Belize has a GDP of $3.33B compared to $3.06B for Cape Verde, ranking 170/197 and 172/197 by economy size, respectively.
Belize has $2.26B in government debt (67.9% of GDP), compared to $3.09B (101% of GDP) in Cape Verde.
Belize vs Cape Verde GDP by year
| Year | GDP, current $ | |
|---|---|---|
Belize
|
Cape Verde
|
|
| 2025 | $3,326,500,000 | $3,056,630,435 |
| 2024 | $3,203,631,800 | $2,713,721,857 |
| 2023 | $3,052,362,650 | $2,504,525,538 |
| 2022 | $2,846,604,350 | $2,247,003,344 |
| 2021 | $2,428,606,250 | $2,051,842,619 |
| 2020 | $2,047,284,600 | $1,821,565,614 |
| 2019 | $2,381,187,850 | $2,252,177,124 |
| 2018 | $2,285,915,050 | $2,205,099,507 |
| 2017 | $2,266,028,250 | $1,996,741,540 |
| 2016 | $2,239,604,950 | $1,849,789,986 |
| 2015 | $2,193,095,150 | $1,749,857,620 |
| 2014 | $2,138,242,200 | $2,041,930,125 |
| 2013 | $2,035,191,450 | $2,028,910,915 |
| 2012 | $1,917,083,500 | $1,913,081,210 |
| 2011 | $1,831,576,700 | $2,046,817,987 |
| 2010 | $1,748,988,400 | $1,824,751,468 |
| 2009 | $1,688,012,750 | $1,852,334,575 |
| 2008 | $1,738,453,600 | $1,959,620,648 |
| 2007 | $1,706,190,450 | $1,649,621,739 |
| 2006 | $1,590,463,100 | $1,107,571,458 |
| 2005 | $1,474,298,400 | $972,241,677 |
| 2004 | $1,400,202,000 | $924,940,012 |
| 2003 | $1,308,280,250 | $813,260,469 |
| 2002 | $1,243,912,050 | $620,507,387 |
| 2001 | $1,172,045,150 | $563,090,490 |
| 2000 | $1,138,138,100 | $539,227,278 |
| 1999 | $999,713,050 | $592,416,703 |
| 1998 | $929,047,000 | $521,910,561 |
| 1997 | $872,916,050 | $490,608,658 |
| 1996 | $850,339,100 | $501,979,270 |
| 1995 | $818,590,250 | $487,148,994 |
| 1994 | $771,838,000 | $406,580,652 |
| 1993 | $752,255,150 | $490,417,390 |
| 1992 | $695,741,150 | $357,160,985 |
| 1991 | $596,682,100 | $319,827,059 |
| 1990 | $546,750,912 | $306,890,963 |
| 1989 | $491,100,000 | $267,448,571 |
| 1988 | $421,450,000 | $264,308,140 |
| 1987 | $371,100,000 | $235,253,065 |
| 1986 | $311,500,000 | $190,651,168 |
| 1985 | $287,300,000 | $137,728,205 |
| 1984 | $290,350,000 | $132,019,039 |
| 1983 | $262,150,000 | $138,476,176 |
| 1982 | $248,550,000 | $140,630,679 |
| 1981 | $260,750,000 | $139,468,209 |
| 1980 | $257,400,000 | $142,246,815 |
| 1979 | $151,800,000 | - |
| 1978 | $136,300,000 | - |
| 1977 | $117,650,000 | - |
| 1976 | $97,094,227 | - |
| 1975 | $118,194,026 | - |
| 1974 | $103,160,450 | - |
| 1973 | $78,214,768 | - |
| 1972 | $65,998,069 | - |
| 1971 | $59,074,687 | - |
| 1970 | $53,339,893 | - |
| 1969 | $47,399,905 | - |
| 1968 | $44,999,910 | - |
| 1967 | $47,431,256 | - |
| 1966 | $44,450,044 | - |
| 1965 | $40,110,040 | - |
| 1964 | $36,194,586 | - |
| 1963 | $33,750,114 | - |
| 1962 | $31,857,592 | - |
| 1961 | $29,965,000 | - |
| 1960 | $28,072,478 | - |
Data sources: World Bank | Economy & Growth (1960–2025, retrieved 2026-07-08).
