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Economy of Benin vs Denmark compared: GDP & Debt

Updated on by Georank

Benin has a GDP of $24.6B compared to $463B for Denmark, ranking 124/197 and 36/197 by economy size, respectively.

Benin has $14.1B in government debt (57.3% of GDP), compared to $127B (27.5% of GDP) in Denmark.

Benin vs Denmark GDP by year

Benin
Denmark
1x
Year GDP, current $
Benin Denmark
2025 $24,566,420,904 $462,526,660,468
2024 $21,482,643,706 $424,524,722,037
2023 $19,673,291,004 $404,651,706,118
2022 $17,425,405,091 $400,114,306,337
2021 $17,687,623,530 $406,110,162,088
2020 $15,686,741,884 $355,631,021,932
2019 $14,391,686,313 $345,401,473,013
2018 $14,262,408,090 $355,293,374,912
2017 $12,701,655,837 $331,610,593,962
2016 $11,821,065,853 $312,181,849,372
2015 $11,388,160,997 $301,758,922,338
2014 $13,284,527,847 $352,832,602,064
2013 $12,517,845,124 $344,631,016,965
2012 $11,141,358,116 $326,792,574,245
2011 $10,693,321,364 $344,315,595,263
2010 $9,535,345,016 $322,345,594,075
2009 $9,738,626,517 $322,619,152,195
2008 $9,787,734,526 $354,979,471,960
2007 $8,169,048,383 $320,213,157,595
2006 $7,034,111,315 $283,386,151,544
2005 $6,567,654,954 $265,150,087,712
2004 $6,190,270,380 $251,986,155,631
2003 $5,349,258,094 $218,421,193,436
2002 $4,194,342,686 $178,788,209,558
2001 $3,666,222,635 $164,881,594,415
2000 $3,519,991,440 $164,043,817,224
1999 $3,677,393,999 $177,887,720,536
1998 $2,455,092,686 $176,877,077,513
1997 $2,268,301,646 $173,241,365,735
1996 $2,361,116,449 $187,481,157,846
1995 $2,169,627,138 $184,848,481,008
1994 $1,598,075,944 $156,017,919,221
1993 $2,274,558,083 $143,111,306,004
1992 $1,695,315,306 $152,966,494,260
1991 $1,986,437,797 $139,180,507,778
1990 $1,959,965,330 $138,217,740,684
1989 $1,502,294,416 $112,312,200,761
1988 $1,620,246,084 $115,540,189,705
1987 $1,562,412,228 $109,183,446,340
1986 $1,336,102,025 $87,748,695,217
1985 $1,045,712,789 $62,452,421,011
1984 $1,051,134,009 $58,868,891,335
1983 $1,095,348,199 $60,331,158,447
1982 $1,267,778,670 $60,084,214,872
1981 $1,291,120,188 $61,459,941,461
1980 $1,405,251,847 $70,811,287,816
1979 $1,186,231,020 $70,393,030,603
1978 $928,843,469 $60,320,089,218
1977 $750,049,779 $49,711,709,588
1976 $698,408,262 $44,503,607,444
1975 $676,870,140 $40,418,967,666
1974 $554,654,861 $34,125,712,481
1973 $504,376,074 $30,718,181,337
1972 $410,331,857 $23,230,667,549
1971 $335,073,028 $19,086,192,720
1970 $333,627,713 $17,075,457,733
1969 $330,748,245 $15,414,902,667
1968 $326,323,105 $13,505,574,133
1967 $306,221,953 $13,059,064,806
1966 $302,925,235 $11,931,740,293
1965 $289,908,680 $10,870,670,865
1964 $269,819,006 $9,677,401,337
1963 $253,927,697 $8,466,044,980
1962 $236,434,954 $7,953,274,741
1961 $235,668,221 $7,058,361,229
1960 $226,195,578 $6,361,166,545

