Skip to content

Economy of Brunei vs Portugal compared: GDP & Debt

Updated on by Georank

Brunei has a GDP of $15B compared to $347B for Portugal, ranking 147/197 and 46/197 by economy size, respectively.

Brunei has $232M in government debt (1.54% of GDP), compared to $312B (89.9% of GDP) in Portugal.

Brunei vs Portugal GDP by year

Brunei
Portugal
1x
Year GDP, current $
Brunei Portugal
2025 $15,031,980,994 $346,639,825,142
2024 $15,340,808,592 $313,656,884,871
2023 $15,095,084,656 $292,323,800,949
2022 $16,681,536,467 $256,898,677,175
2021 $14,006,496,617 $256,055,879,091
2020 $12,005,799,654 $229,618,773,423
2019 $13,469,235,365 $240,115,970,063
2018 $13,566,908,391 $242,092,894,543
2017 $12,128,168,045 $220,862,990,767
2016 $11,400,266,045 $206,305,431,242
2015 $12,930,296,870 $199,038,523,120
2014 $17,097,797,386 $230,078,616,300
2013 $18,094,148,099 $226,677,408,292
2012 $19,048,443,341 $216,536,676,772
2011 $18,524,791,063 $245,426,767,676
2010 $13,707,121,038 $238,443,864,993
2009 $11,912,904,510 $244,667,762,836
2008 $15,926,456,515 $263,416,394,624
2007 $13,432,029,484 $240,496,147,317
2006 $12,644,616,419 $208,756,449,276
2005 $10,547,202,621 $197,253,876,705
2004 $8,619,178,774 $189,382,122,532
2003 $7,167,725,262 $165,226,175,537
2002 $6,333,082,876 $134,795,565,549
2001 $6,096,155,767 $121,604,107,165
2000 $6,570,999,088 $118,605,192,877
1999 $6,309,070,378 $127,470,385,557
1998 $5,550,846,020 $123,946,327,916
1997 $7,793,034,376 $117,016,535,163
1996 $7,663,377,306 $122,630,089,680
1995 $7,700,144,069 $118,122,007,430
1994 $6,467,782,518 $99,688,641,304
1993 $6,203,339,912 $95,009,751,901
1992 $6,327,966,435 $107,592,098,307
1991 $6,284,497,294 $89,233,599,278
1990 $6,039,881,087 $78,713,860,217
1989 $4,983,622,881 $60,594,092,182
1988 $4,535,130,305 $56,347,250,696
1987 $4,918,010,080 $48,182,925,857
1986 $4,190,280,003 $38,745,901,354
1985 $6,967,623,884 $27,115,807,742
1984 $7,632,788,075 $25,217,969,050
1983 $7,927,590,750 $27,239,650,742
1982 $8,932,198,186 $30,527,754,793
1981 $9,367,218,664 $31,977,276,873
1980 $10,795,432,294 $32,896,519,824
1979 $6,044,367,628 $26,622,819,672
1978 $4,100,423,674 $23,487,614,051
1977 $3,681,242,528 $21,439,523,311
1976 $3,054,765,590 $20,332,831,565
1975 $2,496,420,258 $19,347,607,843
1974 $2,319,576,214 $17,512,391,476
1973 $433,095,527 $15,090,564,186
1972 $270,822,782 $11,239,117,865
1971 $197,525,768 $9,201,604,240
1970 $179,078,929 $8,108,235,704
1969 $161,210,236 $7,287,555,035
1968 $160,818,236 $6,644,693,214
1967 $139,029,537 $6,002,607,030
1966 $132,757,528 $5,370,108,031
1965 $114,039,501 $4,901,711,248
1964 - $4,429,202,657
1963 - $4,084,251,593
1962 - $3,835,883,663
1961 - $3,573,719,085
1960 - $3,339,150,158

