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Economy of Brazil vs Uzbekistan compared: GDP & Debt

Updated on by Georank team

Brazil has a GDP of $2.18T compared to $115B for Uzbekistan, ranking 10/197 and 66/197 by economy size, respectively.

Brazil has $1.9T in government debt (92% of GDP), compared to $37.5B (33% of GDP) in Uzbekistan.

The chart below compares the two countries' GDP growth in both current (nominal) and constant dollars, accounting for inflation over time.

Brazil
GDP, current $

GDP, constant 2015 $
Uzbekistan
GDP, current $

GDP, constant 2015 $
Year GDP
Brazil Uzbekistan
Current $ Constant $ Current $ Constant $
1960 $17,030,465,539 $188,463,862,170 - -
1961 $17,275,940,449 $204,671,754,317 - -
1962 $19,231,747,852 $218,180,090,102 - -
1963 $23,287,712,878 $219,489,170,643 - -
1964 $20,963,733,695 $226,951,802,444 - -
1965 $22,465,522,884 $232,398,645,703 - -
1966 $28,283,323,733 $247,969,354,965 - -
1967 $31,086,389,195 $258,384,067,874 - -
1968 $33,930,457,425 $283,705,706,525 - -
1969 $37,171,640,819 $310,657,748,645 - -
1970 $42,327,664,794 $342,966,154,504 - -
1971 $48,869,830,902 $381,868,537,873 - -
1972 $58,434,858,375 $427,464,970,641 - -
1973 $83,592,275,863 $487,176,363,096 - -
1974 $109,794,519,728 $526,900,425,028 - -
1975 $129,203,555,239 $554,123,521,012 - -
1976 $153,168,949,208 $610,960,688,345 - -
1977 $176,344,101,402 $641,107,493,085 - -
1978 $200,278,646,124 $672,969,879,570 - -
1979 $221,338,204,480 $718,459,683,183 - -
1980 $237,393,489,893 $784,557,974,035 - -
1981 $258,015,174,749 $751,214,260,139 - -
1982 $271,314,113,768 $757,449,338,498 - -
1983 $189,656,506,321 $735,256,072,880 - -
1984 $188,339,974,087 $774,959,900,815 - -
1985 $210,879,844,639 $835,794,253,030 - -
1986 $256,480,852,471 $898,395,242,581 - -
1987 $283,056,836,894 $930,108,594,645 $8,523,160,593 $28,089,418,035
1988 $307,881,930,752 $929,550,529,488 $10,722,799,639 $30,656,392,613
1989 $412,990,820,287 $958,924,326,220 $11,948,815,258 $31,604,071,830
1990 $384,959,818,182 $917,211,118,029 $13,362,340,338 $32,109,736,981
1991 $342,534,090,909 $926,678,475,666 $13,800,167,712 $31,951,757,074
1992 $328,191,909,882 $921,636,677,089 $12,953,801,760 $28,373,160,282
1993 $368,292,034,381 $967,024,426,396 $13,099,920,056 $27,720,577,595
1994 $525,369,467,296 $1,023,623,112,444 $12,899,074,922 $26,279,107,562
1995 $769,333,050,987 $1,066,858,840,298 $13,350,461,265 $26,042,595,592
1996 $850,426,432,992 $1,090,424,301,690 $13,948,892,216 $26,485,319,718
1997 $883,206,179,730 $1,127,442,527,330 $14,744,603,774 $27,862,556,343
1998 $863,710,759,256 $1,131,254,386,852 $14,988,971,211 $29,060,646,266
1999 $599,642,024,320 $1,136,547,951,100 $17,078,465,982 $30,310,254,055
2000 $655,448,231,984 $1,186,419,100,641 $13,760,513,969 $31,472,652,299
2001 $559,983,634,799 $1,202,909,097,021 $11,401,421,329 $32,783,122,633
2002 $509,795,273,807 $1,239,639,467,498 $9,687,788,513 $34,085,756,140
2003 $558,233,745,652 $1,253,781,634,017 $10,134,453,435 $35,528,479,188
2004 $669,289,424,806 $1,325,999,012,758 $12,030,023,548 $38,174,995,818
2005 $891,633,839,894 $1,368,459,252,278 $14,307,509,839 $40,828,160,774
2006 $1,107,626,541,435 $1,422,677,453,371 $17,330,833,853 $43,870,437,889
2007 $1,397,114,486,369 $1,509,032,133,942 $22,311,393,928 $48,026,286,798
2008 $1,695,855,083,498 $1,585,905,180,197 $29,549,438,884 $52,362,657,564
2009 $1,666,996,438,581 $1,583,909,921,137 $33,689,223,673 $56,578,340,213
2010 $2,208,837,745,101 $1,703,150,236,757 $49,765,676,402 $60,876,691,748
2011 $2,616,156,223,918 $1,770,840,632,844 $60,178,909,297 $65,457,747,965
2012 $2,465,227,802,807 $1,804,861,597,828 $67,517,349,212 $70,106,848,439
2013 $2,472,819,535,557 $1,859,094,488,272 $73,180,037,915 $75,222,229,948
2014 $2,456,043,727,199 $1,868,463,501,662 $80,845,385,809 $80,392,884,506
2015 $1,802,212,206,815 $1,802,212,206,815 $86,196,264,755 $86,196,264,755
2016 $1,795,693,482,853 $1,743,173,232,417 $86,138,288,644 $91,309,557,165
2017 $2,063,514,977,366 $1,766,233,131,667 $69,703,222,283 $95,322,862,969
2018 $1,916,933,898,011 $1,797,736,844,969 $58,695,899,092 $100,622,047,496
2019 $1,873,288,205,060 $1,819,683,217,699 $67,293,639,798 $107,444,145,840
2020 $1,476,107,231,310 $1,760,056,587,795 $66,443,265,418 $109,123,866,128
2021 $1,670,647,398,905 $1,843,881,119,920 $77,340,060,003 $117,891,622,987
2022 $1,951,923,942,083 $1,899,505,377,558 $90,095,926,567 $124,966,702,851
2023 $2,191,131,765,685 $1,961,080,794,856 $102,641,879,249 $132,828,878,428
2024 $2,179,412,080,829 $2,027,676,479,715 $114,965,293,467 $141,462,755,525