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

GeoRank.org/economy/benin/denmark | CC BY

GDP per capita in Benin vs Denmark by year

Benin
GDP per capita

GDP per capita, PPP
Denmark
GDP per capita

GDP per capita, PPP
1x
Year Current $
Benin Denmark
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2025 $1,658 - $76,970 -
2024 $1,485 $4,435 $71,026 $81,878
2023 $1,394 $4,130 $68,044 $77,892
2022 $1,266 $3,844 $67,781 $78,914
2021 $1,319 $3,464 $69,341 $69,715
2020 $1,200 $3,245 $60,985 $62,682
2019 $1,131 $3,149 $59,404 $60,595
2018 $1,152 $2,965 $61,325 $57,234
2017 $1,055 $2,886 $57,522 $55,272
2016 $1,011 $2,842 $54,501 $51,821
2015 $1,002 $2,725 $53,094 $48,897
2014 $1,204 $2,670 $62,520 $47,880
2013 $1,169 $2,512 $61,378 $46,869
2012 $1,072 $2,346 $58,444 $44,755
2011 $1,059 $2,265 $61,810 $44,444
2010 $973 $2,220 $58,105 $43,038
2009 $1,024 $2,213 $58,413 $40,524
2008 $1,061 $2,215 $64,617 $41,467
2007 $912 $2,136 $58,632 $39,110
2006 $809 $2,021 $52,119 $37,392
2005 $779 $1,946 $48,926 $34,238
2004 $759 $1,915 $46,625 $33,016
2003 $676 $1,842 $40,519 $30,864
2002 $546 $1,800 $33,257 $30,667
2001 $492 $1,746 $30,768 $29,459
2000 $487 $1,671 $30,722 $28,648
1999 $525 $1,592 $33,426 $26,642
1998 $362 $1,537 $33,346 $25,799
1997 $345 $1,508 $32,780 $24,887
1996 $369 $1,444 $35,622 $23,723
1995 $348 $1,395 $35,321 $22,677
1994 $262.1 $1,316 $29,968 $21,669
1993 $387 $1,311 $27,582 $20,217
1992 $302 $1,265 $29,579 $19,830
1991 $365 $1,239 $27,003 $19,067
1990 $371 $1,186 $26,886 $18,225
1989 $293.3 - $21,882 -
1988 $326 - $22,525 -
1987 $324 - $21,296 -
1986 $285.8 - $17,137 -
1985 $230.4 - $12,213 -
1984 $238.6 - $11,517 -
1983 $256 - $11,797 -
1982 $305 - $11,740 -
1981 $320 - $12,000 -
1980 $358 - $13,822 -
1979 $311 - $13,757 -
1978 $249.8 - $11,818 -
1977 $207 - $9,770 -
1976 $197.7 - $8,773 -
1975 $196.5 - $7,988 -
1974 $164.9 - $6,764 -
1973 $153.6 - $6,117 -
1972 $127.9 - $4,654 -
1971 $106.9 - $3,846 -
1970 $108.8 - $3,464 -
1969 $110.3 - $3,151 -
1968 $111.2 - $2,776 -
1967 $106.6 - $2,701 -
1966 $107.6 - $2,487 -
1965 $105.1 - $2,284 -
1964 $99.8 - $2,049 -
1963 $95.7 - $1,807 -
1962 $90.8 - $1,711 -
1961 $92.1 - $1,531 -
1960 $89.9 - $1,389 -

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

GeoRank.org/economy/benin/denmark | CC BY

Benin's GDP per capita is $1,658, ranking 162/197, compared to $76,970 in Denmark, ranking 11/197. Adjusted for purchasing power (GDP per capita PPP), Benin ranks 162nd at $4,435, while Denmark ranks 14th at $81,878.

Economic indicators

Benin Denmark
Gross domestic product
$24.6B
2025
$463B
2025
GDP rank
124/197
2025
36/197
2025
GDP growth
8.07%
2024-2025
2.93%
2024-2025
GDP per capita
$1,658
2025
$76,970
2025
GDP per capita rank
162/197
2025
11/197
2025
GDP per capita, PPP
$4,435
2024
$81,878
2024
GDP per capita PPP rank
162/197
2024
14/197
2024
Government debt
$14.1B
2025
$127B
2025
Debt-to-GDP ratio
57.3%
2025
27.5%
2025
Government debt per person
$950
2025
$21,192
2025
Government debt per person rank
145/185
2025
32/185
2025
Average annual personal income after taxes
$1,056
2026
$52,602
2026
Market capitalization of domestic companies n/a
$151B
2004
Number of millionaires n/a
376,000
2025
Number of billionaires n/a
9
2026
Income share by richest 10%
27.2%
2021
25.5%
2023
Income share by poorest 10%
3.1%
2021
3.6%
2023
Government expenditure, % of GDP
18.5%
2025
47.6%
2025
Consumer prices inflation
1.1%
2024-2025
1.89%
2024-2025
Central bank interest rate n/a
1.6%
2025
Unemployment rate
1.69%
2022
6.4%
2025
Population
15358725
6042125