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

GeoRank.org/economy/brunei/portugal | CC BY

GDP per capita in Brunei vs Portugal by year

Brunei
GDP per capita

GDP per capita, PPP
Portugal
GDP per capita

GDP per capita, PPP
1x
Year Current $
Brunei Portugal
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2025 $32,235 - $32,082 -
2024 $33,153 $89,879 $29,328 $51,680
2023 $32,891 $85,033 $27,635 $49,353
2022 $36,633 $81,802 $24,621 $45,250
2021 $31,007 $78,249 $24,711 $38,658
2020 $26,834 $69,788 $22,299 $35,967
2019 $30,427 $69,354 $23,343 $37,866
2018 $30,988 $65,149 $23,541 $34,897
2017 $28,024 $61,658 $21,442 $32,971
2016 $26,663 $56,680 $19,980 $31,589
2015 $30,625 $62,708 $19,216 $29,608
2014 $41,027 $81,226 $22,121 $28,765
2013 $44,003 $83,237 $21,676 $27,966
2012 $46,969 $87,256 $20,593 $26,476
2011 $46,383 $82,735 $23,247 $26,803
2010 $34,938 $79,543 $22,552 $27,292
2009 $30,946 $77,957 $23,151 $26,472
2008 $42,157 $80,477 $24,949 $26,666
2007 $36,217 $83,693 $22,811 $25,738
2006 $34,675 $86,114 $19,839 $24,677
2005 $29,386 $81,534 $18,780 $22,725
2004 $24,423 $80,404 $18,064 $21,476
2003 $20,678 $79,632 $15,798 $20,850
2002 $18,621 $76,838 $12,937 $20,357
2001 $18,288 $74,254 $11,735 $19,529
2000 $20,130 $73,087 $11,526 $18,883
1999 $19,752 $70,585 $12,475 $17,718
1998 $17,769 $68,257 $12,199 $16,688
1997 $25,522 $73,980 $11,576 $15,789
1996 $25,692 $70,008 $12,185 $14,922
1995 $26,443 $70,440 $11,781 $14,406
1994 $22,767 $69,779 $9,977 $13,578
1993 $22,397 $69,387 $9,535 $13,202
1992 $23,451 $70,016 $10,811 $13,182
1991 $23,932 $72,610 $8,959 $12,739
1990 $23,659 $70,201 $7,885 $11,780
1989 $20,090 - $6,056 -
1988 $18,825 - $5,624 -
1987 $21,030 - $4,804 -
1986 $18,501 - $3,862 -
1985 $31,827 - $2,705 -
1984 $36,061 - $2,523 -
1983 $38,720 - $2,735 -
1982 $45,075 - $3,080 -
1981 $48,793 - $3,246 -
1980 $58,005 - $3,368 -
1979 $33,501 - $2,756 -
1978 $23,447 - $2,457 -
1977 $21,747 - $2,267 -
1976 $18,671 - $2,173 -
1975 $15,793 - $2,128 -
1974 $15,195 - $2,000 -
1973 $2,939 - $1,748 -
1972 $1,905 - $1,302 -
1971 $1,432 - $1,065 -
1970 $1,325 - $934 -
1969 $1,226 - $832 -
1968 $1,274 - $752 -
1967 $1,149 - $676 -
1966 $1,146 - $601 -
1965 $1,029 - $545 -
1964 - - $490 -
1963 - - $452 -
1962 - - $426 -
1961 - - $400 -
1960 - - $377 -

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

GeoRank.org/economy/brunei/portugal | CC BY

Brunei's GDP per capita is $32,235, ranking 42/197, compared to $32,082 in Portugal, ranking 43/197. Adjusted for purchasing power (GDP per capita PPP), Brunei ranks 9th at $89,879, while Portugal ranks 42nd at $51,680.