GeoRank.org/economy/belize/cape-verde | CC BY 
GDP per capita in Belize vs Cape Verde by year
| Year | Current $ | |||
|---|---|---|---|---|
|
Belize
|
Cape Verde
|
|||
| GDP per capita | GDP per capita, PPP | GDP per capita | GDP per capita, PPP | |
| 2025 | $7,865 | - | $5,796 | - |
| 2024 | $7,681 | $14,347 | $5,170 | $11,195 |
| 2023 | $7,425 | $13,730 | $4,795 | $10,242 |
| 2022 | $7,068 | $13,461 | $4,323 | $9,481 |
| 2021 | $6,143 | $11,716 | $3,971 | $7,685 |
| 2020 | $5,239 | $9,639 | $3,539 | $6,853 |
| 2019 | $6,172 | $10,500 | $4,381 | $8,646 |
| 2018 | $6,012 | $9,497 | $4,295 | $7,916 |
| 2017 | $6,072 | $9,121 | $3,893 | $7,936 |
| 2016 | $6,141 | $9,399 | $3,609 | $7,351 |
| 2015 | $6,155 | $9,538 | $3,415 | $6,773 |
| 2014 | $6,128 | $9,490 | $3,986 | $6,417 |
| 2013 | $5,957 | $9,526 | $3,961 | $6,367 |
| 2012 | $5,733 | $9,303 | $3,737 | $6,318 |
| 2011 | $5,596 | $9,722 | $4,002 | $6,384 |
| 2010 | $5,461 | $9,748 | $3,579 | $6,039 |
| 2009 | $5,400 | $9,728 | $3,660 | $5,901 |
| 2008 | $5,712 | $9,975 | $3,909 | $6,011 |
| 2007 | $5,762 | $10,226 | $3,325 | $5,567 |
| 2006 | $5,525 | $9,910 | $2,257 | $4,758 |
| 2005 | $5,270 | $9,466 | $2,004 | $4,324 |
| 2004 | $5,154 | $9,245 | $1,929 | $3,969 |
| 2003 | $4,960 | $8,850 | $1,718 | $3,551 |
| 2002 | $4,859 | $8,154 | $1,329 | $3,388 |
| 2001 | $4,719 | $7,852 | $1,223 | $3,217 |
| 2000 | $4,727 | $7,544 | $1,190 | $3,124 |
| 1999 | $4,290 | $6,790 | $1,327 | $2,714 |
| 1998 | $4,126 | $6,333 | $1,187 | $2,443 |
| 1997 | $4,014 | $6,243 | $1,134 | $2,182 |
| 1996 | $4,043 | $6,087 | $1,180 | $1,963 |
| 1995 | $4,010 | $6,091 | $1,165 | $1,762 |
| 1994 | $3,877 | $6,073 | $991 | $1,540 |
| 1993 | $3,860 | $6,075 | $1,220 | $1,291 |
| 1992 | $3,643 | $5,706 | $908 | $1,186 |
| 1991 | $3,190 | $5,053 | $832 | $1,069 |
| 1990 | $2,986 | $4,467 | $817 | $1,044 |
| 1989 | $2,742 | - | $727 | - |
| 1988 | $2,406 | - | $729 | - |
| 1987 | $2,166 | - | $658 | - |
| 1986 | $1,859 | - | $541 | - |
| 1985 | $1,754 | - | $396 | - |
| 1984 | $1,814 | - | $385 | - |
| 1983 | $1,677 | - | $410 | - |
| 1982 | $1,629 | - | $423 | - |
| 1981 | $1,753 | - | $425 | - |
| 1980 | $1,774 | - | $440 | - |
| 1979 | $1,071 | - | - | - |
| 1978 | $983 | - | - | - |
| 1977 | $866 | - | - | - |
| 1976 | $729 | - | - | - |
| 1975 | $906 | - | - | - |
| 1974 | $805 | - | - | - |
| 1973 | $619 | - | - | - |
| 1972 | $529 | - | - | - |
| 1971 | $481 | - | - | - |
| 1970 | $442 | - | - | - |
| 1969 | $402 | - | - | - |
| 1968 | $392 | - | - | - |
| 1967 | $426 | - | - | - |
| 1966 | $412 | - | - | - |
| 1965 | $383 | - | - | - |
| 1964 | $356 | - | - | - |
| 1963 | $342 | - | - | - |
| 1962 | $332 | - | - | - |
| 1961 | $320 | - | - | - |
| 1960 | $307 | - | - | - |
Data sources: World Bank | Economy & Growth (1960–2025, retrieved 2026-07-08).
