Belarus has a GDP of $76B compared to $87.1B for Ivory Coast, ranking 83/197 and 77/197 by economy size, respectively.
Belarus has $30.3B in government debt (39.9% of GDP), compared to $51.6B (59.3% of GDP) in Ivory Coast.
Belarus vs Ivory Coast GDP by year
| Year | GDP, current $ | |
|---|---|---|
Belarus
|
Ivory Coast
|
|
| 2024 | $75,961,865,472 | $87,113,179,149 |
| 2023 | $72,478,760,370 | $80,780,312,569 |
| 2022 | $73,775,179,925 | $70,922,824,814 |
| 2021 | $69,673,747,132 | $72,794,636,654 |
| 2020 | $61,371,673,345 | $63,027,852,805 |
| 2019 | $64,410,170,653 | $60,382,894,697 |
| 2018 | $60,031,026,576 | $58,522,477,787 |
| 2017 | $54,725,405,751 | $52,512,343,997 |
| 2016 | $47,723,545,321 | $48,407,761,037 |
| 2015 | $56,454,769,845 | $45,815,005,169 |
| 2014 | $78,813,069,121 | $48,843,005,614 |
| 2013 | $75,527,558,966 | $42,760,235,485 |
| 2012 | $65,685,890,439 | $36,302,302,877 |
| 2011 | $61,762,382,328 | $36,693,710,801 |
| 2010 | $57,231,904,543 | $34,936,307,980 |
| 2009 | $50,873,167,326 | $33,886,813,250 |
| 2008 | $60,752,106,347 | $34,078,240,293 |
| 2007 | $45,275,711,996 | $28,760,090,953 |
| 2006 | $36,961,894,281 | $25,281,413,263 |
| 2005 | $30,210,091,837 | $24,036,918,703 |
| 2004 | $23,141,566,293 | $23,510,575,681 |
| 2003 | $17,825,444,724 | $21,251,754,340 |
| 2002 | $14,594,900,945 | $18,054,383,321 |
| 2001 | $12,354,820,144 | $16,810,537,044 |
| 2000 | $12,736,856,828 | $16,577,533,892 |
| 1999 | $12,138,486,532 | $18,870,992,456 |
| 1998 | $15,222,012,660 | $19,619,654,756 |
| 1997 | $14,128,408,566 | $18,047,558,038 |
| 1996 | $14,500,437,520 | $18,071,152,831 |
| 1995 | $13,972,683,274 | $11,000,146,267 |
| 1994 | $14,931,435,232 | $8,313,557,510 |
| 1993 | $16,275,073,527 | $11,045,760,288 |
| 1992 | $16,939,790,094 | $11,152,971,274 |
| 1991 | $18,404,907,975 | $10,492,628,581 |
| 1990 | $17,389,558,233 | $10,795,850,583 |
| 1989 | - | $9,757,410,645 |
| 1988 | - | $10,255,169,806 |
| 1987 | - | $10,087,654,465 |
| 1986 | - | $9,158,302,100 |
| 1985 | - | $6,977,650,644 |
| 1984 | - | $6,841,639,247 |
| 1983 | - | $6,838,184,773 |
| 1982 | - | $7,567,110,849 |
| 1981 | - | $8,432,589,942 |
| 1980 | - | $10,175,617,609 |
| 1979 | - | $9,142,933,967 |
| 1978 | - | $7,900,526,298 |
| 1977 | - | $6,265,068,189 |
| 1976 | - | $4,662,053,825 |
| 1975 | - | $3,893,839,190 |
| 1974 | - | $3,070,152,309 |
| 1973 | - | $2,508,421,426 |
| 1972 | - | $1,849,400,402 |
| 1971 | - | $1,584,128,509 |
| 1970 | - | $1,455,482,795 |
| 1969 | - | $1,361,360,293 |
| 1968 | - | $1,281,281,277 |
| 1967 | - | $1,082,922,725 |
| 1966 | - | $1,024,102,880 |
| 1965 | - | $919,771,229 |
| 1964 | - | $921,063,327 |
| 1963 | - | $761,047,198 |
| 1962 | - | $645,284,474 |
| 1961 | - | $618,245,634 |
| 1960 | - | $546,203,559 |
Data sources: World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06).