Economic indicators

Brunei Portugal
Gross domestic product
$15B
2025
$347B
2025
GDP rank
147/197
2025
46/197
2025
GDP growth
0.67%
2024-2025
1.86%
2024-2025
GDP per capita
$32,235
2025
$32,082
2025
GDP per capita rank
42/197
2025
43/197
2025
GDP per capita, PPP
$89,879
2024
$51,680
2024
GDP per capita PPP rank
9/197
2024
42/197
2024
Government debt
$232M
2025
$312B
2025
Debt-to-GDP ratio
1.54%
2025
89.9%
2025
Government debt per person
$498
2025
$28,843
2025
Government debt per person rank
169/185
2025
26/185
2025
Average annual personal income after taxes
$25,392
2026
$16,647
2026
Market capitalization of domestic companies n/a
$61.9B
2018
Number of millionaires n/a
181,000
2026
Number of billionaires n/a
1
2026
Income share by richest 10% n/a
26.9%
2023
Income share by poorest 10% n/a
2.7%
2023
Government expenditure, % of GDP
29.9%
2025
43.7%
2025
Consumer prices inflation
-0.3%
2024-2025
2.34%
2024-2025
Unemployment rate
4.87%
2024
6%
2025
Population
471596
10788071

Spending and national debt comparison by year

Brunei
Spending

Debt
Portugal
Spending

Debt
1x
Year % of GDP
Brunei Portugal
Government spending Government debt Government spending Government debt
2025 29.9% 1.54% 43.7% 89.9%
2024 30.3% 1.57% 42.5% 93.5%
2023 30.1% 1.67% 41.9% 96.9%
2022 26.1% 1.33% 43.9% 111.2%
2021 30.1% 1.43% 47.3% 123.9%
2020 32.8% 2.16% 49.1% 134.1%
2019 32.1% 1.82% 42.5% 116.1%
2018 32.9% 1.9% 43.3% 121.1%
2017 36.6% 2.58% 45.5% 126%
2016 39.8% 3% 44.9% 131.2%
2015 37% 2.95% 48.2% 131%
2014 34% 3.23% 51.7% 132.5%
2013 33.4% 2.21% 50% 130.8%
2012 31.1% 2.1% 48.8% 128.6%
2011 29.9% 2.13% 50% 114%
2010 25.5% 1.11% 51.9% 100.1%
2009 34.8% 1.11% 50.3% 87.8%
2008 27.2% 0.94% 45.5% 75.6%
2007 29.3% 0.68% 44.6% 72.7%
2006 28% 0.59% 45.2% 73.7%
2005 29.1% 0% 46.7% 72.2%
2004 33.2% 0% 46% 67.1%
2003 30.9% 0% 45.3% 63.9%
2002 41.4% 0% 44.2% 60%
2001 35.5% 0% 44.1% 57.4%
2000 37.5% 0% 42.8% 54.2%
1999 44.1% 0% 42.5% 55.4%
1998 45.4% 0% 42.6% 55.6%
1997 39% 0% 42.4% 58.7%
1996 36.9% 0% 43% 63.3%
1995 44% 0% 42.6% 62.2%
1994 47.1% 0% 42.8% 60.4%
1993 38% 0% 46.5% 57.2%
1992 34.1% 0% 48.2% 58.1%
1991 30.6% 0% 45.9% 63.9%
1990 32% 0% 42.2% 60.2%
1989 - - 36.2% 55.4%
1988 - - 36.2% 56.8%
1987 - - 37.5% 57.2%
1986 - - 38.9% 59.8%
1985 - - 37.5% 59.4%
1984 - - 34.6% 51.3%
1983 - - 34.7% 46.7%
1982 - - 35.8% 43%
1981 - - 35.3% 39.3%
1980 - - 32.4% 31%
1979 - - 30.8% 35.2%
1978 - - 31.7% 31.4%
1977 - - 35.1% 26.9%
1976 - - 38.2% 24.5%
1975 - - 31.9% 19.2%
1974 - - 25.8% 13.5%
1973 - - 25.7% 13.6%
1972 - - 22.8% 14.5%
1971 - - 15.5% 15.7%
1970 - - 15.5% 16.5%
1969 - - 14.9% 16.8%
1968 - - 14.3% 17.2%
1967 - - 14.1% 18.5%
1966 - - 14.4% 20.2%
1965 - - 13.4% 20.4%
1964 - - 13.9% 21.9%
1963 - - 14.6% 20.8%
1962 - - 14.5% 18.7%
1961 - - 14.6% 17.1%
1960 - - 14.3% 16.4%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2025, retrieved 2026-07-08); International Monetary Fund (IMF) | Public Finances in Modern History (1960–1989, retrieved 2026-07-08).

