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Economy of Bhutan vs Netherlands compared: GDP & Debt

Updated on by Georank team

Bhutan has a GDP of $3.01B compared to $1.21T for the Netherlands, ranking 170/197 and 19/197 by economy size, respectively.

Bhutan has $3.53B in government debt (110.4% of GDP), compared to $532B (43.8% of GDP) in the Netherlands.

Bhutan vs Netherlands GDP by year

Bhutan
Netherlands
1x
Year GDP, current $
Bhutan Netherlands
2024 - $1,214,927,698,573
2023 $3,012,896,789 $1,135,475,867,551
2022 $2,898,227,744 $1,046,540,797,549
2021 $2,768,802,960 $1,054,472,123,450
2020 $2,457,604,334 $932,560,861,701
2019 $2,735,683,570 $928,903,005,576
2018 $2,583,335,722 $929,733,599,797
2017 $2,591,358,009 $848,233,537,846
2016 $2,357,504,761 $797,163,949,290
2015 $2,187,815,803 $775,743,675,303
2014 $2,089,079,571 $901,556,501,756
2013 $1,943,696,952 $883,951,539,007
2012 $1,973,387,228 $845,689,017,066
2011 $1,977,728,659 $913,140,741,333
2010 $1,708,880,730 $852,464,982,433
2009 $1,331,343,798 $878,954,223,140
2008 $1,317,517,835 $957,901,566,041
2007 $1,255,767,964 $853,499,460,873
2006 $942,879,879 $737,593,995,289
2005 $860,391,000 $688,133,699,636
2004 $735,348,490 $661,224,886,143
2003 $651,935,430 $582,435,617,082
2002 $559,345,264 $475,529,972,123
2001 $496,110,226 $432,536,219,669
2000 $460,733,418 $417,649,282,154
1999 $399,311,200 $447,778,514,140
1998 $363,458,381 $438,612,530,549
1997 $352,229,077 $417,506,211,882
1996 $303,408,346 $451,372,549,020
1995 $290,490,984 $452,967,334,614
1994 $258,954,708 $379,688,232,232
1993 $225,973,693 $354,070,495,966
1992 $240,233,531 $363,497,050,125
1991 $240,294,286 $327,982,316,124
1990 $287,765,007 $318,799,003,994
1989 $264,798,626 $258,716,904,292
1988 $272,298,067 $262,295,966,105
1987 $242,742,766 $245,406,949,521
1986 $191,218,115 $201,157,708,221
1985 $163,288,815 $144,057,523,222
1984 $160,423,494 $144,124,462,912
1983 $156,704,290 $153,671,294,109
1982 $141,439,317 $158,712,765,536
1981 $139,174,178 $164,375,775,854
1980 $128,669,201 $195,439,301,707
1979 $105,377,995 $179,933,827,310
1978 $94,086,228 $156,089,077,205
1977 $97,884,434 $127,203,923,857
1976 $88,461,263 $109,329,386,564
1975 $86,820,762 $100,397,061,694
1974 $92,901,784 $87,371,810,804
1973 $78,900,289 $71,946,639,603
1972 $70,139,867 $54,787,070,173
1971 $66,289,450 $44,644,730,576
1970 $61,812,113 $38,220,884,519
1969 - $34,086,038,090
1968 - $30,097,635,751
1967 - $27,143,828,099
1966 - $24,741,480,717
1965 - $22,721,869,808
1964 - $20,232,048,553
1963 - $17,193,744,109
1962 - $15,847,582,341
1961 - $14,599,836,396
1960 - $13,282,979,015

