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Economy of Brazil vs Croatia compared: GDP & Debt

Updated on by Georank

Brazil has a GDP of $2.28T compared to $105B for Croatia, ranking 11/197 and 73/197 by economy size, respectively.

Brazil has $2.13T in government debt (93.3% of GDP), compared to $58.7B (55.9% of GDP) in Croatia.

Brazil vs Croatia GDP by year

Brazil
Croatia
1x
Year GDP, current $
Brazil Croatia
2025 $2,279,920,092,492 $105,060,182,186
2024 $2,185,821,610,689 $92,981,894,168
2023 $2,191,131,765,685 $85,621,337,533
2022 $1,951,923,942,083 $71,196,460,237
2021 $1,670,647,398,905 $69,002,262,505
2020 $1,476,107,231,310 $57,959,824,238
2019 $1,873,288,205,060 $61,467,261,345
2018 $1,916,933,898,011 $61,668,280,700
2017 $2,063,514,977,366 $56,182,225,079
2016 $1,795,693,482,853 $52,650,804,052
2015 $1,802,212,206,815 $50,999,271,059
2014 $2,456,043,727,199 $59,607,109,597
2013 $2,472,819,535,557 $59,846,869,999
2012 $2,465,227,802,807 $57,547,495,860
2011 $2,616,156,223,918 $62,889,150,894
2010 $2,208,837,745,101 $58,975,127,201
2009 $1,666,996,438,581 $62,315,450,611
2008 $1,695,855,083,498 $68,473,103,477
2007 $1,397,114,486,369 $59,290,547,254
2006 $1,107,626,541,435 $49,583,643,048
2005 $891,633,839,894 $45,012,776,906
2004 $669,289,424,806 $41,836,096,243
2003 $558,233,745,652 $35,244,797,329
2002 $509,795,273,807 $26,757,633,353
2001 $559,983,634,799 $23,067,071,478
2000 $655,448,231,984 $22,134,069,750
1999 $599,642,024,320 $23,776,940,769
1998 $863,710,759,256 $25,889,813,449
1997 $883,206,179,730 $24,175,272,572
1996 $850,426,432,992 $24,151,469,717
1995 $769,333,050,987 $22,772,224,146
1994 $525,369,467,296 $15,062,911,617
1993 $368,292,034,381 $11,259,647,874
1992 $328,191,909,882 $10,621,169,291
1991 $342,534,090,909 $18,760,386,775
1990 $384,959,818,182 $25,650,213,280
1989 $412,990,820,287 -
1988 $307,881,930,752 -
1987 $283,056,836,894 -
1986 $256,480,852,471 -
1985 $210,879,844,639 -
1984 $188,339,974,087 -
1983 $189,656,506,321 -
1982 $271,314,113,768 -
1981 $258,015,174,749 -
1980 $237,393,489,893 -
1979 $221,338,204,480 -
1978 $200,278,646,124 -
1977 $176,344,101,402 -
1976 $153,168,949,208 -
1975 $129,203,555,239 -
1974 $109,794,519,728 -
1973 $83,592,275,863 -
1972 $58,434,858,375 -
1971 $48,869,830,902 -
1970 $42,327,664,794 -
1969 $37,171,640,819 -
1968 $33,930,457,425 -
1967 $31,086,389,195 -
1966 $28,283,323,733 -
1965 $22,465,522,884 -
1964 $20,963,733,695 -
1963 $23,287,712,878 -
1962 $19,231,747,852 -
1961 $17,275,940,449 -
1960 $17,030,465,539 -