GeoRank.org/economy/brunei/portugal | CC BY

In 2025, Brunei's government spending was $4.5B, accounting for 29.9% of its GDP, while Portugal spent $152B, or 43.7% of GDP.

Debt-to-GDP ratio is 1.54% in Brunei and 89.9% in Portugal, ranking 185/185 and 30/185, respectively.

Government deficit by year

Deficit/surplus
Brunei

Portugal
1x
Year Deficit/surplus, % of GDP
Brunei Portugal
2025 -13.4% 0.31%
2024 -12.9% 0.5%
2023 -8.62% 1.26%
2022 -0.25% -0.31%
2021 -8.34% -2.83%
2020 -16.2% -5.75%
2019 -4.16% 0.12%
2018 -2.9% -0.43%
2017 -13.8% -3%
2016 -16.7% -1.94%
2015 -11.4% -4.37%
2014 1.25% -7.32%
2013 10.4% -5.21%
2012 19.5% -6.2%
2011 21.5% -7.73%
2010 11.3% -11.4%
2009 3.61% -9.87%
2008 36.1% -3.81%
2007 3.12% -2.91%
2006 19.8% -4.06%
2005 16% -6.05%
2004 8.57% -5.91%
2003 8.06% -5.57%
2002 -4.61% -3.7%
2001 2.59% -4.68%
2000 6.86% -3.32%
1999 -18.3% -2.93%
1998 -24% -4.3%
1997 -11.8% -3.65%
1996 -8.7% -4.63%
1995 -19.8% -5.14%
1994 -22.6% -7.37%
1993 -12.8% -8.06%
1992 -8.28% -5.19%
1991 -1.06% -7.93%
1990 -1.63% -6.82%
1989 - -2.86%
1988 - -3.52%
1987 - -6.79%
1986 - -7.45%
1985 - -8.35%
1984 - -5.23%
1983 - -4.86%
1982 - -7.02%
1981 - -8.34%
1980 - -6.92%
1979 - -6.08%
1978 - -7.15%
1977 - -7.5%
1976 - -10.2%
1975 - -7.1%
1974 - -3.2%
1973 - -5.39%
1972 - -7.72%
1971 - -0.23%
1970 - -0.24%
1969 - -1.53%
1968 - -1.24%
1967 - -0.46%
1966 - -2%
1965 - -0.03%
1964 - -1.93%
1963 - -3.33%
1962 - -1.69%
1961 - -3.17%
1960 - -3.13%
1959 - -1.73%
1958 - -0.52%
1957 - 0.08%
1956 - -0.18%
1955 - -0.31%
1954 - -0.58%
1953 - -0.35%
1952 - -0.34%
1951 - 0.94%
1950 - -0.83%
1949 - -0.46%
1948 - -2.04%
1947 - -1.65%
1946 - -2.32%
1945 - -2.38%
1944 - -1.44%
1943 - 0.03%
1942 - -0.35%
1941 - -0.08%
1940 - -1.74%
1939 - -0.73%
1938 - -0.08%
1937 - -0.09%
1936 - 0.08%
1935 - 0.75%
1934 - 0.6%
1933 - -0.07%
1932 - -0.03%
1931 - 0.04%
1930 - 0.79%
1929 - 1.86%
1928 - 0.2%
1927 - -2.27%
1926 - -4.21%
1925 - -1.48%
1924 - -3.16%
1923 - -3.47%
1922 - -10%
1921 - -6.5%
1920 - -5.66%
1919 - -8.83%
1918 - -8.3%
1917 - -5.49%
1916 - -
1915 - -
1914 - -
1913 - -0.34%
1912 - -0.02%
1911 - -0.73%
1910 - -0.19%
1909 - -0.82%
1908 - -0.56%
1907 - -0.69%
1906 - -0.45%
1905 - -0.75%
1904 - -0.26%
1903 - -0.91%
1902 - -0.5%
1901 - -0.69%
1900 - -0.35%
1899 - -0.77%
1898 - -0.5%
1897 - -0.93%
1896 - -1.35%
1895 - -0.2%
1894 - -0.16%
1893 - -0.02%
1892 - -0.8%
1891 - -2.15%
1890 - -2.01%
1889 - -1.95%
1888 - -2.14%
1887 - -0.67%
1886 - -1.43%
1885 - -1.68%
1884 - -1.48%
1883 - -1.1%
1882 - -0.39%
1881 - -1.2%
1880 - -1.63%

