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Economy of Belarus vs Japan compared: GDP & Debt

Updated on by Georank

Belarus has a GDP of $93.4B compared to $4.44T for Japan, ranking 80/197 and 4/197 by economy size, respectively.

Belarus has $30.9B in government debt (33.1% of GDP), compared to $9.16T (206.5% of GDP) in Japan.

Belarus vs Japan GDP by year

Belarus
Japan
1x
Year GDP, current $
Belarus Japan
2025 $93,397,215,864 $4,435,162,999,977
2024 $78,591,839,300 $4,190,008,188,359
2023 $72,478,760,370 $4,384,854,269,962
2022 $73,775,179,925 $4,447,976,207,315
2021 $69,673,747,132 $5,225,933,520,753
2020 $61,371,673,345 $5,189,197,543,645
2019 $64,410,170,653 $5,245,755,000,479
2018 $60,031,026,576 $5,154,293,721,630
2017 $54,725,405,751 $5,038,231,631,661
2016 $47,723,545,321 $5,110,357,383,254
2015 $56,454,769,845 $4,534,438,580,495
2014 $78,813,069,121 $4,985,763,289,561
2013 $75,527,558,966 $5,272,297,037,397
2012 $65,685,890,439 $6,333,803,928,788
2011 $61,762,382,328 $6,279,422,550,219
2010 $57,231,904,543 $5,811,578,109,447
2009 $50,873,167,326 $5,336,765,697,589
2008 $60,752,106,347 $5,160,197,175,876
2007 $45,275,711,996 $4,624,670,179,655
2006 $36,961,894,281 $4,648,058,930,707
2005 $30,210,091,837 $4,875,648,486,366
2004 $23,141,566,293 $4,941,485,123,807
2003 $17,825,444,724 $4,573,413,206,709
2002 $14,594,900,945 $4,245,946,980,572
2001 $12,354,820,144 $4,438,792,748,062
2000 $12,736,856,828 $5,042,381,838,343
1999 $12,138,486,532 $4,688,983,449,627
1998 $15,222,012,660 $4,150,359,076,370
1997 $14,128,408,566 $4,579,780,793,432
1996 $14,500,437,520 $5,021,441,618,840
1995 $13,972,683,274 $5,639,649,753,986
1994 $14,931,435,232 $5,104,063,486,348
1993 $16,275,073,527 $4,632,480,515,091
1992 $16,939,790,094 $4,064,529,567,505
1991 $18,404,907,975 $3,724,887,648,862
1990 $17,389,558,233 $3,252,994,239,867
1989 - $3,174,934,735,896
1988 - $3,191,546,727,316
1987 - $2,635,094,473,494
1986 - $2,164,729,071,349
1985 - $1,457,070,301,468
1984 - $1,374,165,212,365
1983 - $1,297,622,008,229
1982 - $1,183,132,285,328
1981 - $1,271,443,597,067
1980 - $1,153,159,955,513
1979 - $1,100,608,979,757
1978 - $1,057,419,758,047
1977 - $752,590,681,822
1976 - $611,495,350,304
1975 - $544,082,569,364
1974 - $500,355,087,138
1973 - $450,756,970,744
1972 - $331,776,379,992
1971 - $250,530,994,765
1970 - $221,798,003,144
1969 - $188,179,852,753
1968 - $160,201,483,788
1967 - $135,265,319,098
1966 - $115,427,351,851
1965 - $99,387,878,008
1964 - $89,332,989,729
1963 - $75,945,582,324
1962 - $66,356,388,224
1961 - $58,472,696,006
1960 - $48,417,804,545

Data sources: World Bank | Economy & Growth (1960–2025, retrieved 2026-07-08).