Economic indicators

Brazil Uzbekistan
Gross domestic product
$2.18T
2024
$115B
2024
GDP rank
10/197
2024
66/197
2024
GDP growth
-0.53%
2023-2024
12%
2023-2024
GDP per capita
$10,280
2024
$3,162
2024
GDP per capita rank
85/197
2024
139/197
2024
GDP per capita, PPP
$22,333
2024
$11,879
2024
Government debt
$1.9T
2024
$37.5B
2024
Debt-to-GDP ratio
92%
2025
33%
2025
Government debt per person
$8,973
2024
$1,032
2024
Government debt per person rank
60/185
2024
142/185
2024
Average annual personal income after taxes
$5,664
2025
$3,203
2025
Market capitalization of domestic companies
$659B
2024
$18.8B
2024
Number of millionaires
380,585
2024
n/a
Number of billionaires
56
2025
n/a
Income share by richest 10%
40.8%
2023
25.7%
2024
Income share by poorest 10%
1.3%
2023
2.3%
2024
Government expenditure, % of GDP
47.7%
2025
27.8%
2025
Consumer prices inflation
5.2%
2024-2025
9.1%
2024-2025
Central bank interest rate
15%
2025
14%
2025
Unemployment rate
6.8%
2024
5.29%
2020
Population
213415080
37592263

GDP per capita in Brazil vs Uzbekistan

Brazil's GDP per capita is $10,280, ranking 85/197, compared to $3,162 in Uzbekistan, ranking 139/197. Adjusted for purchasing power (GDP per capita PPP), Brazil ranks 86th at $22,333, while Uzbekistan ranks 123rd at $11,879.