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

GeoRank.org/economy/bhutan/netherlands | CC BY

GDP per capita in Bhutan vs Netherlands by year

Bhutan
GDP per capita

GDP per capita, PPP
Netherlands
GDP per capita

GDP per capita, PPP
1x
Year Current $
Bhutan Netherlands
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 - - $67,520 $86,174
2023 $3,831 $16,215 $63,516 $81,729
2022 $3,711 $15,064 $59,123 $78,630
2021 $3,571 $13,459 $60,142 $68,574
2020 $3,192 $12,475 $53,468 $62,597
2019 $3,577 $12,909 $53,555 $62,345
2018 $3,400 $11,970 $53,955 $58,819
2017 $3,435 $11,677 $49,514 $56,038
2016 $3,152 $11,273 $46,809 $53,162
2015 $2,954 $10,214 $45,794 $50,957
2014 $2,849 $9,323 $53,457 $49,751
2013 $2,680 $8,667 $52,602 $49,622
2012 $2,751 $8,577 $50,474 $47,653
2011 $2,788 $7,935 $54,702 $47,004
2010 $2,436 $7,246 $51,306 $45,301
2009 $1,918 $6,466 $53,172 $44,959
2008 $1,920 $6,035 $58,247 $46,714
2007 $1,850 $5,729 $52,101 $44,203
2006 $1,406 $4,860 $45,124 $41,208
2005 $1,300 $4,523 $42,165 $37,778
2004 $1,130 $4,173 $40,611 $35,961
2003 $1,022 $3,942 $35,897 $34,286
2002 $896 $3,663 $29,447 $34,568
2001 $812 $3,338 $26,956 $33,259
2000 $772 $3,113 $26,225 $31,895
1999 $685 $3,017 $28,319 $29,316
1998 $638 $2,819 $27,924 $27,749
1997 $630 $2,683 $26,745 $26,062
1996 $553 $2,548 $29,064 $24,564
1995 $530 $2,374 $29,301 $23,480
1994 $467 $2,146 $24,683 $22,414
1993 $407 $2,001 $23,156 $21,443
1992 $416 $1,840 $23,939 $20,831
1991 $401 $1,657 $21,764 $20,177
1990 $488 $1,638 $21,322 $19,203
1989 $462 - $17,423 -
1988 $489 - $17,771 -
1987 $449 - $16,734 -
1986 $365 - $13,804 -
1985 $321 - $9,941 -
1984 $326 - $9,992 -
1983 $328 - $10,696 -
1982 $306 - $11,089 -
1981 $311 - $11,537 -
1980 $296.9 - $13,812 -
1979 $251.4 - $12,817 -
1978 $232.2 - $11,196 -
1977 $249.9 - $9,180 -
1976 $233.7 - $7,937 -
1975 $237.4 - $7,346 -
1974 $262.8 - $6,450 -
1973 $230.9 - $5,353 -
1972 $212.4 - $4,110 -
1971 $207.7 - $3,384 -
1970 $200.3 - $2,931 -
1969 - - $2,647 -
1968 - - $2,364 -
1967 - - $2,155 -
1966 - - $1,986 -
1965 - - $1,848 -
1964 - - $1,668 -
1963 - - $1,437 -
1962 - - $1,342 -
1961 - - $1,254 -
1960 - - $1,156 -

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

GeoRank.org/economy/bhutan/netherlands | CC BY

Bhutan's GDP per capita is $3,831, ranking 132/197, compared to $67,520 in the Netherlands, ranking 13/197. Adjusted for purchasing power (GDP per capita PPP), Bhutan ranks 109th at $16,215, while the Netherlands ranks 11th at $86,174.

Economic indicators

Bhutan Netherlands
Gross domestic product
$3.01B
2023
$1.21T
2024
GDP rank
170/197
2023
19/197
2024
GDP growth
4.63%
2022-2023
1.08%
2023-2024
GDP per capita
$3,831
2023
$67,520
2024
GDP per capita rank
132/197
2023
13/197
2024
GDP per capita, PPP
$16,215
2023
$86,174
2024
GDP per capita PPP rank
109/197
2023
11/197
2024
Government debt
$3.53B
2023
$532B
2024
Debt-to-GDP ratio
110.4%
2024
43.8%
2024
Government debt per person
$4,485
2023
$29,571
2024
Government debt per person rank
87/185
2023
24/185
2024
Average annual personal income after taxes
$5,506
2026
$47,815
2026
Market capitalization of domestic companies n/a
$1.1T
2017
Number of millionaires n/a
1,267,000
2025
Number of billionaires n/a
13
2025
Income share by richest 10%
22.7%
2022
21.4%
2021
Income share by poorest 10%
3.6%
2022
3.6%
2021
Government expenditure, % of GDP
27.1%
2024
44.4%
2024
Consumer prices inflation
4.3%
2023-2024
3.35%
2023-2024
Unemployment rate
3.28%
2024
3.64%
2024
Population
803385
18252623