GeoRank.org/economy/belarus/ivory-coast | CC BY 
GDP per capita in Belarus vs Ivory Coast by year
| Year | Current $ | |||
|---|---|---|---|---|
|
Belarus
|
Ivory Coast
|
|||
| GDP per capita | GDP per capita, PPP | GDP per capita | GDP per capita, PPP | |
| 2024 | $8,318 | $33,010 | $2,728 | $7,669 |
| 2023 | $7,897 | $30,834 | $2,592 | $7,237 |
| 2022 | $7,995 | $28,429 | $2,333 | $6,719 |
| 2021 | $7,490 | $27,611 | $2,456 | $6,045 |
| 2020 | $6,543 | $24,872 | $2,180 | $5,544 |
| 2019 | $6,838 | $22,302 | $2,142 | $5,516 |
| 2018 | $6,360 | $20,026 | $2,131 | $4,946 |
| 2017 | $5,786 | $18,414 | $1,964 | $4,690 |
| 2016 | $5,040 | $17,832 | $1,863 | $4,531 |
| 2015 | $5,967 | $18,134 | $1,815 | $4,404 |
| 2014 | $8,341 | $19,038 | $1,991 | $4,074 |
| 2013 | $7,998 | $19,014 | $1,786 | $3,619 |
| 2012 | $6,953 | $18,115 | $1,547 | $3,291 |
| 2011 | $6,528 | $16,563 | $1,597 | $3,176 |
| 2010 | $6,035 | $15,339 | $1,554 | $3,361 |
| 2009 | $5,352 | $14,034 | $1,540 | $3,177 |
| 2008 | $6,376 | $13,886 | $1,584 | $3,116 |
| 2007 | $4,735 | $12,320 | $1,368 | $2,985 |
| 2006 | $3,848 | $10,995 | $1,230 | $2,942 |
| 2005 | $3,126 | $9,637 | $1,198 | $2,842 |
| 2004 | $2,378 | $8,483 | $1,200 | $2,794 |
| 2003 | $1,820 | $7,362 | $1,111 | $2,702 |
| 2002 | $1,479 | $6,697 | $968 | $2,851 |
| 2001 | $1,244 | $6,238 | $925 | $2,962 |
| 2000 | $1,276 | $5,796 | $937 | $3,041 |
| 1999 | $1,211 | $5,331 | $1,096 | $3,065 |
| 1998 | $1,511 | $5,061 | $1,177 | $3,086 |
| 1997 | $1,396 | $4,596 | $1,125 | $3,040 |
| 1996 | $1,427 | $4,039 | $1,170 | $2,832 |
| 1995 | $1,371 | $3,846 | $740 | $2,683 |
| 1994 | $1,460 | $4,190 | $582 | $2,551 |
| 1993 | $1,590 | $4,641 | $804 | $2,577 |
| 1992 | $1,658 | $4,917 | $845 | $2,625 |
| 1991 | $1,805 | $5,330 | $827 | $2,677 |
| 1990 | $1,707 | $5,220 | $886 | $2,693 |
| 1989 | - | - | $833 | - |
| 1988 | - | - | $910 | - |
| 1987 | - | - | $930 | - |
| 1986 | - | - | $877 | - |
| 1985 | - | - | $695 | - |
| 1984 | - | - | $709 | - |
| 1983 | - | - | $737 | - |
| 1982 | - | - | $849 | - |
| 1981 | - | - | $986 | - |
| 1980 | - | - | $1,238 | - |
| 1979 | - | - | $1,157 | - |
| 1978 | - | - | $1,039 | - |
| 1977 | - | - | $856 | - |
| 1976 | - | - | $661 | - |
| 1975 | - | - | $575 | - |
| 1974 | - | - | $474 | - |
| 1973 | - | - | $406 | - |
| 1972 | - | - | $313 | - |
| 1971 | - | - | $280.3 | - |
| 1970 | - | - | $269 | - |
| 1969 | - | - | $262.2 | - |
| 1968 | - | - | $256.8 | - |
| 1967 | - | - | $225.6 | - |
| 1966 | - | - | $221.8 | - |
| 1965 | - | - | $207 | - |
| 1964 | - | - | $215.5 | - |
| 1963 | - | - | $185.1 | - |
| 1962 | - | - | $163.1 | - |
| 1961 | - | - | $162.3 | - |
| 1960 | - | - | $148.7 | - |
Data sources: World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06).
GeoRank.org/economy/belarus/ivory-coast | CC BY
Belarus' GDP per capita is $8,318, ranking 92/197, compared to $2,728 in Ivory Coast, ranking 142/197. Adjusted for purchasing power (GDP per capita PPP), Belarus ranks 68th at $33,010, while Ivory Coast ranks 145th at $7,669.