Brazil
GDP per capita

GDP per capita, PPP
Uzbekistan
GDP per capita

GDP per capita, PPP
Year Current $
Brazil Uzbekistan
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
1960 $235.3 - - -
1961 $231.6 - - -
1962 $250.2 - - -
1963 $294.2 - - -
1964 $257.3 - - -
1965 $268 - - -
1966 $328 - - -
1967 $351 - - -
1968 $374 - - -
1969 $399 - - -
1970 $444 - - -
1971 $500 - - -
1972 $583 - - -
1973 $815 - - -
1974 $1,045 - - -
1975 $1,201 - - -
1976 $1,390 - - -
1977 $1,562 - - -
1978 $1,733 - - -
1979 $1,870 - - -
1980 $1,959 - - -
1981 $2,080 - - -
1982 $2,138 - - -
1983 $1,461 - - -
1984 $1,420 - - -
1985 $1,556 - - -
1986 $1,854 - - -
1987 $2,006 - $450 -
1988 $2,141 - $551 -
1989 $2,819 - $598 -
1990 $2,581 $6,688 $653 $2,665
1991 $2,258 $6,867 $658 $2,676
1992 $2,127 $6,869 $603 $2,371
1993 $2,349 $7,260 $596 $2,318
1994 $3,299 $7,727 $574 $2,197
1995 $4,757 $8,097 $583 $2,178
1996 $5,179 $8,301 $597 $2,214
1997 $5,299 $8,602 $621 $2,329
1998 $5,106 $8,599 $621 $2,418
1999 $3,494 $8,635 $698 $2,522
2000 $3,767 $9,092 $555 $2,644
2001 $3,176 $9,304 $454 $2,782
2002 $2,856 $9,617 $381 $2,902
2003 $3,091 $9,802 $394 $3,047
2004 $3,664 $10,526 $462 $3,321
2005 $4,828 $11,081 $543 $3,618
2006 $5,934 $11,751 $649 $3,956
2007 $7,410 $12,673 $824 $4,386
2008 $8,908 $13,445 $1,075 $4,800
2009 $8,679 $13,391 $1,206 $5,135
2010 $11,403 $14,452 $1,753 $5,505
2011 $13,397 $15,212 $2,088 $5,949
2012 $12,522 $15,198 $2,307 $6,168
2013 $12,459 $15,722 $2,462 $6,413
2014 $12,275 $15,827 $2,675 $6,610
2015 $8,936 $14,821 $2,803 $6,800
2016 $8,836 $14,309 $2,753 $6,919
2017 $10,081 $14,559 $2,191 $7,818
2018 $9,301 $15,464 $1,813 $8,129
2019 $9,030 $16,070 $2,041 $8,544
2020 $7,074 $16,102 $1,978 $8,452
2021 $7,973 $18,076 $2,259 $9,248
2022 $9,281 $19,877 $2,579 $10,293
2023 $10,378 $21,176 $2,879 $11,107
2024 $10,280 $22,333 $3,162 $11,879

Spending and national debt comparison

In 2024, Brazil's government spending was $991B, accounting for 47.7% of its GDP, while Uzbekistan's spent $31.9B, or 27.8% of GDP.

Debt-to-GDP ratio is 92% in Brazil and 33% in Uzbekistan, ranking 31/185 and 155/185, respectively.