GeoRank.org/economy/belize/cape-verde | CC BY
Belize's GDP per capita is $7,865, ranking 99/197, compared to $5,796 in Cape Verde, ranking 116/197. Adjusted for purchasing power (GDP per capita PPP), Belize ranks 117th at $14,347, while Cape Verde ranks 129th at $11,195.
Economic indicators
|
Belize
|
Cape Verde
|
|
|---|---|---|
| Gross domestic product |
$3.33B
2025 |
$3.06B
2025 |
| GDP rank |
170/197
2025 |
172/197
2025 |
| GDP growth |
2.75%
2024-2025 |
6.3%
2024-2025 |
| GDP per capita |
$7,865
2025 |
$5,796
2025 |
| GDP per capita rank |
99/197
2025 |
116/197
2025 |
| GDP per capita, PPP |
$14,347
2024 |
$11,195
2024 |
| GDP per capita PPP rank |
117/197
2024 |
129/197
2024 |
| Government debt |
$2.26B
2025 |
$3.09B
2025 |
| Debt-to-GDP ratio |
67.9%
2025 |
101%
2025 |
| Government debt per person |
$5,339
2025 |
$5,854
2025 |
| Government debt per person rank |
81/185
2025 |
77/185
2025 |
| Average annual personal income after taxes |
$5,278
2026 |
$2,506
2026 |
| Number of billionaires |
1
2026 |
n/a |
| Income share by richest 10% |
30%
2018 |
32.3%
2015 |
| Income share by poorest 10% |
2.2%
2018 |
2.2%
2015 |
| Government expenditure, % of GDP |
25.9%
2025 |
27%
2025 |
| Consumer prices inflation |
1.1%
2024-2025 |
2.3%
2024-2025 |
| Central bank interest rate | n/a |
1.5%
2024 |
| Unemployment rate |
29.3%
2020 |
11.3%
2019 |
| Population |
431659
|
530853
|
Spending and national debt comparison by year
| Year | % of GDP | |||
|---|---|---|---|---|
|
Belize
|
Cape Verde
|
|||
| Government spending | Government debt | Government spending | Government debt | |
| 2025 | 25.9% | 67.9% | 27% | 101% |
| 2024 | 26.8% | 65.4% | 26.1% | 112.8% |
| 2023 | 25.8% | 67.5% | 25.7% | 117.5% |
| 2022 | 23.4% | 66.8% | 26.6% | 127.6% |
| 2021 | 25.7% | 82.2% | 30.8% | 149.5% |
| 2020 | 33.2% | 103% | 34.5% | 149.1% |
| 2019 | 27.5% | 78.6% | 27.5% | 109.8% |
| 2018 | 26.9% | 79% | 27.5% | 112.3% |
| 2017 | 27.7% | 78.1% | 28% | 113% |
| 2016 | 27.7% | 70.5% | 26.6% | 115.6% |
| 2015 | 27.9% | 65.1% | 28.7% | 115.7% |
| 2014 | 24.8% | 61.5% | 27.8% | 105.7% |
| 2013 | 23.8% | 62.8% | 30.9% | 93.5% |
| 2012 | 22.1% | 63.1% | 31.6% | 82.9% |
| 2011 | 23.5% | 66.2% | 30.3% | 71.6% |