Spending and national debt comparison by year

Bhutan
Spending

Debt
Netherlands
Spending

Debt
1x
Year % of GDP
Bhutan Netherlands
Government spending Government debt Government spending Government debt
2024 27.1% 110.4% 44.4% 43.8%
2023 28.8% 117.1% 44% 45.9%
2022 32.1% 119.9% 43.3% 48.4%
2021 36.6% 124.5% 45.9% 50.5%
2020 30.9% 116% 47.8% 53.4%
2019 24.2% 100.8% 42.1% 47.7%
2018 31.7% 103.4% 42.4% 51.6%
2017 30.6% 104.1% 42.8% 56%
2016 30.5% 103% 43.9% 60.9%
2015 27.5% 90.2% 45.3% 63.8%
2014 28.9% 89.8% 46.7% 67.2%
2013 32.5% 87.4% 47.5% 67.2%
2012 35.1% 71.5% 47.6% 65.7%
2011 36.1% 62.3% 47.8% 61.2%
2010 41.5% 55.8% 48.9% 58.9%
2009 39.3% 61% 48.4% 56.3%
2008 36.1% 60.6% 44.3% 54.4%
2007 33.2% 67.3% 43.3% 42.7%
2006 33.4% 80.1% 44% 45%
2005 36.4% 80.8% 43.4% 49.6%
2004 31% 76% 44.7% 50.1%
2003 34.7% 68.5% 45.8% 49.8%
2002 39.3% 57.7% 44.8% 48.7%
2001 50.3% 52.4% 44.1% 49.4%
2000 43% 44% 43.2% 52.2%
1999 40.2% 39.2% 44.3% 58.6%
1998 31.1% 36.4% 44.6% 62.7%
1997 37.8% 33% 45.7% 65.7%
1996 37.9% 36.8% 47.3% 71.2%
1995 38.6% 38.7% 53.9% 73%
1994 37.9% 53.2% 49.4% 73.5%
1993 35.2% 60.2% 50.9% 76.7%
1992 34.5% 35.6% 50.2% 75.6%
1991 30.8% 33.5% 49.6% 74.8%
1990 35.8% 27.4% 48.8% 75%
1989 46.8% 26.4% 54.5% 73.7%
1988 45.3% 24.7% 56.4% 73.7%
1987 47.5% 17.3% 58.5% 71.3%
1986 - - 57% 68.9%
1985 - - 57.3% 67.1%
1984 - - 58.1% 61.9%
1983 - - 59.1% 58.4%
1982 - - 59.1% 52.4%
1981 - - 56.8% 46.9%
1980 - - 55.2% 43.6%
1979 - - 53.7% 39.5%
1978 - - 52.3% 38.1%
1977 - - 50.6% 34.9%
1976 - - 50.8% 35.2%
1975 - - 50.8% 36.1%
1974 - - 46.4% 36.3%
1973 - - 44.6% 38.1%
1972 - - 44.9% 41.3%
1971 - - 44.6% 43.7%
1970 - - 43.2% 46.1%
1969 - - 42.1% 48.2%
1968 - - 25.4% 54.4%
1967 - - 24.1% 55%
1966 - - 24.4% 55.6%
1965 - - 23.4% 55.8%
1964 - - 22.3% 57.1%
1963 - - 21.9% 61.7%
1962 - - 22.1% 63.8%
1961 - - 22.2% 65.9%
1960 - - 20.4% 66.7%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1960–1992, retrieved 2026-02-20).

GeoRank.org/economy/bhutan/netherlands | CC BY

In 2024, Bhutan's government spending was $869M, accounting for 27.1% of its GDP, while the Netherlands spent $540B, or 44.4% of GDP.

Debt-to-GDP ratio is 110.4% in Bhutan and 43.8% in the Netherlands, ranking 17/185 and 123/185, respectively.