Brazil
Government spending

Government debt
Uzbekistan
Government spending

Government debt
Year % of GDP
Brazil Uzbekistan
Government spending Government debt Government spending Government debt
1960 13.7% 22.3% - -
1961 12% 25.7% - -
1962 23.1% 23.7% - -
1963 22.8% 20.4% - -
1964 25.4% 22.2% - -
1965 14% 17.6% - -
1966 14.6% 19.6% - -
1967 13.5% 13.8% - -
1968 14.4% 15.8% - -
1969 11.2% 16.5% - -
1970 11.4% 17% - -
1971 11.7% 17.9% - -
1972 12.6% 22.5% - -
1973 11% 22.4% - -
1974 10.5% 25.7% - -
1975 10.7% 27.7% - -
1976 10.6% 31.8% - -
1977 10.4% 31% - -
1978 10.2% 37% - -
1979 9% 36.6% - -
1980 6.8% 39.7% - -
1981 7.8% 34.6% - -
1982 8.1% 32.8% - -
1983 9.7% 51.5% - -
1984 10% 55.8% - -
1985 11.1% 52.6% - -
1986 11.7% 49.4% - -
1987 - 50.3% - -
1988 - 46.9% - -
1989 - 40.2% - -
1990 - 40.6% - -
1991 - 38.1% - -
1992 - 37.1% 18% -
1993 - 32.6% 39.6% -
1994 - 30% 27.1% -
1995 - 28% 29.4% -
1996 38.2% 30.7% 35.1% -
1997 38.6% 31.8% 31.8% 15.3%
1998 40.9% 38.9% 35.1% 18%
1999 39.6% 44.5% 33.6% 18.4%
2000 34.5% 62.2% 32.9% 29.5%
2001 39.8% 67.3% 30.6% 44.8%
2002 44.5% 76.1% 34.6% 41.6%
2003 41.3% 71.5% 31.5% 31.4%
2004 39.7% 68% 29.4% 26.9%
2005 41.9% 67% 28.1% 21%
2006 42.6% 64.6% 24.7% 13.5%
2007 40.4% 63% 24.8% 9.56%
2008 39.9% 61.4% 26.5% 8.33%
2009 40.5% 64.7% 27.5% 7.3%
2010 39.5% 62.4% 26.4% 6.61%
2011 39.4% 60.6% 23.7% 6.33%
2012 39.3% 61.6% 23.9% 6.76%
2013 39.8% 59.6% 25.2% 6.23%
2014 41.4% 61.6% 24.9% 6.09%
2015 46.2% 71.7% 24.6% 6.72%
2016 45.5% 77.4% 23.3% 8.19%
2017 44.3% 82.7% 19.9% 17.3%
2018 44.2% 84.8% 22.2% 17.5%
2019 43% 87.1% 24.3% 25.4%
2020 46.2% 96% 26% 33.7%
2021 40.4% 88.9% 27.4% 31.7%
2022 43.4% 83.9% 31.4% 30.5%
2023 45.3% 84% 29.9% 32.2%
2024 45.5% 87.3% 27.8% 32.6%
2025 47.7% 92% 27.8% 33%

Government deficit by year

In 2024, Brazil's government deficit, the difference between spending and revenue, was -$144B, equivalent to -6.63% of GDP. This compares to Uzbekistan's deficit of -$2.6B, or -2.26% of GDP.

Over the past 33 years, Brazil recorded a fiscal deficit in 33 of those years, while Uzbekistan ran a deficit in 20 years. On average, Brazil posted an annual deficit equal to -4.68% of GDP, compared to deficit of -0.86% of GDP for Uzbekistan.