| 2010 | 23.3% | 68.4% | 35.7% | 66.2% |
| 2009 | 23.2% | 69.7% | 30.6% | 58.8% |
| 2008 | 21.8% | 64.7% | 27.6% | 57.5% |
| 2007 | 22.1% | 66.4% | 27.1% | 59.6% |
| 2006 | 21.2% | 71.4% | 28.4% | 66.2% |
| 2005 | 21.4% | 72.7% | 26.2% | 66.7% |
| 2004 | 21.7% | 70.7% | 26.3% | 67.8% |
| 2003 | 24.6% | 67.2% | 23.4% | 65.6% |
| 2002 | 24.4% | 53.2% | 28.5% | 64.7% |
| 2001 | 25.9% | 49.5% | 24.2% | 62.2% |
| 2000 | 23.2% | 79% | 36.7% | 71.9% |
| 1999 | 23.6% | 41.5% | 35% | 66.4% |
| 1998 | 20.9% | 38.7% | 29.8% | 72.9% |
| 1997 | 19.9% | 39.4% | 34.8% | 79.3% |
| 1996 | 19.9% | 38.4% | 38.9% | 85.7% |
| 1995 | - | - | 44.5% | 74.3% |
| 1994 | - | - | 48.1% | 73.4% |
Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1994–2025, retrieved 2026-07-08); International Monetary Fund (IMF) | Public Finances in Modern History (1994–2000, retrieved 2026-07-08).
GeoRank.org/economy/belize/cape-verde | CC BY
In 2025, Belize's government spending was $861M, accounting for 25.9% of its GDP, while Cape Verde spent $827M, or 27% of GDP.
Debt-to-GDP ratio is 67.9% in Belize and 101% in Cape Verde, ranking 61/185 and 23/185, respectively.
Government deficit by year
| Year | Deficit/surplus, % of GDP | |
|---|---|---|
|
Belize
|
Cape Verde
|
|
| 2025 | -0.96% | 1.06% |
| 2024 | -1.52% | -1.07% |
| 2023 | -2.42% | -0.28% |
| 2022 | -1.04% | -4.25% |
| 2021 | -3.29% | -7.51% |
| 2020 | -8.57% | -9.29% |
| 2019 | -2.9% | -1.62% |
| 2018 | -1.37% | -2.36% |
| 2017 | -3.48% | -2.63% |
| 2016 | -4.47% | -2.73% |
| 2015 | -5.14% | -4.16% |
| 2014 | -1.72% | -6.93% |
| 2013 | -1.21% | -8.49% |
| 2012 | -0.22% | -9.36% |
| 2011 | -1.06% | -6.98% |
| 2010 | -1.9% | -9.6% |
| 2009 | -2.46% | -5.32% |
| 2008 | 1.25% | -1.42% |
| 2007 | -0.19% | -0.86% |
| 2006 | -2.27% | -4.32% |
| 2005 | -3.7% | -4.69% |
| 2004 | -4.52% | -2.98% |
| 2003 | -8.41% | -3.63% |
| 2002 | -5.41% | -6.14% |
| 2001 | -7.23% | -5.03% |
| 2000 | -6.68% | -15.5% |
| 1999 | -6.51% | -10.9% |
| 1998 | -2.69% | -3.16% |
| 1997 | -1.81% | -10.2% |
| 1996 | -1.76% | -11.2% |
| 1995 | - | -11.1% |
| 1994 | - | -12.8% |
Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1994–2025, retrieved 2026-07-08).