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

GeoRank.org/economy/brazil/croatia | CC BY

GDP per capita in Brazil vs Croatia by year

Brazil
GDP per capita

GDP per capita, PPP
Croatia
GDP per capita

GDP per capita, PPP
1x
Year Current $
Brazil Croatia
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2025 $10,713 - $27,104 -
2024 $10,311 $22,338 $24,050 $49,551
2023 $10,378 $21,176 $22,183 $47,760
2022 $9,281 $19,877 $18,466 $42,125
2021 $7,973 $18,076 $17,789 $36,930
2020 $7,074 $16,102 $14,808 $31,594
2019 $9,030 $16,070 $15,564 $33,064
2018 $9,301 $15,464 $15,460 $29,789
2017 $10,081 $14,559 $13,902 $27,888
2016 $8,836 $14,309 $12,820 $25,803
2015 $8,936 $14,821 $12,284 $23,750
2014 $12,275 $15,827 $14,187 $22,706
2013 $12,459 $15,722 $14,135 $22,430
2012 $12,522 $15,198 $13,508 $21,619
2011 $13,397 $15,212 $14,692 $21,191
2010 $11,403 $14,452 $13,730 $20,139
2009 $8,679 $13,391 $14,475 $20,358
2008 $8,908 $13,445 $15,888 $21,018
2007 $7,410 $12,673 $13,756 $19,568
2006 $5,934 $11,751 $11,501 $17,629
2005 $4,828 $11,081 $10,443 $15,451
2004 $3,664 $10,526 $9,719 $14,686
2003 $3,091 $9,802 $8,190 $13,692
2002 $2,856 $9,617 $6,220 $12,775
2001 $3,176 $9,304 $5,365 $11,653
2000 $3,767 $9,092 $4,954 $10,675
1999 $3,494 $8,635 $5,269 $9,943
1998 $5,106 $8,599 $5,712 $9,890
1997 $5,299 $8,602 $5,331 $9,536
1996 $5,179 $8,301 $5,300 $8,806
1995 $4,757 $8,097 $4,929 $8,052
1994 $3,299 $7,727 $3,238 $7,337
1993 $2,349 $7,260 $2,448 $6,861
1992 $2,127 $6,869 $2,321 $7,326
1991 $2,258 $6,867 $4,001 $7,918
1990 $2,581 $6,688 $5,369 $9,526
1989 $2,819 - - -
1988 $2,141 - - -
1987 $2,006 - - -
1986 $1,854 - - -
1985 $1,556 - - -
1984 $1,420 - - -
1983 $1,461 - - -
1982 $2,138 - - -
1981 $2,080 - - -
1980 $1,959 - - -
1979 $1,870 - - -
1978 $1,733 - - -
1977 $1,562 - - -
1976 $1,390 - - -
1975 $1,201 - - -
1974 $1,045 - - -
1973 $815 - - -
1972 $583 - - -
1971 $500 - - -
1970 $444 - - -
1969 $399 - - -
1968 $374 - - -
1967 $351 - - -
1966 $328 - - -
1965 $268 - - -
1964 $257.3 - - -
1963 $294.2 - - -
1962 $250.2 - - -
1961 $231.6 - - -
1960 $235.3 - - -

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

GeoRank.org/economy/brazil/croatia | CC BY

Brazil's GDP per capita is $10,713, ranking 85/197, compared to $27,104 in Croatia, ranking 49/197. Adjusted for purchasing power (GDP per capita PPP), Brazil ranks 88th at $22,338, while Croatia ranks 46th at $49,551.

Economic indicators

Brazil Croatia
Gross domestic product
$2.28T
2025
$105B
2025
GDP rank
11/197
2025
73/197
2025
GDP growth
2.29%
2024-2025
3.4%
2024-2025
GDP per capita
$10,713
2025
$27,104
2025
GDP per capita rank
85/197
2025
49/197
2025
GDP per capita, PPP
$22,338
2024
$49,551
2024
GDP per capita PPP rank
88/197
2024
46/197
2024
Government debt
$2.13T
2025
$58.7B
2025
Debt-to-GDP ratio
93.3%
2025
55.9%
2025
Government debt per person
$9,999
2025
$15,144
2025
Government debt per person rank
60/185
2025
44/185
2025
Average annual personal income after taxes
$6,555
2026
$20,376
2026
Market capitalization of domestic companies
$871B
2025
$37.9B
2025
Number of millionaires
386,000
2026
n/a
Number of billionaires
70
2026
1
2026
Income share by richest 10%
39.3%
2024
23.3%
2023
Income share by poorest 10%
1.3%
2024
2.9%
2023
Government expenditure, % of GDP
47.4%
2025
49.3%
2025
Consumer prices inflation
5%
2024-2025
3.69%
2024-2025
Central bank interest rate
14.5%
2026
n/a
Unemployment rate
5.83%
2025
4.9%
2025
Population
213964342
3849788