Deficit/surplus
Brazil

Uzbekistan
Year Deficit/surplus, % of GDP
Brazil Uzbekistan
1880 -4.84% -
1881 -1.9% -
1882 -1.58% -
1883 -3.33% -
1884 -3.89% -
1885 -5.71% -
1886 -3.8% -
1887 -0.76% -
1888 0.63% -
1889 -3.79% -
1890 -3.02% -
1891 0.51% -
1892 -2.6% -
1893 -1.77% -
1894 -4.11% -
1895 -1.33% -
1896 -0.79% -
1897 -2.38% -
1898 -14% -
1899 -2.13% -
1900 -5.57% -
1901 -2.46% -
1902 1.59% -
1903 1.79% -
1904 -0.62% -
1905 0.96% -
1906 0.28% -
1907 0.38% -
1908 -1.89% -
1909 -1.62% -
1910 -2.06% -
1911 -2.15% -
1912 -3.05% -
1913 -1.91% -
1914 -7.32% -
1915 -6.33% -
1916 -4.35% -
1917 -4.8% -
1918 -4.51% -
1919 -3.69% -
1920 -3.11% -
1921 -2.98% -
1922 -3.8% -
1923 -1.94% -
1924 -0.45% -
1925 -0.07% -
1926 -0.76% -
1927 0.12% -
1928 0.57% -
1929 -0.09% -
1930 -3.58% -
1931 -1.56% -
1932 -6.47% -
1933 -1.56% -
1934 -2.28% -
1935 -0.5% -
1936 -0.27% -
1937 -1.62% -
1938 -0.59% -
1939 -1.2% -
1940 -1.13% -
1941 -2.15% -
1942 -2.55% -
1943 -0.75% -
1944 -2.37% -
1945 -2.87% -
1946 -1.78% -
1947 0.25% -
1948 0.002% -
1949 -1.22% -
1950 -1.58% -
1951 0.87% -
1952 0.64% -
1953 -1.26% -
1954 -0.49% -
1955 -0.62% -
1956 -0.14% -
1957 -0.29% -
1958 -0.76% -
1959 -0.18% -
1960 -3.85% -
1961 -2.93% -
1962 -6.82% -
1963 -5.78% -
1964 -8.79% -
1965 -2% -
1966 -1.3% -
1967 -2.1% -
1968 -1.6% -
1969 -0.6% -
1970 -0.4% -
1971 -0.3% -
1972 -0.1% -
1973 0.1% -
1974 0.6% -
1975 0% -
1976 0.1% -
1977 0.1% -
1978 -0.1% -
1979 0.4% -
1980 2.5% -
1981 1% -
1982 1.4% -
1983 0.1% -
1984 -0.4% -
1985 -1.3% -
1986 -1.6% -
1987 -1.6% -
1988 -1.6% -
1989 -1.6% -
1990 -1.6% -
1991 -1.6% -
1992 -1.6% 7.15%
1993 -1.6% -12%
1994 -1.6% -4.47%
1995 -1.6% -1.77%
1996 -5.35% -1.57%
1997 -5.6% -2.05%
1998 -7.22% -3.04%
1999 -5.17% -2.91%
2000 -3.32% -3.66%
2001 -3.47% -3.28%
2002 -4.15% -6.31%
2003 -5.4% -4.87%
2004 -2.95% -3.74%
2005 -3.36% -3.52%
2006 -4.87% 2.72%
2007 -2.66% 3.55%
2008 -2.39% 5.97%
2009 -4.23% 1.82%
2010 -3.55% 2.56%
2011 -2.74% 5.11%
2012 -2.35% 5.89%
2013 -3.42% 2.15%
2014 -6.27% 1.9%
2015 -9.28% -0.28%
2016 -7.99% 0.7%
2017 -7.97% 1.04%
2018 -6.99% 1.64%
2019 -4.86% -0.26%
2020 -11.6% -2.95%
2021 -2.63% -4.1%
2022 -3.96% -3.65%
2023 -7.71% -3.98%
2024 -6.63% -2.26%
2025 -8.52% -2.27%

Inflation comparison by year

Over the past 30 years, Brazil has recorded an average annual inflation rate of 6.42%, compared with 17.6% in Uzbekistan. In 2025, inflation was 5.2% in Brazil and 9.1% in Uzbekistan.

Inflation
Brazil

Uzbekistan
Year Inflation
Brazil Uzbekistan Brazil Uzbekistan
1996 15.8% 54%
1997 6.9% 70.9%
1998 3.2% 29%
1999 4.9% 29.1%
2000 7% 25%
2001 6.8% 27.3%
2002 8.4% 27.3%
2003 14.7% 12.5%
2004 6.6% 7.3%
2005 6.9% 10.7%
2006 4.2% 13.1%
2007 3.6% 11.2%
2008 5.7% 13.1%
2009 4.9% 12.3%
2010 5% 12.3%
2011 6.6% 12.4%
2012 5.4% 11.9%
2013 6.2% 11.7%
2014 6.3% 9.1%
2015 9% 8.5%
2016 8.7% 8.8%
2017 3.4% 13.9%
2018 3.7% 17.5%
2019 3.7% 14.5%
2020 3.2% 12.9%
2021 8.3% 10.8%
2022 9.3% 11.4%
2023 4.6% 10%
2024 4.4% 9.6%
2025 5.2% 9.1%