GeoRank.org/economy/belarus/japan | CC BY

GDP per capita in Belarus vs Japan by year

Belarus
GDP per capita

GDP per capita, PPP
Japan
GDP per capita

GDP per capita, PPP
1x
Year Current $
Belarus Japan
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2025 $10,279 - $35,951 -
2024 $8,606 $33,010 $33,797 $52,039
2023 $7,897 $30,834 $35,215 $50,662
2022 $7,995 $28,429 $35,548 $47,192
2021 $7,490 $27,611 $41,581 $44,355
2020 $6,543 $24,872 $41,099 $42,426
2019 $6,838 $22,302 $41,425 $42,678
2018 $6,360 $20,026 $40,645 $42,142
2017 $5,786 $18,414 $39,680 $41,444
2016 $5,040 $17,832 $40,215 $40,597
2015 $5,967 $18,134 $35,665 $40,899
2014 $8,341 $19,038 $39,173 $39,555
2013 $7,998 $19,014 $41,369 $39,402
2012 $6,953 $18,115 $49,627 $37,606
2011 $6,528 $16,563 $49,122 $36,214
2010 $6,035 $15,339 $45,378 $35,336
2009 $5,352 $14,034 $41,678 $33,543
2008 $6,376 $13,886 $40,294 $35,274
2007 $4,735 $12,320 $36,130 $35,015
2006 $3,848 $10,995 $36,354 $33,632
2005 $3,126 $9,637 $38,159 $32,170
2004 $2,378 $8,483 $38,678 $30,832
2003 $1,820 $7,362 $35,809 $29,392
2002 $1,479 $6,697 $33,316 $28,624
2001 $1,244 $6,238 $34,910 $27,943
2000 $1,276 $5,796 $39,753 $27,288
1999 $1,211 $5,331 $37,029 $25,736
1998 $1,511 $5,061 $32,835 $25,508
1997 $1,396 $4,596 $36,331 $25,619
1996 $1,427 $4,039 $39,930 $24,999
1995 $1,371 $3,846 $44,947 $23,858
1994 $1,460 $4,190 $40,774 $22,823
1993 $1,590 $4,641 $37,111 $22,168
1992 $1,658 $4,917 $32,667 $21,825
1991 $1,805 $5,330 $30,048 $21,227
1990 $1,707 $5,220 $26,345 $19,912
1989 - - $25,798 -
1988 - - $26,037 -
1987 - - $21,587 -
1986 - - $17,819 -
1985 - - $12,058 -
1984 - - $11,443 -
1983 - - $10,876 -
1982 - - $9,986 -
1981 - - $10,806 -
1980 - - $9,872 -
1979 - - $9,497 -
1978 - - $9,202 -
1977 - - $6,609 -
1976 - - $5,422 -
1975 - - $4,876 -
1974 - - $4,542 -
1973 - - $4,147 -
1972 - - $3,095 -
1971 - - $2,370 -
1970 - - $2,145 -
1969 - - $1,841 -
1968 - - $1,586 -
1967 - - $1,354 -
1966 - - $1,168 -
1965 - - $1,015 -
1964 - - $922 -
1963 - - $792 -
1962 - - $699 -
1961 - - $622 -
1960 - - $519 -

Data sources: World Bank | Economy & Growth (1960–2025, retrieved 2026-07-08).

GeoRank.org/economy/belarus/japan | CC BY

Belarus' GDP per capita is $10,279, ranking 88/197, compared to $35,951 in Japan, ranking 34/197. Adjusted for purchasing power (GDP per capita PPP), Belarus ranks 68th at $33,010, while Japan ranks 41st at $52,039.