Spending and national debt comparison by year

Brazil
Spending

Debt
Croatia
Spending

Debt
1x
Year % of GDP
Brazil Croatia
Government spending Government debt Government spending Government debt
2025 47.4% 93.3% 49.3% 55.9%
2024 45.5% 87% 48% 57.4%
2023 45.3% 84% 46.3% 60.9%
2022 43.4% 83.9% 45% 68.5%
2021 40.4% 88.9% 48.2% 78.2%
2020 46.2% 96% 53.8% 86.5%
2019 43% 87.1% 44.4% 70.9%
2018 44.2% 84.8% 45% 72.8%
2017 44.3% 82.7% 44.1% 76.2%
2016 45.5% 77.4% 45.9% 79.3%
2015 46.2% 71.7% 47.6% 82.8%
2014 41.4% 61.6% 48.7% 83.2%
2013 39.8% 59.6% 48% 79.5%
2012 39.3% 61.6% 47.3% 68.9%
2011 39.4% 60.6% 48.6% 63.1%
2010 39.5% 62.4% 48.2% 56.8%
2009 40.5% 64.7% 49.3% 47.9%
2008 39.9% 61.4% 46.3% 38.9%
2007 40.4% 63% 46.4% 37.1%
2006 42.6% 64.6% 44.6% 38.4%
2005 41.9% 67% 46.5% 40.9%
2004 39.7% 68% 49% 40%
2003 41.3% 71.5% 49.6% 37.8%
2002 44.5% 76.1% 49.2% 36.5%
2001 39.8% 67.3% 50.6% 36.6%
2000 34.5% 62.2% 54.6% 35.4%
1999 39.6% 44.5% 58.9% 30%
1998 40.9% 38.9% 56.8% 23.3%
1997 38.6% 31.8% 51.7% 22.5%
1996 38.2% 30.7% 52.1% -
1995 - 28% 50.3% -
1994 - 30% 45.4% -
1993 - 32.6% 35.9% -
1992 - 37.1% 37.1% -
1991 - 38.1% - -
1990 - 40.6% - -
1989 - 40.2% - -
1988 - 46.9% - -
1987 - 50.3% - -
1986 11.7% 49.4% - -
1985 11.1% 52.6% - -
1984 10% 55.8% - -
1983 9.7% 51.5% - -
1982 8.1% 32.8% - -
1981 7.8% 34.6% - -
1980 6.8% 39.7% - -
1979 9% 36.6% - -
1978 10.2% 37% - -
1977 10.4% 31% - -
1976 10.6% 31.8% - -
1975 10.7% 27.7% - -
1974 10.5% 25.7% - -
1973 11% 22.4% - -
1972 12.6% 22.5% - -
1971 11.7% 17.9% - -
1970 11.4% 17% - -
1969 11.2% 16.5% - -
1968 14.4% 15.8% - -
1967 13.5% 13.8% - -
1966 14.6% 19.6% - -
1965 14% 17.6% - -
1964 25.4% 22.2% - -
1963 22.8% 20.4% - -
1962 23.1% 23.7% - -
1961 12% 25.7% - -
1960 13.7% 22.3% - -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1992–2025, retrieved 2026-07-08); International Monetary Fund (IMF) | Public Finances in Modern History (1960–2000, retrieved 2026-07-08).

GeoRank.org/economy/brazil/croatia | CC BY

In 2025, Brazil's government spending was $1.08T, accounting for 47.4% of its GDP, while Croatia spent $51.8B, or 49.3% of GDP.

Debt-to-GDP ratio is 93.3% in Brazil and 55.9% in Croatia, ranking 29/185 and 87/185, respectively.

