.3% 58.4% 96.1%
2013 32.9% 29.5% 58.6% 94.5%
2012 33.2% 23.8% 57.9% 91.7%
2011 33.3% 26.3% 57% 88.7%
2010 34.6% 32.6% 57.7% 86.3%
2009 38.7% 48.4% 58% 84.1%
2008 47.2% 28.1% 54.3% 69.8%
2007 34.1% 18.8% 53.6% 65.5%
2006 27.3% 16.7% 53.7% 65.4%
2005 23.7% 29.9% 54.3% 68.2%
2004 26% 41.6% 54% 66.9%
2003 30.1% 50.8% 54.4% 65.4%
2002 27.6% 65.1% 53.9% 61.3%
2001 30.3% 100.2% 52.8% 59.3%
2000 35.8% 118.2% 52.6% 59.7%
1999 39.4% 104.8% 53.7% 61.4%
1998 26.1% 96.3% 54% 62.1%
1997 26.8% 73.5% 55.6% 62%
1996 25.2% 92% 56% 60.6%
1995 - - 56% 57.8%
1994 - - 55.9% 51.6%
1993 - - 56.5% 48.2%
1992 - - 54% 41.7%
1991 - - 52.7% 37.8%
1990 - - 51.6% 36.8%
1989 - - 48.9% 34%
1988 - - 50.1% 33.3%
1987 - - 50.7% 33.4%
1986 - - 51.3% 31.1%
1985 - - 51.9% 30.6%
1984 - - 51.2% 29%
1983 - - 50.2% 26.6%
1982 - - 49.9% 25.3%
1981 - - 48.5% 22%
1980 - - 46% 20.7%
1979 - - 44.9% 21.1%
1978 - - 44.7% 21.2%
1977 - - 21.4% 15%
1976 - - 21.7% 15.1%
1975 - - 22% 16.1%
1974 - - 19.9% 15.4%
1973 - - 19.7% 15.8%
1972 - - 19.8% 17.7%
1971 - - 20% 20.1%
1970 - - 20.5% 21%
1969 - - 21.5% 14.4%
1968 - - 22.7% 15.8%
1967 - - 21.4% 16.1%
1966 - - 21.4% 15.3%
1965 - - 21.1% 17.6%
1964 - - 21% 19.6%
1963 - - 22.6% 22.2%
1962 - - 21.7% 23.6%
1961 - - 21.9% 26.3%
1960 - - 22.2% 28.5%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1960–1999, retrieved 2026-02-20).

GeoRank.org/economy/angola/france | CC BY

In 2024, Angola's government spending was $18.6B, accounting for 18.4% of its GDP, while France spent $1.81T, or 57.2% of GDP.

Debt-to-GDP ratio is 59.9% in Angola and 113.1% in France, ranking 78/185 and 14/185, respectively.