Economic indicators

Belarus Japan
Gross domestic product
$93.4B
2025
$4.44T
2025
GDP rank
80/197
2025
4/197
2025
GDP growth
1.3%
2024-2025
1.19%
2024-2025
GDP per capita
$10,279
2025
$35,951
2025
GDP per capita rank
88/197
2025
34/197
2025
GDP per capita, PPP
$33,010
2024
$52,039
2024
GDP per capita PPP rank
68/197
2024
41/197
2024
Government debt
$30.9B
2025
$9.16T
2025
Debt-to-GDP ratio
33.1%
2025
206.5%
2025
Government debt per person
$3,399
2025
$74,248
2025
Government debt per person rank
98/185
2025
3/185
2025
Average annual personal income after taxes
$8,062
2026
$22,962
2026
Market capitalization of domestic companies
$5.54B
2025
$7.61T
2025
Number of millionaires n/a
2,902,000
2026
Number of billionaires n/a
41
2026
Income share by richest 10%
20.7%
2020
24.3%
2020
Income share by poorest 10%
4.5%
2020
2.3%
2020
Government expenditure, % of GDP
41.3%
2025
36.9%
2025
Consumer prices inflation
6.6%
2024-2025
3.17%
2024-2025
Central bank interest rate
9.25%
2026
0.75%
2025
Unemployment rate
3.04%
2024
2.5%
2025
Population
9025821
122704252

Spending and national debt comparison by year

Belarus
Spending

Debt
Japan
Spending

Debt
1x
Year % of GDP
Belarus Japan
Government spending Government debt Government spending Government debt
2025 41.3% 33.1% 36.9% 206.5%
2024 40.8% 38.7% 37.3% 214.5%
2023 40.3% 40.7% 37.8% 220.3%
2022 38% 40.8% 40.2% 227.8%
2021 36.7% 41.2% 41.3% 222.7%
2020 38% 47.5% 43.6% 228.8%
2019 37.4% 41% 36.4% 206.3%
2018 37.8% 47.5% 36% 203.7%
2017 39% 53.2% 35.9% 203.1%
2016 40.7% 53.5% 36.5% 202.1%
2015 41.8% 53% 36.6% 200.1%
2014 38.8% 38.8% 37.8% 203.6%
2013 40.8% 36.9% 38.4% 201.2%
2012 38.9% 36.9% 38.4% 197.1%
2011 40.3% 58.2% 38.4% 190.6%
2010 44.3% 36.8% 37.4% 178.6%
2009 51.7% 32.5% 38.3% 172.9%
2008 60% 20.3% 33.7% 153.6%
2007 49.2% 15.8% 32.8% 150.4%
2006 47.2% 12.3% 32.7% 152.1%
2005 45% 8.12% 33.2% 153.4%
2004 44% 9.22% 33.3% 148.8%
2003 43.5% - 34.6% 140.2%
2002 43.8% - 34.9% 134.6%
2001 42.4% - 34.7% 126.8%
2000 - - 35.4% 118.5%
1999 - - 35.2% 113.5%
1998 - - 38.1% 101.6%
1997 - - 32.4% 91.3%
1996 - - 33.1% 85.3%
1995 - - 32.8% 80.7%
1994 - - 32.1% 73.3%
1993 - - 31.4% 63.2%
1992 - - 29.6% 57.9%
1991 - - 28.6% 54.1%
1990 - - 28.8% 54.8%
1989 - - 29.2% 65.7%
1988 - - 29.9% 71.9%
1987 - - 30.6% 75.8%
1986 - - 30.4% 74.1%
1985 - - 30.4% 68.3%
1984 - - 31.2% 65.6%
1983 - - 31.8% 63.5%
1982 - - 31.7% 57.7%
1981 - - 31.5% 52.8%
1980 - - 33.5% 47.8%
1979 - - 33.2% 43.8%
1978 - - 32.1% 39%
1977 - - 30.4% 31.1%
1976 - - 29.1% 26.1%
1975 - - 28.5% 20.9%
1974 - - 25.5% 16.7%
1973 - - 23.3% 15.9%
1972 - - 23.1% 16.3%
1971 - - 21.8% 12.6%
1970 - - 20.2% 11.2%
1969 - - 19.8% 11.4%
1968 - - 20.1% 11.8%
1967 - - 19.9% 11.4%
1966 - - 20.8% 11.2%
1965 - - 20.4% 9.78%
1964 - - 19.8% 8.53%
1963 - - 20% 8.66%
1962 - - 19.4% 9.01%
1961 - - 18.2% 8.44%
1960 - - 18.4% 10.4%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2025, retrieved 2026-07-08); International Monetary Fund (IMF) | Public Finances in Modern History (1960–1989, retrieved 2026-07-08).