Economic indicators
|
Belarus
|
Ivory Coast
|
|
|---|---|---|
| Gross domestic product |
$76B
2024 |
$87.1B
2024 |
| GDP rank |
83/197
2024 |
77/197
2024 |
| GDP growth |
4.01%
2023-2024 |
6.02%
2023-2024 |
| GDP per capita |
$8,318
2024 |
$2,728
2024 |
| GDP per capita rank |
92/197
2024 |
142/197
2024 |
| GDP per capita, PPP |
$33,010
2024 |
$7,669
2024 |
| GDP per capita PPP rank |
68/197
2024 |
145/197
2024 |
| Government debt |
$30.3B
2024 |
$51.6B
2024 |
| Debt-to-GDP ratio |
39.9%
2024 |
59.3%
2024 |
| Government debt per person |
$3,318
2024 |
$1,616
2024 |
| Government debt per person rank |
97/185
2024 |
125/185
2024 |
| Average annual personal income after taxes |
$7,345
2026 |
$2,733
2026 |
| Market capitalization of domestic companies |
$6.01B
2024 |
$7.33B
2020 |
| Income share by richest 10% |
20.7%
2020 |
27.8%
2021 |
| Income share by poorest 10% |
4.5%
2020 |
3.1%
2021 |
| Government expenditure, % of GDP |
40.9%
2024 |
20.4%
2024 |
| Consumer prices inflation |
5.7%
2023-2024 |
3.45%
2023-2024 |
| Central bank interest rate |
9.75%
2025 |
n/a |
| Unemployment rate |
3.04%
2024 |
2.31%
2022 |
| Population |
9013835
|
33722528
|
Spending and national debt comparison by year
| Year | % of GDP | |||
|---|---|---|---|---|
|
Belarus
|
Ivory Coast
|
|||
| Government spending | Government debt | Government spending | Government debt | |
| 2024 | 40.9% | 39.9% | 20.4% | 59.3% |
| 2023 | 40.3% | 40.7% | 21.3% | 57.5% |
| 2022 | 38% | 40.8% | 21.9% | 56% |
| 2021 | 36.7% | 41.2% | 20.5% | 50.2% |
| 2020 | 38% | 47.5% | 20.4% | 46.3% |
| 2019 | 37.4% | 41% | 17.2% | 37.2% |
| 2018 | 37.8% | 47.5% | 17.6% | 35.3% |
| 2017 | 39% | 53.2% | 18.1% | 32.6% |
| 2016 | 40.7% | 53.5% | 17.6% | 31.1% |
| 2015 | 41.8% | 53% | 16.5% | 29.2% |
| 2014 | 38.8% | 38.8% | 15.2% | 26.7% |
| 2013 | 40.8% | 36.9% | 15.9% | 24.6% |
| 2012 | 38.9% | 36.9% | 16.1% | 24.7% |
| 2011 | 40.3% | 58.2% | 13.2% | 50% |
| 2010 | 44.3% | 36.8% | 14.5% | 45.6% |
| 2009 | 51.7% | 32.5% | 14.4% | 46.5% |
| 2008 | 60% | 20.3% | 14.6% | 51.2% |
| 2007 | 49.2% | 15.8% | 14.8% | 53.5% |
| 2006 | 47.2% | 12.3% | 14.5% | 57.5% |
| 2005 | 45% | 8.12% | 13.6% | 58.2% |
| 2004 | 44% | 9.22% | 13.5% | 56.7% |
| 2003 | 43.5% | - | 12.7% | 56.4% |
| 2002 | 43.8% | - | 13.1% | 63% |
| 2001 | 42.4% | - | 11.4% | 71.2% |
| 2000 | - | - | 12.9% | 74% |
| 1999 | - | - | 13.7% | 78% |
| 1998 | - | - | 14.6% | 75.2% |
| 1997 | - | - | 15.2% | 84.2% |
Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1997–2024, retrieved 2026-02-20).
GeoRank.org/economy/belarus/ivory-coast | CC BY
In 2024, Belarus' government spending was $31.1B, accounting for 40.9% of its GDP, while Ivory Coast spent $17.7B, or 20.4% of GDP.
Debt-to-GDP ratio is 39.9% in Belarus and 59.3% in Ivory Coast, ranking 133/185 and 82/185, respectively.