Government deficit by year

Deficit/surplus
Angola

France
1x
Year Deficit/surplus, % of GDP
Angola France
2024 -1.01% -5.77%
2023 -1.83% -5.44%
2022 0.58% -4.74%
2021 3.4% -6.58%
2020 -1.66% -8.93%
2019 0.69% -2.39%
2018 2.03% -2.32%
2017 -5.75% -3.36%
2016 -3.98% -3.76%
2015 -2.57% -3.89%
2014 -5.07% -4.57%
2013 -0.27% -4.94%
2012 3.68% -5.17%
2011 7.2% -5.3%
2010 2.98% -7.16%
2009 -6.8% -7.38%
2008 -3.8% -3.5%
2007 3.85% -2.99%
2006 8.42% -2.66%
2005 6.4% -3.5%
2004 1.03% -3.55%
2003 -4.1% -4.09%
2002 -2.24% -3.18%
2001 2.8% -1.42%
2000 2.02% -1.32%
1999 -8.1% -1.55%
1998 -5.1% -2.39%
1997 -0.23% -3.71%
1996 4.49% -3.89%
1995 - -5.11%
1994 - -5.46%
1993 - -6.4%
1992 - -4.64%
1991 - -2.89%
1990 - -2.45%
1989 - -1.9%
1988 - -2.7%
1987 - -2.13%
1986 - -3.3%
1985 - -3.08%
1984 - -2.8%
1983 - -2.58%
1982 - -2.91%
1981 - -2.39%
1980 - -0.27%
1979 - -0.36%
1978 - -1.73%
1977 - 0.9%
1976 - 1.01%
1975 - -0.28%
1974 - 3.05%
1973 - 1.97%
1972 - 1.94%
1971 - -0.13%
1970 - 0.02%
1969 - -0.49%
1968 - -2.54%
1967 - -0.8%
1966 - -0.57%
1965 - -0.07%
1964 - -0.25%
1963 - -2.24%
1962 - -1.53%
1961 - -1.36%
1960 - -1.95%
1959 - 0.56%
1958 - 0.08%
1957 - -1.99%
1956 - -2.62%
1955 - -1.04%
1954 - -0.78%
1953 - -4.79%
1952 - -6.82%
1951 - -4.42%
1950 - -5.56%
1949 - -7.31%
1948 - -9.11%
1947 - -7.6%
1946 - -8.1%
1945 - -
1944 - -
1943 - -
1942 - -
1941 - -
1940 - -
1939 - -
1938 - -
1937 - -6.89%
1936 - -4.76%
1935 - -4.22%
1934 - -4.31%
1933 - -4.96%
1932 - -1.86%
1931 - -2.06%
1930 - -1.65%
1929 - 1.48%
1928 - 1.13%
1927 - -0.04%
1926 - -0.02%
1925 - -0.87%
1924 - -
1923 - -
1922 - -
1921 - -
1920 - -
1919 - -
1918 - -
1917 - -
1916 - -
1915 - -
1914 - -
1913 - 0.05%
1912 - 0.23%
1911 - 0.31%
1910 - -0.12%
1909 - -0.11%
1908 - -0.15%
1907 - 0.23%
1906 - -0.04%
1905 - 0.18%
1904 - 0.3%
1903 - 0.21%
1902 - -0.37%
1901 - -0.39%
1900 - 0.21%
1899 - 0.21%
1898 - 0.29%
1897 - 0.01%
1896 - -0.03%
1895 - -0.07%
1894 - -0.08%
1893 - -0.3%
1892 - -0.03%
1891 - 0.36%
1890 - 0.31%
1889 - 0.09%
1888 - 0.18%
1887 - -0.07%
1886 - -0.5%
1885 - -0.59%
1884 - -0.35%
1883 - -0.23%
1882 - -0.15%
1881 - 0.64%
1880 - 0.65%

Data sources: International Monetary Fund (IMF) | Public Finances in Modern History (1880–1989, retrieved 2026-02-20); International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20).

GeoRank.org/economy/angola/france | CC BY

In 2024, Angola's government deficit, the difference between spending and revenue, was $1.02B, equivalent to 1.01% of GDP. This compares to France's deficit of $182B, or 5.77% of GDP.

Over the past 29 years, Angola recorded a fiscal deficit in 15 of those years, while France ran a deficit in 29 years. On average, Angola posted an annual deficit equal to 0.1% of GDP, compared to deficit of 4.12% of GDP for France.

Inflation comparison by year

Inflation
Angola

France
1x
Year Consumer prices inflation
Angola France
2024 28.2% 2%
2023 13.6% 4.88%
2022 21.4% 5.22%
2021 25.8% 1.64%
2020 22.3% 0.48%
2019 17.1% 1.11%
2018 19.6% 1.85%
2017 29.8% 1.03%
2016 30.7% 0.18%
2015 9.2% 0.04%
2014 7.3% 0.51%
2013 8.8% 0.86%
2012 10.3% 1.95%
2011 13.5% 2.11%
2010 14.5% 1.53%
2009 13.7% 0.09%
2008 12.5% 2.81%
2007 12.2% 1.49%
2006 13.3% 1.68%
2005 23% 1.75%
2004 43.5% 2.14%
2003 98.2% 2.1%
2002 108.9% 1.92%
2001 152.6% 1.63%
2000 325% 1.68%
1999 248.2% 0.54%
1998 107.4% 0.65%
1997 221.5% 1.2%

Data sources: International Monetary Fund (IMF) | World Economic Outlook (1997–2024, retrieved 2026-02-20); World Bank | Economy & Growth (1997–2024, retrieved 2026-04-06).

GeoRank.org/economy/angola/france | CC BY

Over the past 28 years, Angola has recorded an average annual inflation rate of 59%, compared with 1.61% in France. In 2024, inflation was 28.2% in Angola and 2% in France.