Government deficit by year

Deficit/surplus
Brazil

Croatia
1x
Year Deficit/surplus, % of GDP
Brazil Croatia
2025 -8.07% -2.89%
2024 -6.17% -1.95%
2023 -7.71% -0.79%
2022 -3.96% 0.14%
2021 -2.63% -2.57%
2020 -11.6% -7.24%
2019 -4.86% 2.32%
2018 -6.99% 0.22%
2017 -7.97% 0.81%
2016 -7.99% -1.04%
2015 -9.28% -3.53%
2014 -6.27% -5.19%
2013 -3.42% -5.51%
2012 -2.35% -5.46%
2011 -2.74% -7.51%
2010 -3.55% -6.45%
2009 -4.23% -7.15%
2008 -2.39% -2.33%
2007 -2.66% -2.27%
2006 -4.87% -2%
2005 -3.36% -3.24%
2004 -2.95% -6.09%
2003 -5.4% -5.03%
2002 -4.15% -4.9%
2001 -3.47% -4.79%
2000 -3.32% -9.2%
1999 -5.17% -11.1%
1998 -7.22% -6.36%
1997 -5.6% -4.93%
1996 -5.35% -4.41%
1995 - -4.23%
1994 - -0.82%
1993 - -2.67%
1992 - -5.69%
1991 - -
1990 - -
1989 - -
1988 - -
1987 - -
1986 -1.6% -
1985 -1.3% -
1984 -0.4% -
1983 0.1% -
1982 1.4% -
1981 1% -
1980 2.5% -
1979 0.4% -
1978 -0.1% -
1977 0.1% -
1976 0.1% -
1975 0% -
1974 0.6% -
1973 0.1% -
1972 -0.1% -
1971 -0.3% -
1970 -0.4% -
1969 -0.6% -
1968 -1.6% -
1967 -2.1% -
1966 -1.3% -
1965 -2% -
1964 -8.79% -
1963 -5.78% -
1962 -6.82% -
1961 -2.93% -
1960 -3.85% -
1959 -0.18% -
1958 -0.76% -
1957 -0.29% -
1956 -0.14% -
1955 -0.62% -
1954 -0.49% -
1953 -1.26% -
1952 0.64% -
1951 0.87% -
1950 -1.58% -
1949 -1.22% -
1948 0.002% -
1947 0.25% -
1946 -1.78% -
1945 -2.87% -
1944 -2.37% -
1943 -0.75% -
1942 -2.55% -
1941 -2.15% -
1940 -1.13% -
1939 -1.2% -
1938 -0.59% -
1937 -1.62% -
1936 -0.27% -
1935 -0.5% -
1934 -2.28% -
1933 -1.56% -
1932 -6.47% -
1931 -1.56% -
1930 -3.58% -
1929 -0.09% -
1928 0.57% -
1927 0.12% -
1926 -0.76% -
1925 -0.07% -
1924 -0.45% -
1923 -1.94% -
1922 -3.8% -
1921 -2.98% -
1920 -3.11% -
1919 -3.69% -
1918 -4.51% -
1917 -4.8% -
1916 -4.35% -
1915 -6.33% -
1914 -7.32% -
1913 -1.91% -
1912 -3.05% -
1911 -2.15% -
1910 -2.06% -
1909 -1.62% -
1908 -1.89% -
1907 0.38% -
1906 0.28% -
1905 0.96% -
1904 -0.62% -
1903 1.79% -
1902 1.59% -
1901 -2.46% -
1900 -5.57% -
1899 -2.13% -
1898 -14% -
1897 -2.38% -
1896 -0.79% -
1895 -1.33% -
1894 -4.11% -
1893 -1.77% -
1892 -2.6% -
1891 0.51% -
1890 -3.02% -
1889 -3.79% -
1888 0.63% -
1887 -0.76% -
1886 -3.8% -
1885 -5.71% -
1884 -3.89% -
1883 -3.33% -
1882 -1.58% -
1881 -1.9% -
1880 -4.84% -

Data sources: International Monetary Fund (IMF) | Public Finances in Modern History (1880–2000, retrieved 2026-07-08); International Monetary Fund (IMF) | Fiscal Monitor (1992–2025, retrieved 2026-07-08).

GeoRank.org/economy/brazil/croatia | CC BY

In 2025, Brazil's government deficit, the difference between spending and revenue, was $184B, equivalent to 8.07% of GDP. This compares to Croatia's deficit of $3.04B, or 2.89% of GDP.

Over the past 34 years, Brazil recorded a fiscal deficit in 30 of those years, while Croatia ran a deficit in 30 years. On average, Brazil posted an annual deficit equal to 5.19% of GDP, compared to deficit of 3.94% of GDP for Croatia.

Inflation comparison by year

Inflation
Brazil

Croatia
1x
Year Consumer prices inflation
Brazil Croatia
2025 5% 3.69%
2024 4.4% 2.97%
2023 4.6% 7.94%
2022 9.3% 10.8%
2021 8.3% 2.55%
2020 3.2% 0.15%
2019 3.7% 0.77%
2018 3.7% 1.5%
2017 3.4% 1.13%
2016 8.7% -1.12%
2015 9% -0.46%
2014 6.3% -0.22%
2013 6.2% 2.22%
2012 5.4% 3.41%
2011 6.6% 2.27%
2010 5% 1.03%
2009 4.9% 2.38%
2008 5.7% 6.08%
2007 3.6% 2.9%
2006 4.2% 3.19%
2005 6.9% 3.32%
2004 6.6% 2.06%
2003 14.7% 1.77%
2002 8.4% 1.67%
2001 6.8% 3.78%
2000 7% 4.61%
1999 4.9% 4.02%
1998 3.2% 6.4%
1997 6.9% 4.17%

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/brazil/croatia | CC BY

Over the past 29 years, Brazil has recorded an average annual inflation rate of 6.09%, compared with 2.93% in Croatia. In 2025, inflation was 5% in Brazil and 3.69% in Croatia.