GeoRank.org/economy/belarus/japan | CC BY

In 2025, Belarus' government spending was $38.6B, accounting for 41.3% of its GDP, while Japan spent $1.63T, or 36.9% of GDP.

Debt-to-GDP ratio is 33.1% in Belarus and 206.5% in Japan, ranking 148/185 and 3/185, respectively.

Government deficit by year

Deficit/surplus
Belarus

Japan
1x
Year Deficit/surplus, % of GDP
Belarus Japan
2025 0.15% -1.05%
2024 0.54% -1.67%
2023 0.76% -2.39%
2022 -1.98% -4.23%
2021 -0.22% -6.32%
2020 -2.87% -9.04%
2019 0.91% -3.05%
2018 1.8% -2.44%
2017 -0.34% -3.05%
2016 -1.66% -3.58%
2015 -2.96% -3.64%
2014 0.09% -5.58%
2013 -0.98% -7.62%
2012 0.36% -8.22%
2011 -2.81% -9.02%
2010 -4.19% -9.05%
2009 -7.23% -9.62%
2008 -10.9% -4.07%
2007 -7.82% -2.86%
2006 -7.71% -3%
2005 -6.71% -4.39%
2004 -7.06% -5.26%
2003 -6.74% -7.35%
2002 -7.81% -7.22%
2001 -4.74% -6.11%
2000 - -7.17%
1999 - -6.68%
1998 - -9.91%
1997 - -3.44%
1996 - -4.75%
1995 - -4.22%
1994 - -3.7%
1993 - -2.34%
1992 - 0.56%
1991 - 1.64%
1990 - 1.91%
1989 - 1.23%
1988 - 0.49%
1987 - -0.36%
1986 - -1.36%
1985 - -1.37%
1984 - -2.62%
1983 - -3.95%
1982 - -3.81%
1981 - -3.85%
1980 - -4.66%
1979 - -5%
1978 - -5.79%
1977 - -4.02%
1976 - -3.89%
1975 - -2.92%
1974 - 0.38%
1973 - 0.56%
1972 - -0.13%
1971 - 1.21%
1970 - 1.74%
1969 - 1.26%
1968 - 0.88%
1967 - 0.8%
1966 - -0.34%
1965 - 0.48%
1964 - 0.85%
1963 - 1.08%
1962 - 1.49%
1961 - 2.58%
1960 - 1.85%
1959 - 0.97%
1958 - -0.1%
1957 - 1.27%
1956 - 1.39%
1955 - -0.67%
1954 - 0.7%
1953 - 1.65%
1952 - 2.22%
1951 - 5.06%
1950 - 6.99%
1949 - 12.5%
1948 - 7.53%
1947 - 6.09%
1946 - -
1945 - -
1944 - -
1943 - 0.32%
1942 - -0.13%
1941 - -0.19%
1940 - 0.31%
1939 - 0.11%
1938 - 0.45%
1937 - 0.71%
1936 - 0.34%
1935 - 0.26%
1934 - 0.34%
1933 - 0.28%
1932 - 0.31%
1931 - 0.23%
1930 - 0.19%
1929 - 0.5%
1928 - 0.42%
1927 - 0.58%
1926 - 0.65%
1925 - 0.75%
1924 - 0.84%
1923 - 0.87%
1922 - 0.89%
1921 - 1.43%
1920 - 1.19%
1919 - 1.21%
1918 - 1.58%
1917 - 1.54%
1916 - 1.37%
1915 - 1.41%
1914 - 1.31%
1913 - 1.21%
1912 - 1.27%
1911 - 1.21%
1910 - 1.57%
1909 - 1.51%
1908 - 1.63%
1907 - 1.77%
1906 - 0.46%
1905 - -0.68%
1904 - -0.81%
1903 - 0.19%
1902 - 0.44%
1901 - 0.21%
1900 - 0.53%
1899 - 0.2%
1898 - 0.6%
1897 - 0.33%
1896 - 0.88%
1895 - 0.28%
1894 - -0.24%
1893 - 0.6%
1892 - 0.63%
1891 - 0.61%
1890 - 0.74%
1889 - 0.18%
1888 - 0.13%
1887 - 0.11%
1886 - 0.03%
1885 - 0.01%
1884 - 0.001%
1883 - 0.03%
1882 - 0.001%
1881 - 0.001%
1880 - 0.004%
1879 - 0.02%
1878 - 0.02%
1877 - -0.29%
1876 - -0.42%
1875 - 0.005%