Top exports between countries

Brazil
Export category Export value
Processed food, beverages & tobacco $98.5M
Machinery & equipment $62.7M
Metals $8.15M
Chemicals & pharma $3.34M
Textiles & consumer goods $2.54M
Animal & marine products $1.78M
Raw materials & minerals $581K
Raw agricultural goods $111K
Wood & paper products $1K
Uzbekistan
Export category Export value
Textiles & consumer goods $4.99M
Raw materials & minerals $4.79M
Raw agricultural goods $4.16M
Machinery & equipment $704K
Chemicals & pharma $493K

Balance of trade

Brazil Uzbekistan
Current account balance
-$57.9B
2024
-$5.72B
2024
Current account balance ranking
187/189
2024
170/189
2024
Current account balance, % of GDP
-2.66%
2024
-4.97%
2024
Goods imports
$274B
2024
$33.2B
2024
Goods exports
$340B
2024
$19.6B
2024
Service imports
$103B
2024
$10.5B
2024
Service exports
$48.1B
2024
$6.55B
2024
Imports of goods and services, % of GDP
17.5%
2024
38%
2024
Exports of goods and services, % of GDP
18%
2024
22.8%
2024

Economic freedom indices

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

Brazil Uzbekistan
Economic freedom 55.1 58
Economic freedom ranking 129/197 111/197
Property rights 51.4 33.5
Government integrity 36.4 31.2
Judicial effectiveness 54.2 14.5
Tax burden 74.8 92.8
Government spending 44.3 73.6
Fiscal health 49.6 73.3
Business freedom 66.8 64.4
Labor freedom 57.1 47.9
Monetary freedom 74.4 64.6
Trade freedom 71.6 80.6
Investment freedom 40 60
Financial freedom 40 60

Economic freedom by year comparison

The Economic Freedom Index for Brazil is 55.1, ranking 129/197, compared to 58 for Uzbekistan, ranking 111/197. The chart below displays a comparison of annual changes in economic freedom indexes.

Brazil
Uzbekistan
Year Economic freedom index
Brazil Uzbekistan
1995 51.4 -
1996 48.1 -
1997 52.6 -
1998 52.3 31.5
1999 61.3 33.8
2000 61.1 38.1
2001 61.9 38.2
2002 61.5 38.5
2003 63.4 38.3
2004 62 39.1
2005 61.7 45.8
2006 60.9 48.7
2007 56.2 51.5
2008 56.2 51.9
2009 56.7 50.5
2010 55.6 47.5
2011 56.3 45.8
2012 57.9 45.8
2013 57.7 46
2014 56.9 46.5
2015 56.6 47
2016 56.5 46
2017 52.9 52.3
2018 51.4 51.5
2019 51.9 53.3
2020 53.7 57.2
2021 53.4 58.3
2022 53.3 55.7
2023 53.5 56.5
2024 53.2 55.9
2025 55.1 58

More economic indicators

Brazil Uzbekistan
Services, % of GDP
59.3%
2024
45.2%
2024
Industry, % of GDP
21.3%
2024
31.8%
2024
Agriculture, forestry, and fishing, % of GDP
5.58%
2024
18.3%
2024
GNI, Atlas method
$2.11T
2024
$110B
2024
GNI per capita, PPP
$21,650
2024
$12,000
2024
Total reserves including gold
$330B
2024
$41.2B
2024
Total reserves ranking
11/177
2024
50/177
2024
Net foreign direct investment
-$44.7B
2024
-$2.8B
2024
Net inflows of foreign direct investment
$71.1B
2024
$2.84B
2024
Net outflows of foreign direct investment
$26.3B
2024
$36.7M
2024
Servicing debt to the IMF, % of GNI
10.7%
2023
8.24%
2023
Poverty at national poverty lines
4.2%
2020
8.9%
2024
Gross capital formation, % of GDP
16.9%
2024
33.3%
2024

GDP per capita map

GDP per capita

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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.