Top exports between countries

Angola
Export category Export value
Raw materials & minerals $1.51B
Machinery & equipment $29M
Metals $5.33M
Textiles & consumer goods $1.1M
Chemicals & pharma $97K
Wood & paper products $33K
Precious metals & jewellery $14K
Processed food, beverages & tobacco $6K
Animal & marine products $1K
Miscellaneous $1K
France
Export category Export value
Metals $211M
Machinery & equipment $141M
Raw agricultural goods $47.5M
Chemicals & pharma $23.9M
Raw materials & minerals $15.6M
Textiles & consumer goods $11.9M
Processed food, beverages & tobacco $11.1M
Animal & marine products $4.84M
Wood & paper products $1.38M
Miscellaneous $825K

Balance of trade

Angola France
Current account balance
$6.31B
2024
$2.69B
2024
Current account balance ranking
30/190
2024
42/190
2024
Current account balance, % of GDP
+6.25%
2024
+0.09%
2024
Goods imports
$14.2B
2024
$733B
2024
Goods exports
$36.8B
2024
$668B
2024
Service imports
$8.49B
2024
$341B
2024
Service exports
$129M
2024
$403B
2024
Imports of goods and services, % of GDP
19.4%
2024
34.2%
2024
Exports of goods and services, % of GDP
31.5%
2024
33.9%
2024

Economic freedom indices

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

Angola France
Economic freedom 54.4 64.6
Economic freedom ranking 133/197 72/197
Property rights 36.9 91.2
Government integrity 28.3 73.4
Judicial effectiveness 26.3 84.7
Tax burden 86.9 54.6
Government spending 89.3 0.9
Fiscal health 91.9 34.8
Business freedom 42.8 78.4
Labor freedom 50.8 59.1
Monetary freedom 59 73.2
Trade freedom 70.4 79.4
Investment freedom 30 75
Financial freedom 40 70

Economic freedom comparison by year

Angola
France
1x
Year Economic freedom index
Angola France
2026 54.4 64.6
2025 55 64.4
2024 54.3 62.5
2023 53 63.6
2022 52.6 65.9
2021 54.2 65.7
2020 52.2 66
2019 50.6 63.8
2018 48.6 63.9
2017 48.5 63.3
2016 48.9 62.3
2015 47.9 62.5
2014 47.7 63.5
2013 47.3 64.1
2012 46.7 63.2
2011 46.2 64.6
2010 48.4 64.2
2009 47 63.3
2008 46.9 64.7
2007 44.7 62.1
2006 43.5 61.1
2005 - 60.5
2004 - 60.9
2003 - 59.2
2002 - 58
2001 - 58
2000 24.3 57.4
1999 23.7 59.1
1998 24.9 58.9
1997 24.2 59.1
1996 24.4 63.7
1995 27.4 64.4

Data sources: The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09).

GeoRank.org/economy/angola/france | CC BY

The Economic Freedom Index for Angola is 54.4, ranking 133/197, compared to 64.6 for France, ranking 72/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Angola France
Services, % of GDP
41.1%
2024
70.9%
2024
Industry, % of GDP
34.6%
2024
17.2%
2024
Agriculture, forestry, and fishing, % of GDP
22.1%
2024
1.3%
2024
GNI, Atlas method
$108B
2024
$3.1T
2024
GNI per capita, PPP
$9,460
2024
$63,880
2024
Total reserves including gold
$14.2B
2024
$283B
2024
Total reserves ranking
69/177
2024
13/177
2024
Net foreign direct investment
$1.14B
2024
-$10.3B
2024
Net inflows of foreign direct investment
-$1.11B
2024
$52.1B
2024
Net outflows of foreign direct investment
$33.1M
2024
$41.7B
2024
Servicing debt to the IMF, % of GNI
11.5%
2024
n/a
Poverty at national poverty lines
36.6%
2020
15.6%
2021
Gross capital formation, % of GDP
10.4%
2024
21.5%
2024

GDP per capita map

1x

Data sources: World Bank | Economy & Growth (1985–2024, retrieved 2026-04-06); U.S. Census Bureau (1985–2024, retrieved 2026-02-08).

GeoRank.org/economy/angola/france | CC BY

Compare countries by 7 more topics

Help us show the world through your eyes

Share a photo of your city and help others discover what it looks like to live there. Your contribution makes our data come alive.

Data sources:

  1. World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06)
  2. International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20)
  3. International Monetary Fund (IMF) | Public Finances in Modern History (1880–1999, retrieved 2026-02-20)
  4. The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09)
  5. U.S. Census Bureau (1985–2024, retrieved 2026-02-08)
  6. TradeMap (2024, retrieved 2026-02-08)
  7. United Nations | World Population Prospects (2026, retrieved 2026-03-10)
  8. LivingCost (2026, retrieved 2025-10-14)
  9. Central Intelligence Agency (CIA) (2020, retrieved 2026-02-20)

Creative Commons Attribution (CC BY) — you’re free to copy, share, remix, adapt, and use even commercially as long as you give appropriate credit and clearly indicate if you made changes. Other sources may be subject to different license terms.

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.