GeoRank.org/economy/belize/cape-verde | CC BY
In 2025, Belize's government deficit, the difference between spending and revenue, was $31.9M, equivalent to 0.96% of GDP. This compares to Cape Verde's surplus of $32.3M, or 1.06% of GDP.
Over the past 30 years, Belize recorded a fiscal deficit in 29 of those years, while Cape Verde ran a deficit in 29 years. On average, Belize posted an annual deficit equal to 3.12% of GDP, compared to deficit of 5.38% of GDP for Cape Verde.
Inflation comparison by year
| Year | Consumer prices inflation | |
|---|---|---|
|
Belize
|
Cape Verde
|
|
| 2025 | 1.1% | 2.3% |
| 2024 | 3.3% | 1.1% |
| 2023 | 4.4% | 3.7% |
| 2022 | 6.3% | 7.9% |
| 2021 | 3.2% | 1.9% |
| 2020 | 0.1% | 0.6% |
| 2019 | 0.2% | 1.1% |
| 2018 | 0.3% | 1.3% |
| 2017 | 1.1% | 0.8% |
| 2016 | 0.7% | -1.4% |
| 2015 | -0.9% | 0.1% |
| 2014 | 1.2% | -0.2% |
| 2013 | 0.5% | 1.5% |
| 2012 | 1.2% | 2.5% |
| 2011 | 1.7% | 4.5% |
| 2010 | 0.9% | 2.1% |
| 2009 | -1.1% | 1% |
| 2008 | 6.4% | 6.8% |
| 2007 | 2.3% | 4.4% |
| 2006 | 4.2% | 4.8% |
| 2005 | 3.7% | 0.4% |
| 2004 | 3.1% | -1.9% |
| 2003 | 2.6% | 1.2% |
| 2002 | 2.2% | 1.9% |
| 2001 | 1.1% | 3.7% |
| 2000 | 0.6% | -2.4% |
| 1999 | -1.2% | 4.3% |
| 1998 | -0.8% | 4.4% |
| 1997 | 1% | 8.6% |
Data sources: International Monetary Fund (IMF) | World Economic Outlook (1997–2025, retrieved 2026-07-08).
GeoRank.org/economy/belize/cape-verde | CC BY
Over the past 29 years, Belize has recorded an average annual inflation rate of 1.7%, compared with 2.31% in Cape Verde. In 2025, inflation was 1.1% in Belize and 2.3% in Cape Verde.
Balance of trade
|
Belize
|
Cape Verde
|
|
|---|---|---|
|
Current account balance
|
-$92.3M
2025 |
$108M
2025 |
| Current account balance ranking |
80/190
2025 |
63/190
2025 |
| Current account balance, % of GDP |
-2.77%
2025 |
+3.53%
2025 |
| Goods imports |
$1.38B
2025 |
$1.29B
2025 |
| Goods exports |
$443M
2025 |
$344M
2025 |
| Service imports |
$352M
2025 |
$350M
2025 |
| Service exports |
$1.21B
2025 |
$940M
2025 |
| Imports of goods and services, % of GDP |
53.7%
2024 |
53.4%
2025 |
| Exports of goods and services, % of GDP |
55.2%
2024 |
42%
2025 |
Economic freedom indices
The indices of economic freedom below are issued by the Heritage Foundation. Higher scores indicate stronger economic health.