Spending and national debt comparison by year

Benin
Spending

Debt
Denmark
Spending

Debt
1x
Year % of GDP
Benin Denmark
Government spending Government debt Government spending Government debt
2025 18.5% 57.3% 47.6% 27.5%
2024 18.2% 60.5% 47.3% 30.5%
2023 19.3% 61.3% 47.4% 33%
2022 20% 59.7% 45.1% 33.3%
2021 20% 55.6% 49.7% 39.6%
2020 19.1% 46.1% 53.3% 45.2%
2019 14.3% 40.4% 49.8% 38.3%
2018 16.5% 40.8% 50.8% 38.5%
2017 17.7% 39.4% 50.6% 40.2%
2016 15.4% 35.9% 52.4% 41.7%
2015 18.2% 30.9% 54.4% 44.6%
2014 14.2% 22.3% 55.1% 48.7%
2013 14.9% 18.5% 55.6% 47.8%
2012 14.2% 19.5% 57.9% 48.7%
2011 14.7% 21.9% 56.3% 50%
2010 14.1% 21% 56.5% 46.1%
2009 17% 18.7% 56.3% 43%
2008 14.5% 18.3% 50.3% 35.5%
2007 15.8% 14.3% 49.5% 29.5%
2006 13% 8.37% 49.7% 33.2%
2005 14.1% 27% 51.1% 39.4%
2004 13.4% 21.5% 52.8% 46.2%
2003 13.7% 23.4% 53.5% 48.2%
2002 15.3% 30.8% 53.1% 50.3%
2001 15.4% 38% 53% 50.1%
2000 15.6% 39.6% 52.9% 53.6%
1999 10.7% 39.4% 54.7% 56.8%
1998 14.9% 53.6% 55.6% 60.3%
1997 17.3% 42.9% 56.2% 64.4%
1996 18.2% 43.4% 58.2% 68.3%
1995 20.2% 48.3% 58.7% 71.5%
1994 18.5% 64.6% 59.5% 75.3%
1993 16.4% 41.9% 59.5% 78.7%
1992 18.4% 41.8% 56.4% 66.7%
1991 17.2% 44% 55.5% 63.2%
1990 18.1% 45.3% 55.1% 62.4%
1989 17.1% 50.3% 56.2% 62.2%
1988 - - 56.1% 64.7%
1987 - - 54% 62.5%
1986 - - 52.3% 66.8%
1985 - - 55.5% 74.7%
1984 - - 56.6% 77.7%
1983 - - 57.9% 74.2%
1982 - - 57.7% 64.5%
1981 - - 56.3% 51.7%
1980 - - 52.7% 39.2%
1979 - - 49.6% 31.8%
1978 - - 47.2% 25.5%
1977 - - 45.6% 15.2%
1976 - - 45% 11.4%
1975 - - 45.3% 7.01%
1974 - - 43.6% 6.2%
1973 - - 39.5% 8.94%
1972 - - 42.1% 11.5%
1971 - - 42.2% 12.9%
1970 - - 24.4% 7.62%
1969 - - 25.3% 8.36%
1968 - - 24.3% 9.36%
1967 - - 22.2% 10.1%
1966 - - 21.1% 11.2%
1965 - - 17.1% 12.9%
1964 - - 17.6% 14.5%
1963 - - 18.2% 13.7%
1962 - - 17% 15.3%
1961 - - 15.6% 16.4%
1960 - - 16.4% 20.1%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2025, retrieved 2026-07-08); International Monetary Fund (IMF) | Public Finances in Modern History (1960–1997, retrieved 2026-07-08).

GeoRank.org/economy/benin/denmark | CC BY

In 2025, Benin's government spending was $4.54B, accounting for 18.5% of its GDP, while Denmark spent $220B, or 47.6% of GDP.

Debt-to-GDP ratio is 57.3% in Benin and 27.5% in Denmark, ranking 83/185 and 161/185, respectively.