Top exports between countries

Brazil
Export category Export value
Processed food, beverages & tobacco $52.1M
Raw agricultural goods $30.9M
Raw materials & minerals $9.07M
Chemicals & pharma $3.5M
Wood & paper products $3.39M
Machinery & equipment $2.35M
Textiles & consumer goods $2.1M
Metals $405K
Animal & marine products $144K
Miscellaneous $9K
Croatia
Export category Export value
Transport & tourism services $55.3M
Machinery & equipment $14.7M
Raw agricultural goods $10.3M
Chemicals & pharma $6.28M
Weapons & explosives $2.25M
Business & finance services $2.16M
Metals $1.25M
Processed food, beverages & tobacco $661K
Textiles & consumer goods $542K
IT & IP services $514K

Balance of trade

Brazil Croatia
Current account balance
-$66.7B
2025
-$1.93B
2024
Current account balance ranking
188/190
2025
141/190
2024
Current account balance, % of GDP
-2.93%
2025
-2.08%
2024
Goods imports
$291B
2025
$42.5B
2024
Goods exports
$351B
2025
$21.9B
2024
Service imports
$105B
2025
$8.42B
2024
Service exports
$54.4B
2025
$24.8B
2024
Imports of goods and services, % of GDP
17.5%
2025
53%
2025
Exports of goods and services, % of GDP
17.8%
2025
48%
2025

Economic freedom indices

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

Brazil Croatia
Economic freedom 52.4 67.5
Economic freedom ranking 148/197 56/197
Property rights 49.2 81.1
Government integrity 37.2 52.6
Judicial effectiveness 55.6 71.7
Tax burden 70.6 70
Government spending 39.8 34.9
Fiscal health 28 92.2
Business freedom 65.7 79.6
Labor freedom 57 58.9
Monetary freedom 76 69.9
Trade freedom 69 79.4
Investment freedom 40 60
Financial freedom 40 60

Economic freedom comparison by year

Brazil
Croatia
1x
Year Economic freedom index
Brazil Croatia
2026 52.4 67.5
2025 55.1 68.7
2024 53.2 67.2
2023 53.5 66.4
2022 53.3 67.6
2021 53.4 63.6
2020 53.7 62.2
2019 51.9 61.4
2018 51.4 61
2017 52.9 59.4
2016 56.5 59.1
2015 56.6 61.5
2014 56.9 60.4
2013 57.7 61.3
2012 57.9 60.9
2011 56.3 61.1
2010 55.6 59.2
2009 56.7 55.1
2008 56.2 54.1
2007 56.2 53.4
2006 60.9 53.6
2005 61.7 51.9
2004 62 53.1
2003 63.4 53.3
2002 61.5 51.1
2001 61.9 50.7
2000 61.1 53.6
1999 61.3 53.1
1998 52.3 51.7
1997 52.6 46.7
1996 48.1 48
1995 51.4 -

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

GeoRank.org/economy/brazil/croatia | CC BY

The Economic Freedom Index for Brazil is 52.4, ranking 148/197, compared to 67.5 for Croatia, ranking 56/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Brazil Croatia
Services, % of GDP
59.7%
2025
60.9%
2025
Industry, % of GDP
20.1%
2025
19%
2025
Agriculture, forestry, and fishing, % of GDP
6.09%
2025
2.83%
2025
GNI, Atlas method
$2.25T
2025
$98.3B
2025
GNI per capita, PPP
$22,670
2025
$50,410
2025
Total reserves including gold
$359B
2025
$4.22B
2025
Total reserves ranking
13/177
2025
110/177
2025
Net foreign direct investment
-$47.5B
2025
-$1.74B
2024
Net inflows of foreign direct investment
$74.1B
2024
$4.54B
2024
Net outflows of foreign direct investment
$26.3B
2024
$2.79B
2024
Servicing debt to the IMF, % of GNI
5.4%
2024
n/a
Poverty at national poverty lines
4.2%
2020
20.3%
2024
Gross capital formation, % of GDP
17.1%
2025
24.6%
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/brazil/croatia | 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 (1880–2000, retrieved 2026-07-08)
  3. International Monetary Fund (IMF) | Fiscal Monitor (1992–2025, 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 (2012–2025, retrieved 2026-07-08)
  7. United Nations | World Population Prospects (2026, retrieved 2026-07-08)
  8. LivingCost (2026, retrieved 2026-07-08)
  9. Central Intelligence Agency (CIA) (2020, 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.