Government deficit by year

Deficit/surplus
Bhutan

Netherlands
1x
Year Deficit/surplus, % of GDP
Bhutan Netherlands
2024 -0.17% -0.94%
2023 -4.73% -0.37%
2022 -6.95% 0.002%
2021 -5.76% -2.26%
2020 -1.81% -3.72%
2019 -1.49% 1.91%
2018 -1.52% 1.49%
2017 -4.49% 1.35%
2016 -2.31% 0.23%
2015 -0.49% -1.84%
2014 2.46% -2.17%
2013 -4.55% -2.87%
2012 -2.1% -3.83%
2011 -3.02% -4.42%
2010 1.92% -5.3%
2009 -0.8% -5.06%
2008 -2.57% -0.06%
2007 0.79% -0.16%
2006 -0.07% 0.04%
2005 -6.96% -0.51%
2004 1.8% -1.82%
2003 -10.2% -3.19%
2002 -4.33% -2.23%
2001 -12.2% -0.47%
2000 -3.39% 1.14%
1999 -1.28% 0.28%
1998 1.28% -1.34%
1997 -1.92% -1.6%
1996 2.55% -1.91%
1995 -0.88% -8.72%
1994 -0.13% -3.53%
1993 4.71% -3.13%
1992 -3.47% -3.12%
1991 -0.48% -2.05%
1990 -7.21% -4.08%
1989 -10.1% -5%
1988 1.33% -4.23%
1987 -0.56% -5.39%
1986 - -4.62%
1985 - -3.6%
1984 - -5.25%
1983 - -5.47%
1982 - -6.17%
1981 - -4.92%
1980 - -3.95%
1979 - -2.46%
1978 - -2.09%
1977 - -0.75%
1976 - -2.02%
1975 - -2.82%
1974 - -0.26%
1973 - 0.54%
1972 - -0.7%
1971 - -1.58%
1970 - -1.52%
1969 - -1.14%
1968 - -3.06%
1967 - -1.97%
1966 - -2.37%
1965 - -1.15%
1964 - -1.2%
1963 - -0.54%
1962 - -1.38%
1961 - -0.38%
1960 - 0.9%
1959 - -0.74%
1958 - -0.89%
1957 - 0.3%
1956 - -0.83%
1955 - -0.25%
1954 - 0.76%
1953 - -2.95%
1952 - 2.19%
1951 - 2.13%
1950 - 0.81%
1949 - 2.3%
1948 - -
1947 - -
1946 - -
1945 - -
1944 - -
1943 - -
1942 - -
1941 - -
1940 - -
1939 - -3.19%
1938 - -0.37%
1937 - 0.02%
1936 - -0.41%
1935 - -0.69%
1934 - -0.92%
1933 - -2.55%
1932 - -1.97%
1931 - -1.66%
1930 - -0.55%
1929 - -1.16%
1928 - -0.62%
1927 - -0.33%
1926 - -0.78%
1925 - -2.04%
1924 - -3.37%
1923 - -2.62%
1922 - -
1921 - -
1920 - -
1919 - -
1918 - -
1917 - -
1916 - -
1915 - -
1914 - -
1913 - -0.45%
1912 - -0.47%
1911 - -0.13%
1910 - -0.93%
1909 - -0.34%
1908 - -0.57%
1907 - 0.03%
1906 - 0.16%
1905 - 0.1%
1904 - -0.72%
1903 - 0.09%
1902 - -0.14%
1901 - 0.03%
1900 - 0.06%
1899 - -0.13%
1898 - -0.48%
1897 - -0.45%
1896 - 0.08%
1895 - -0.06%
1894 - 0.12%
1893 - -0.76%
1892 - -1.72%
1891 - -0.06%
1890 - -0.06%
1889 - 0.04%
1888 - -0.31%
1887 - -0.37%
1886 - -0.08%
1885 - -0.55%
1884 - 0%
1883 - -2.1%
1882 - -1.11%
1881 - -1.06%
1880 - 0.21%

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/bhutan/netherlands | CC BY

In 2023, Bhutan's government deficit, the difference between spending and revenue, was $142M, equivalent to 4.73% of GDP. This compares to the Netherlands' deficit of $4.21B, or 0.37% of GDP.

Over the past 37 years, Bhutan recorded a fiscal deficit in 29 of those years, while the Netherlands ran a deficit in 29 years. On average, Bhutan posted an annual deficit equal to 2.4% of GDP, compared to deficit of 2.11% of GDP for the Netherlands.

Inflation comparison by year

Inflation
Bhutan

Netherlands
1x
Year Consumer prices inflation
Bhutan Netherlands
2024 4.3% 3.35%
2023 4.5% 3.84%
2022 5.9% 10%
2021 8.2% 2.68%
2020 3% 1.27%
2019 2.8% 2.63%
2018 3.6% 1.7%
2017 4.3% 1.38%
2016 3.3% 0.32%
2015 6.7% 0.6%
2014 9.6% 0.98%
2013 8.1% 2.51%
2012 10.1% 2.46%
2011 8.6% 2.34%
2010 4.8% 1.28%
2009 7.1% 1.19%
2008 6.3% 2.49%
2007 5.2% 1.61%
2006 4.9% 1.1%
2005 4.8% 1.69%
2004 3.3% 1.26%
2003 2.5% 2.09%
2002 2.9% 3.29%
2001 3.7% 4.16%
2000 7.2% 2.36%
1999 9.1% 2.16%
1998 7.6% 1.96%
1997 8.6% 2.11%

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/bhutan/netherlands | CC BY

Over the past 28 years, Bhutan has recorded an average annual inflation rate of 5.75%, compared with 2.31% in the Netherlands. In 2024, inflation was 4.3% in Bhutan and 3.35% in the Netherlands.