Government deficit by year

Deficit/surplus
Benin

Denmark
1x
Year Deficit/surplus, % of GDP
Benin Denmark
2025 -2.9% 2.85%
2024 -3.06% 4.46%
2023 -4.13% 3.43%
2022 -5.55% 3.39%
2021 -2.53% 4.08%
2020 -4.68% 0.36%
2019 -0.53% 4.28%
2018 -2.96% 0.81%
2017 -4.18% 1.69%
2016 -4.29% 0.3%
2015 -5.55% -0.9%
2014 -1.65% 1.43%
2013 -1.37% -0.94%
2012 -0.22% -3.2%
2011 -0.98% -1.77%
2010 -0.28% -2.52%
2009 -2.24% -2.75%
2008 -0.04% 3.46%
2007 0.22% 5.31%
2006 -0.15% 5.29%
2005 -1.52% 5.2%
2004 -0.7% 2.23%
2003 -1.07% 0.14%
2002 -3.33% 0.25%
2001 -3.27% 1.13%
2000 -3.69% 1.79%
1999 1.94% 1.06%
1998 2.5% -0.28%
1997 0.64% -1.22%
1996 -0.15% -2.4%
1995 -2.61% -3.5%
1994 -2.14% -3.85%
1993 -0.56% -3.73%
1992 -2.71% -2.6%
1991 -3.08% -3.15%
1990 -3.24% -1.78%
1989 0.89% 0.3%
1988 - 1.46%
1987 - 2.46%
1986 - 3.23%
1985 - -1.38%
1984 - -3.58%
1983 - -6.29%
1982 - -8.22%
1981 - -5.84%
1980 - -2.32%
1979 - -0.69%
1978 - 0.41%
1977 - 0.37%
1976 - 0.19%
1975 - -1.23%
1974 - 3.7%
1973 - 4.97%
1972 - 5.01%
1971 - 4.96%
1970 - 0.7%
1969 - 0.3%
1968 - -0.06%
1967 - 1.49%
1966 - 0.99%
1965 - 2.13%
1964 - 1.79%
1963 - 1.2%
1962 - -0.09%
1961 - 1.73%
1960 - 1.25%
1959 - 0.79%
1958 - 0.25%
1957 - 0.26%
1956 - -0.01%
1955 - -1.17%
1954 - -0.84%
1953 - 1.75%
1952 - 1.18%
1951 - 0.79%
1950 - 1.08%
1949 - 0.63%
1948 - 1.07%
1947 - 0.84%
1946 - 2.69%
1945 - -1.03%
1944 - 0%
1943 - 0%
1942 - 0%
1941 - 0%
1940 - 0%
1939 - 0%
1938 - 0.03%
1937 - 0.22%
1936 - -1.36%
1935 - -0.97%
1934 - 0.03%
1933 - 1.69%
1932 - -3.22%
1931 - -1.67%
1930 - 0.03%
1929 - 0.13%
1928 - -4.99%
1927 - -2.33%
1926 - -0.48%
1925 - -3.1%
1924 - -0.8%
1923 - -0.56%
1922 - -1.33%
1921 - -2.41%
1920 - -0.46%
1919 - -0.38%
1918 - 1.95%
1917 - 3.1%
1916 - 1.51%
1915 - -0.48%
1914 - 0.43%
1913 - 0.07%
1912 - 0.13%
1911 - -1.02%
1910 - -1.72%
1909 - -2.49%
1908 - -0.82%
1907 - 0.26%
1906 - -0.42%
1905 - 0.22%
1904 - -0.1%
1903 - 0.03%
1902 - -0.06%
1901 - -0.71%
1900 - -0.84%
1899 - -0.59%
1898 - -0.43%
1897 - -0.61%
1896 - -0.07%
1895 - -0.17%
1894 - -0.26%
1893 - -0.42%
1892 - -0.73%
1891 - -0.76%
1890 - -0.97%
1889 - -0.55%
1888 - -0.49%
1887 - -0.68%
1886 - -0.39%
1885 - 0.48%
1884 - 1.2%
1883 - 0.73%
1882 - 0.35%
1881 - 0.42%
1880 - -2.65%

Data sources: International Monetary Fund (IMF) | Public Finances in Modern History (1880–1989, retrieved 2026-07-08); International Monetary Fund (IMF) | Fiscal Monitor (1990–2025, retrieved 2026-07-08).

GeoRank.org/economy/benin/denmark | CC BY

In 2025, Benin's government deficit, the difference between spending and revenue, was $712M, equivalent to 2.9% of GDP. This compares to Denmark's surplus of $13.2B, or 2.85% of GDP.

Over the past 37 years, Benin recorded a fiscal deficit in 32 of those years, while Denmark ran a deficit in 15 years. On average, Benin posted an annual deficit equal to 1.87% of GDP, compared to surplus of 0.5% of GDP for Denmark.

Inflation comparison by year

Inflation
Benin

Denmark
1x
Year Consumer prices inflation
Benin Denmark
2025 1.1% 1.89%
2024 1.2% 1.37%
2023 2.7% 3.31%
2022 1.4% 7.7%
2021 1.7% 1.85%
2020 3% 0.42%
2019 -0.9% 0.76%
2018 0.8% 0.81%
2017 1.8% 1.15%
2016 -0.8% 0.25%
2015 0.2% 0.45%
2014 -0.6% 0.56%
2013 0.4% 0.79%
2012 6.7% 2.4%
2011 2.7% 2.76%
2010 2.1% 2.31%
2009 0.9% 1.3%
2008 7.4% 3.42%
2007 1.3% 1.69%
2006 3.8% 1.92%
2005 5.4% 1.82%
2004 0.9% 1.15%
2003 1.5% 2.08%
2002 2.4% 2.42%
2001 4% 2.34%
2000 4.2% 2.9%
1999 0.3% 2.5%
1998 5.8% 1.85%
1997 3.8% 2.18%

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/benin/denmark | CC BY

Over the past 29 years, Benin has recorded an average annual inflation rate of 2.25%, compared with 1.94% in Denmark. In 2025, inflation was 1.1% in Benin and 1.89% in Denmark.