Data sources: International Monetary Fund (IMF) | Public Finances in Modern History (1875–1989, retrieved 2026-07-08); International Monetary Fund (IMF) | Fiscal Monitor (1990–2025, retrieved 2026-07-08).

GeoRank.org/economy/belarus/japan | CC BY

In 2025, Belarus' government surplus, the difference between spending and revenue, was $140M, equivalent to 0.15% of GDP. This compares to Japan's deficit of $46.7B, or 1.05% of GDP.

Over the past 25 years, Belarus recorded a fiscal deficit in 18 of those years, while Japan ran a deficit in 25 years. On average, Belarus posted an annual deficit equal to 3.2% of GDP, compared to deficit of 5.19% of GDP for Japan.

Inflation comparison by year

Inflation
Belarus

Japan
1x
Year Consumer prices inflation
Belarus Japan
2025 6.6% 3.17%
2024 5.7% 2.74%
2023 5% 3.27%
2022 15.2% 2.5%
2021 9.5% -0.23%
2020 5.5% -0.02%
2019 5.6% 0.47%
2018 4.9% 0.99%
2017 6% 0.48%
2016 11.8% -0.13%
2015 13.5% 0.8%
2014 18.1% 2.76%
2013 18.3% 0.34%
2012 59.2% -0.04%
2011 53.2% -0.27%
2010 7.7% -0.73%
2009 13% -1.35%
2008 14.8% 1.38%
2007 8.4% 0.06%
2006 7% 0.25%
2005 10.3% -0.28%
2004 18.1% -0.009%
2003 28.4% -0.26%
2002 42.6% -0.92%
2001 61.1% -0.74%
2000 168.6% -0.68%
1999 293.7% -0.34%
1998 73% 0.66%
1997 63.8% 1.75%

Data sources: International Monetary Fund (IMF) | World Economic Outlook (1997–2025, retrieved 2026-07-08); World Bank | Economy & Growth (1997–2025, retrieved 2026-07-08).

GeoRank.org/economy/belarus/japan | CC BY

Over the past 29 years, Belarus has recorded an average annual inflation rate of 36.2%, compared with 0.54% in Japan. In 2025, inflation was 6.6% in Belarus and 3.17% in Japan.

Top exports between countries

Belarus
Export category Export value
Raw materials & minerals $16.6M
Animal & marine products $4.4M
Wood & paper products $1.38M
Machinery & equipment $1.29M
Chemicals & pharma $886K
Textiles & consumer goods $656K
Metals $328K
Processed food, beverages & tobacco $70K
Precious metals & jewellery $30K
Raw agricultural goods $12K
Japan
Export category Export value
Machinery & equipment $8.79M
Miscellaneous $3.26M
Textiles & consumer goods $1.7M
Raw materials & minerals $1.68M
Chemicals & pharma $903K
Metals $157K
Wood & paper products $75K
Processed food, beverages & tobacco $31K
Raw agricultural goods $8K
Precious metals & jewellery $5K