Government deficit by year
| Year | Deficit/surplus, % of GDP | |
|---|---|---|
|
Belarus
|
Ivory Coast
|
|
| 2024 | 1.05% | -3.97% |
| 2023 | 0.76% | -5.19% |
| 2022 | -1.98% | -6.74% |
| 2021 | -0.22% | -4.86% |
| 2020 | -2.87% | -5.42% |
| 2019 | 0.91% | -2.22% |
| 2018 | 1.8% | -2.9% |
| 2017 | -0.34% | -3.27% |
| 2016 | -1.66% | -2.98% |
| 2015 | -2.96% | -2.04% |
| 2014 | 0.09% | -1.57% |
| 2013 | -0.98% | -1.62% |
| 2012 | 0.36% | -2.28% |
| 2011 | -2.81% | -2.89% |
| 2010 | -4.19% | -1.34% |
| 2009 | -7.23% | -1% |
| 2008 | -10.9% | -0.21% |
| 2007 | -7.82% | -0.39% |
| 2006 | -7.71% | -1.03% |
| 2005 | -6.71% | -1.03% |
| 2004 | -7.06% | -1.04% |
| 2003 | -6.74% | -1.26% |
| 2002 | -7.81% | -0.64% |
| 2001 | -4.74% | 0.7% |
| 2000 | - | -0.83% |
| 1999 | - | -1.27% |
| 1998 | - | -0.7% |
| 1997 | - | -0.75% |
Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1997–2024, retrieved 2026-02-20).
GeoRank.org/economy/belarus/ivory-coast | CC BY
In 2024, Belarus' government surplus, the difference between spending and revenue, was $796M, equivalent to 1.05% of GDP. This compares to Ivory Coast's deficit of $3.45B, or 3.97% of GDP.
Over the past 24 years, Belarus recorded a fiscal deficit in 18 of those years, while Ivory Coast ran a deficit in 23 years. On average, Belarus posted an annual deficit equal to 3.32% of GDP, compared to deficit of 2.3% of GDP for Ivory Coast.
Inflation comparison by year
| Year | Consumer prices inflation | |
|---|---|---|
|
Belarus
|
Ivory Coast
|
|
| 2024 | 5.7% | 3.45% |
| 2023 | 5% | 4.37% |
| 2022 | 15.2% | 5.23% |
| 2021 | 9.5% | 4.16% |
| 2020 | 5.5% | 2.41% |
| 2019 | 5.6% | 0.79% |
| 2018 | 4.9% | 0.4% |
| 2017 | 6% | 0.69% |
| 2016 | 11.8% | 0.72% |
| 2015 | 13.5% | 1.25% |
| 2014 | 18.1% | 0.45% |
| 2013 | 18.3% | 2.58% |
| 2012 | 59.2% | 1.3% |
| 2011 | 53.2% | 4.91% |
| 2010 | 7.7% | 1.23% |
| 2009 | 13% | 1.02% |
| 2008 | 14.8% | 6.31% |
| 2007 | 8.4% | 1.89% |
| 2006 | 7% | 2.47% |
| 2005 | 10.3% | 3.89% |
| 2004 | 18.1% | 1.46% |
| 2003 | 28.4% | 3.3% |
| 2002 | 42.6% | 3.08% |
| 2001 | 61.1% | 4.36% |
| 2000 | 168.6% | 2.53% |
| 1999 | 293.7% | 0.7% |
| 1998 | 73% | 4.61% |
| 1997 | 63.8% | 4.02% |
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/belarus/ivory-coast | CC BY
Over the past 28 years, Belarus has recorded an average annual inflation rate of 37.2%, compared with 2.63% in Ivory Coast. In 2024, inflation was 5.7% in Belarus and 3.45% in Ivory Coast.
Top exports between countries
|
Belarus
|
|
|---|---|
| Export category | Export value |
| Raw materials & minerals | $21.3M |
| Metals | $3.48M |
| Transport & tourism services | $346K |
| Wood & paper products | $321K |
| Animal & marine products | $185K |
| Machinery & equipment | $117K |
| IT & IP services | $9K |
| Business & finance services | $5K |
| Government & miscellaneous services | $4K |
| Chemicals & pharma | $2K |
|
Ivory Coast
|
|
|---|---|
| Export category | Export value |
| Machinery & equipment | $3K |
| Textiles & consumer goods | $3K |
| Wood & paper products | $3K |
Balance of trade
|
Belarus
|
Ivory Coast
|
|
|---|---|---|
|
Current account balance
|
-$1.94B
2024 |
-$9.21B
2023 |
| Current account balance ranking |
142/190
2024 |
175/190
2023 |
| Current account balance, % of GDP |
-2.56%
2024 |
-11.4%
2023 |
| Goods imports |
$44.2B
2024 |
$15.4B
2023 |
| Goods exports |
$39.5B
2024 |
$17.1B
2023 |
| Service imports |
$6.82B
2024 |
$8.78B
2023 |
| Service exports |
$10.1B
2024 |
$1.5B
2023 |
| Imports of goods and services, % of GDP |
66.9%
2024 |
25.2%
2024 |
| Exports of goods and services, % of GDP |
65.1%
2024 |
26%
2024 |
Economic freedom indices
The indices of economic freedom below are issued by the Heritage Foundation. Higher scores indicate stronger economic health.