Top exports between countries

Benin
Export category Export value
Raw agricultural goods $14.7M
Processed food, beverages & tobacco $4.2M
Machinery & equipment $130K
Raw materials & minerals $7K
Textiles & consumer goods $7K
Denmark
Export category Export value
Machinery & equipment $6.64M
Chemicals & pharma $543K
Animal & marine products $411K
Processed food, beverages & tobacco $250K
Metals $224K
Textiles & consumer goods $123K
Raw materials & minerals $111K
Wood & paper products $22K
Miscellaneous $5K

Balance of trade

Benin Denmark
Current account balance
-$1.61B
2023
$51.8B
2024
Current account balance ranking
132/190
2023
13/190
2024
Current account balance, % of GDP
-8.18%
2023
+12.2%
2024
Goods imports
$4.65B
2023
$132B
2024
Goods exports
$4.05B
2023
$172B
2024
Service imports
$1.54B
2023
$125B
2024
Service exports
$461M
2023
$129B
2024
Imports of goods and services, % of GDP
20.1%
2025
59.1%
2025
Exports of goods and services, % of GDP
17.1%
2025
70.1%
2025

Economic freedom indices

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

Benin Denmark
Economic freedom 60 79
Economic freedom ranking 96/197 8/197
Property rights 46.4 99.9
Government integrity 44.1 98
Judicial effectiveness 47.7 89.3
Tax burden 69.4 43.4
Government spending 89.1 34.8
Fiscal health 65.4 98
Business freedom 53.3 90.4
Labor freedom 60.2 65
Monetary freedom 82.1 80.1
Trade freedom 62.6 79.4
Investment freedom 50 90
Financial freedom 50 80

Economic freedom comparison by year

Benin
Denmark
1x
Year Economic freedom index
Benin Denmark
2026 60 79
2025 58.5 79.1
2024 57.7 77.8
2023 59.8 77.6
2022 61 78
2021 59.6 77.8
2020 55.2 78.3
2019 55.3 76.7
2018 56.7 76.6
2017 59.2 75.1
2016 59.3 75.3
2015 58.8 76.3
2014 57.1 76.1
2013 57.6 76.1
2012 55.7 76.2
2011 56 78.6
2010 55.4 77.9
2009 55.4 79.6
2008 55.2 79.2
2007 55.1 77
2006 54 75.4
2005 52.3 75.3
2004 54.6 72.4
2003 54.9 73.2
2002 57.3 71.1
2001 60.1 68.3
2000 61.5 68.3
1999 60.6 68.1
1998 61.7 67.5
1997 61.3 67.5
1996 54.5 67.3

Data sources: The Heritage Foundation | Economic Freedom Index (1996–2026, retrieved 2026-07-08).

GeoRank.org/economy/benin/denmark | CC BY

The Economic Freedom Index for Benin is 60, ranking 96/197, compared to 79 for Denmark, ranking 8/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Benin Denmark
Services, % of GDP
50.1%
2025
62.7%
2025
Industry, % of GDP
17.5%
2025
24.8%
2025
Agriculture, forestry, and fishing, % of GDP
22.9%
2025
1.17%
2025
GNI, Atlas method
$23.7B
2025
$464B
2025
GNI per capita, PPP
$4,760
2025
$85,460
2025
Total reserves including gold n/a
$128B
2025
Total reserves ranking n/a
24/177
2025
Net foreign direct investment
-$430M
2023
$12.5B
2024
Net inflows of foreign direct investment
$543M
2024
$18.2B
2024
Net outflows of foreign direct investment
$60.3M
2024
$30.7B
2024
Servicing debt to the IMF, % of GNI
5.38%
2024
n/a
Poverty at national poverty lines
36.2%
2021
12.4%
2021
Gross capital formation, % of GDP
35.8%
2025
22.1%
2025

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/benin/denmark | 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 (1880–1997, retrieved 2026-07-08)
  3. International Monetary Fund (IMF) | Fiscal Monitor (1990–2025, 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.