Balance of trade

Belarus Japan
Current account balance
-$1.82B
2025
$216B
2025
Current account balance ranking
137/190
2025
3/190
2025
Current account balance, % of GDP
-1.94%
2025
+4.86%
2025
Goods imports
$46B
2025
$729B
2025
Goods exports
$40B
2025
$725B
2025
Service imports
$7.55B
2025
$269B
2025
Service exports
$11.7B
2025
$246B
2025
Imports of goods and services, % of GDP
57%
2025
22.9%
2024
Exports of goods and services, % of GDP
55.1%
2025
22%
2024

Economic freedom indices

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

Belarus Japan
Economic freedom 49.1 70.3
Economic freedom ranking 166/197 36/197
Property rights 20 94.2
Government integrity 28.3 81.1
Judicial effectiveness 11.5 97.9
Tax burden 93.5 63
Government spending 52.6 52
Fiscal health 96.8 41.7
Business freedom 50.3 77.8
Labor freedom 48 65.9
Monetary freedom 69 74.3
Trade freedom 69.2 76.2
Investment freedom 30 60
Financial freedom 20 60

Economic freedom comparison by year

Belarus
Japan
1x
Year Economic freedom index
Belarus Japan
2026 49.1 70.3
2025 48.9 70.2
2024 48.4 67.5
2023 51 69.3
2022 53 69.9
2021 61 74.1
2020 61.7 73.3
2019 57.9 72.1
2018 58.1 72.3
2017 58.6 69.6
2016 48.8 73.1
2015 49.8 73.3
2014 50.1 72.4
2013 48 71.8
2012 49 71.6
2011 47.9 72.8
2010 48.7 72.9
2009 45 72.8
2008 45.3 73
2007 47 72.7
2006 47.5 73.3
2005 46.7 67.3
2004 43.1 64.3
2003 39.7 67.6
2002 39 66.7
2001 38 70.9
2000 41.3 70.7
1999 35.4 69.1
1998 38 70.2
1997 39.8 70.3
1996 38.7 72.6
1995 40.4 75

Data sources: The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-07-08).

GeoRank.org/economy/belarus/japan | CC BY

The Economic Freedom Index for Belarus is 49.1, ranking 166/197, compared to 70.3 for Japan, ranking 36/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Belarus Japan
Services, % of GDP
50%
2025
71.4%
2024
Industry, % of GDP
31.6%
2025
26.8%
2024
Agriculture, forestry, and fishing, % of GDP
6.9%
2025
0.96%
2024
GNI, Atlas method
$83.3B
2025
$4.73T
2025
GNI per capita, PPP
$34,310
2025
$58,920
2025
Total reserves including gold
$14.5B
2025
$1.37T
2025
Total reserves ranking
72/177
2025
3/177
2025
Net foreign direct investment
-$1.43B
2025
$172B
2025
Net inflows of foreign direct investment
$1.74B
2024
$18.9B
2024
Net outflows of foreign direct investment
$170M
2024
$207B
2024
Servicing debt to the IMF, % of GNI
6.94%
2024
n/a
Poverty at national poverty lines
3.5%
2024
16.1%
2020
Gross capital formation, % of GDP
27.1%
2025
27.7%
2024

GDP per capita map

1x

Data sources: World Bank | Economy & Growth (1985–2025, retrieved 2026-07-08); U.S. Census Bureau (1985–2025, retrieved 2026-07-08).

GeoRank.org/economy/belarus/japan | CC BY

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Data sources:

  1. World Bank | Economy & Growth (1960–2025, retrieved 2026-07-08)
  2. International Monetary Fund (IMF) | Public Finances in Modern History (1875–1989, retrieved 2026-07-08)
  3. International Monetary Fund (IMF) | Fiscal Monitor (1990–2025, retrieved 2026-07-08)
  4. The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-07-08)
  5. U.S. Census Bureau (1985–2025, retrieved 2026-07-08)
  6. TradeMap (2021–2025, retrieved 2026-07-08)
  7. United Nations | World Population Prospects (2026, retrieved 2026-07-08)
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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.