|
Belarus
|
Ivory Coast
|
|
|---|---|---|
| Economic freedom | 49.1 | 58.1 |
| Economic freedom ranking | 166/197 | 111/197 |
| Property rights | 20 | 43.9 |
| Government integrity | 28.3 | 39.3 |
| Judicial effectiveness | 11.5 | 30.2 |
| Tax burden | 93.5 | 81.6 |
| Government spending | 52.6 | 86.6 |
| Fiscal health | 96.8 | 48 |
| Business freedom | 50.3 | 68.3 |
| Labor freedom | 48 | 57.1 |
| Monetary freedom | 69 | 67.6 |
| Trade freedom | 69.2 | 74.4 |
| Investment freedom | 30 | 50 |
| Financial freedom | 20 | 50 |
Economic freedom comparison by year
| Year | Economic freedom index | |
|---|---|---|
|
Belarus
|
Ivory Coast
|
|
| 2026 | 49.1 | 58.1 |
| 2025 | 48.9 | 57.8 |
| 2024 | 48.4 | 58.4 |
| 2023 | 51 | 60.4 |
| 2022 | 53 | 61.6 |
| 2021 | 61 | 61.7 |
| 2020 | 61.7 | 59.7 |
| 2019 | 57.9 | 62.4 |
| 2018 | 58.1 | 62 |
| 2017 | 58.6 | 63 |
| 2016 | 48.8 | 60 |
| 2015 | 49.8 | 58.5 |
| 2014 | 50.1 | 57.7 |
| 2013 | 48 | 54.1 |
| 2012 | 49 | 54.3 |
| 2011 | 47.9 | 55.4 |
| 2010 | 48.7 | 54.1 |
| 2009 | 45 | 55 |
| 2008 | 45.3 | 53.9 |
| 2007 | 47 | 54.9 |
| 2006 | 47.5 | 56.2 |
| 2005 | 46.7 | 56.6 |
| 2004 | 43.1 | 57.8 |
| 2003 | 39.7 | 56.7 |
| 2002 | 39 | 57.3 |
| 2001 | 38 | 54.8 |
| 2000 | 41.3 | 50.2 |
| 1999 | 35.4 | 51.7 |
| 1998 | 38 | 51.3 |
| 1997 | 39.8 | 50.5 |
| 1996 | 38.7 | 49.9 |
| 1995 | 40.4 | 53.4 |
Data sources: The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09).
GeoRank.org/economy/belarus/ivory-coast | CC BY
The Economic Freedom Index for Belarus is 49.1, ranking 166/197, compared to 58.1 for Ivory Coast, ranking 111/197. The chart above displays a comparison of annual changes in economic freedom indexes.
Other economic metrics
|
Belarus
|
Ivory Coast
|
|
|---|---|---|
| Services, % of GDP |
49.7%
2024 |
51.9%
2024 |
| Industry, % of GDP |
30.7%
2024 |
24%
2024 |
| Agriculture, forestry, and fishing, % of GDP |
6.87%
2024 |
15.9%
2024 |
|
GNI, Atlas method
|
$75.4B
2024 |
$80.9B
2024 |
| GNI per capita, PPP |
$32,300
2024 |
$7,360
2024 |
| Total reserves including gold |
$8.91B
2024 |
n/a |
| Total reserves ranking |
82/177
2024 |
n/a |
|
Net foreign direct investment
|
-$1.57B
2024 |
-$2B
2023 |
|
Net inflows of foreign direct investment
|
$1.74B
2024 |
$3.12B
2024 |
|
Net outflows of foreign direct investment
|
$170M
2024 |
$228M
2024 |
|
Servicing debt to the IMF, % of GNI
|
7.19%
2024 |
6.44%
2024 |
| Poverty at national poverty lines |
3.9%
2022 |
37.5%
2021 |
|
Gross capital formation, % of GDP
|
25.8%
2024 |
20.9%
2024 |
GDP per capita map
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/belarus/ivory-coast | CC BY
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Data sources:
- World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06)
- International Monetary Fund (IMF) | Fiscal Monitor (1997–2024, retrieved 2026-02-20)
- The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09)
- U.S. Census Bureau (1985–2024, retrieved 2026-02-08)
- TradeMap (2020–2021, retrieved 2026-02-08)
- United Nations | World Population Prospects (2026, retrieved 2026-03-10)
- LivingCost (2026, retrieved 2025-10-14)
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.