|
Belize
|
Cape Verde
|
|
|---|---|---|
| Economic freedom | 64.7 | 71.4 |
| Economic freedom ranking | 71/197 | 32/197 |
| Property rights | 46.3 | 72.7 |
| Government integrity | 46.2 | 63.3 |
| Judicial effectiveness | 73.9 | 77.1 |
| Tax burden | 81.8 | 84.4 |
| Government spending | 81 | 79.5 |
| Fiscal health | 87.5 | 74.4 |
| Business freedom | 67.2 | 78.9 |
| Labor freedom | 57.6 | 59.5 |
| Monetary freedom | 72.6 | 80.4 |
| Trade freedom | 57.8 | 66.6 |
| Investment freedom | 55 | 60 |
| Financial freedom | 50 | 60 |
Economic freedom comparison by year
| Year | Economic freedom index | |
|---|---|---|
|
Belize
|
Cape Verde
|
|
| 2026 | 64.7 | 71.4 |
| 2025 | 64.2 | 68.7 |
| 2024 | 61.2 | 62.9 |
| 2023 | 59.8 | 65.8 |
| 2022 | 56.6 | 66.7 |
| 2021 | 57.5 | 63.8 |
| 2020 | 57.4 | 63.6 |
| 2019 | 55.4 | 63.1 |
| 2018 | 57.1 | 60 |
| 2017 | 58.6 | 56.9 |
| 2016 | 57.4 | 66.5 |
| 2015 | 56.8 | 66.4 |
| 2014 | 56.7 | 66.1 |
| 2013 | 57.3 | 63.7 |
| 2012 | 61.9 | 63.5 |
| 2011 | 63.8 | 64.6 |
| 2010 | 61.5 | 61.8 |
| 2009 | 63 | 61.3 |
| 2008 | 63 | 57.9 |
| 2007 | 63.3 | 56.5 |
| 2006 | 64.7 | 58.6 |
| 2005 | 64.5 | 57.8 |
| 2004 | 62.8 | 58.1 |
| 2003 | 63.5 | 56.1 |
| 2002 | 65.6 | 57.6 |
| 2001 | 65.9 | 56.3 |
| 2000 | 63.3 | 51.9 |
| 1999 | 60.7 | 50.7 |
| 1998 | 59.1 | 48 |
| 1997 | 64.3 | 47.7 |
| 1996 | 61.6 | 49.7 |
| 1995 | 62.9 | - |
Data sources: The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-07-08).
GeoRank.org/economy/belize/cape-verde | CC BY
The Economic Freedom Index for Belize is 64.7, ranking 71/197, compared to 71.4 for Cape Verde, ranking 32/197. The chart above displays a comparison of annual changes in economic freedom indexes.
Other economic metrics
|
Belize
|
Cape Verde
|
|
|---|---|---|
| Services, % of GDP |
62.4%
2024 |
67.9%
2025 |
| Industry, % of GDP |
14.6%
2024 |
10.7%
2025 |
| Agriculture, forestry, and fishing, % of GDP |
7.95%
2024 |
5.04%
2025 |
|
GNI, Atlas method
|
$3.19B
2025 |
$2.95B
2025 |
| GNI per capita, PPP |
$14,230
2025 |
$12,010
2025 |
| Total reserves including gold |
$559M
2025 |
$1.26B
2025 |
| Total reserves ranking |
156/177
2025 |
138/177
2025 |
|
Net foreign direct investment
|
$1.15M
2025 |
-$130M
2025 |
|
Net inflows of foreign direct investment
|
$128M
2024 |
$110M
2024 |
|
Net outflows of foreign direct investment
|
$2.61M
2024 |
$20.8M
2024 |
|
Servicing debt to the IMF, % of GNI
|
4.15%
2024 |
5.72%
2024 |
| Poverty at national poverty lines |
52%
2018 |
24.8%
2023 |
|
Gross capital formation, % of GDP
|
19.8%
2024 |
17.4%
2025 |
GDP per capita map
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/belize/cape-verde | CC BY
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Data sources:
- World Bank | Economy & Growth (1960–2025, retrieved 2026-07-08)
- International Monetary Fund (IMF) | Fiscal Monitor (1994–2025, retrieved 2026-07-08)
- The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-07-08)
- U.S. Census Bureau (1985–2025, retrieved 2026-07-08)
- International Monetary Fund (IMF) | Public Finances in Modern History (1994–2000, retrieved 2026-07-08)
- United Nations | World Population Prospects (2026, retrieved 2026-07-08)
- LivingCost (2026, retrieved 2026-07-08)
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.