Top exports between countries

Bhutan
Export category Export value
Metals $1.29M
Miscellaneous $1K
Netherlands
Export category Export value
Chemicals & pharma $519K
Machinery & equipment $383K
Textiles & consumer goods $375K
Animal & marine products $45K
Processed food, beverages & tobacco $35K
Wood & paper products $6K
Raw materials & minerals $1K

Balance of trade

Bhutan Netherlands
Current account balance
-$670M
2024
$111B
2024
Current account balance ranking
114/190
2024
5/190
2024
Current account balance, % of GDP
-32%
2023
+9.13%
2024
Goods imports
$1.29B
2024
$606B
2024
Goods exports
$656M
2024
$693B
2024
Service imports
$228M
2024
$262B
2024
Service exports
$288M
2024
$308B
2024
Imports of goods and services, % of GDP
53.3%
2023
71.4%
2024
Exports of goods and services, % of GDP
28.4%
2023
82.4%
2024

Economic freedom indices

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

Bhutan Netherlands
Economic freedom 57.5 78.5
Economic freedom ranking 115/197 11/197
Property rights 69.2 96
Government integrity 72.2 86.8
Judicial effectiveness 61.8 96.1
Tax burden 83.4 54
Government spending 74.1 42.2
Fiscal health 25.8 95.9
Business freedom 67.8 85
Labor freedom 60.1 59.3
Monetary freedom 71.6 77
Trade freedom 63.4 79.4
Investment freedom 20 90
Financial freedom 20 80

Economic freedom comparison by year

Bhutan
Netherlands
1x
Year Economic freedom index
Bhutan Netherlands
2026 57.5 78.5
2025 57.5 78.2
2024 55.4 77.3
2023 59 78
2022 59.3 79.5
2021 58.3 76.8
2020 62.1 77
2019 62.9 76.8
2018 61.8 76.2
2017 58.4 75.8
2016 59.5 74.6
2015 57.4 73.7
2014 56.7 74.2
2013 55 73.5
2012 56.6 73.3
2011 57.6 74.7
2010 57 75
2009 57.7 77
2008 - 77.4
2007 - 75.5
2006 - 75.4
2005 - 72.9
2004 - 74.5
2003 - 74.6
2002 - 75.1
2001 - 73
2000 - 70.4
1999 - 70.2
1998 - 69.2
1997 - 70.4
1996 - 69.7

Data sources: The Heritage Foundation | Economic Freedom Index (1996–2026, retrieved 2026-03-09).

GeoRank.org/economy/bhutan/netherlands | CC BY

The Economic Freedom Index for Bhutan is 57.5, ranking 115/197, compared to 78.5 for the Netherlands, ranking 11/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Bhutan Netherlands
Services, % of GDP
52.8%
2023
70.5%
2024
Industry, % of GDP
29.4%
2023
17.5%
2024
Agriculture, forestry, and fishing, % of GDP
15%
2023
1.73%
2024
GNI, Atlas method
$2.93B
2023
$1.12T
2024
GNI per capita, PPP
$15,320
2023
$84,970
2024
Total reserves including gold
$941M
2024
$79.1B
2024
Total reserves ranking
143/177
2024
34/177
2024
Net foreign direct investment
-$22.8M
2024
$11.1B
2024
Net inflows of foreign direct investment
$2.82M
2024
-$17.1B
2024
Net outflows of foreign direct investment
$0
2024
-$5.93B
2024
Servicing debt to the IMF, % of GNI
4.96%
2023
n/a
Poverty at national poverty lines
12.4%
2022
14.5%
2021
Gross capital formation, % of GDP
45.3%
2023
19.7%
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/bhutan/netherlands | CC BY

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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 (1880–1992, retrieved 2026-02-20)
  4. The Heritage Foundation | Economic Freedom Index (1996–2026, retrieved 2026-03-09)
  5. U.S. Census Bureau (1985–2024, retrieved 2026-02-08)
  6. TradeMap (2021–2024, retrieved 2026-02-08)
  7. United Nations | World Population Prospects (2026, retrieved 2026-03-10)
  8. LivingCost (2026, retrieved 2025-10-14)

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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.