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/brunei/portugal | CC BY

In 2025, Brunei's government deficit, the difference between spending and revenue, was $2.02B, equivalent to 13.4% of GDP. This compares to Portugal's surplus of $1.07B, or 0.31% of GDP.

Over the past 36 years, Brunei recorded a fiscal deficit in 22 of those years, while Portugal ran a deficit in 32 years. On average, Brunei posted an annual deficit equal to 2.04% of GDP, compared to deficit of 4.45% of GDP for Portugal.

Inflation comparison by year

Inflation
Brunei

Portugal
1x
Year Consumer prices inflation
Brunei Portugal
2025 -0.3% 2.34%
2024 -0.39% 2.42%
2023 0.36% 4.31%
2022 3.68% 7.83%
2021 1.73% 1.27%
2020 1.94% -0.01%
2019 -0.39% 0.34%
2018 1.03% 0.99%
2017 -1.26% 1.37%
2016 -0.28% 0.61%
2015 -0.49% 0.49%
2014 -0.21% -0.28%
2013 0.39% 0.27%
2012 0.11% 2.77%
2011 0.14% 3.65%
2010 0.36% 1.4%
2009 1.04% -0.84%
2008 2.08% 2.59%
2007 0.97% 2.45%
2006 0.16% 3.11%
2005 1.24% 2.28%
2004 0.81% 2.37%
2003 0.3% 3.22%
2002 -2.31% 3.6%
2001 0.6% 4.37%
2000 1.56% 2.85%
1999 -0.42% 2.34%
1998 -0.44% 2.57%
1997 1.71% 2.34%

Data sources: World Bank | Economy & Growth (1997–2025, retrieved 2026-07-08).

GeoRank.org/economy/brunei/portugal | CC BY

Over the past 29 years, Brunei has recorded an average annual inflation rate of 0.47%, compared with 2.17% in Portugal. In 2025, inflation was -0.3% in Brunei and 2.34% in Portugal.

Top exports between countries

Brunei
Export category Export value
Miscellaneous $5K
Machinery & equipment $1K
Portugal
Export category Export value
Textiles & consumer goods $762K
Machinery & equipment $255K
Metals $61K
Chemicals & pharma $56K
Processed food, beverages & tobacco $32K
Wood & paper products $3K
Precious metals & jewellery $1K

Balance of trade

Brunei Portugal
Current account balance
$2.71B
2025
$6.51B
2024
Current account balance ranking
40/190
2025
30/190
2024
Current account balance, % of GDP
+18%
2025
+2.08%
2024
Goods imports
$6.28B
2025
$109B
2024
Goods exports
$10.3B
2025
$81.4B
2024
Service imports
$1.54B
2025
$27.9B
2024
Service exports
$463M
2025
$62.7B
2024
Imports of goods and services, % of GDP
52%
2025
42.7%
2025
Exports of goods and services, % of GDP
71.6%
2025
43.7%
2025

Economic freedom indices

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

Brunei Portugal
Economic freedom 67.5 71.2
Economic freedom ranking 55/197 33/197
Property rights 66.1 88.9
Government integrity 60.4 63.4
Judicial effectiveness 48.6 90.1
Tax burden 95 60.6
Government spending 75.6 44.6
Fiscal health 39 82
Business freedom 75.3 83.1
Labor freedom 75.1 54.8
Monetary freedom 74.8 77.7
Trade freedom 84.6 79.4
Investment freedom 65 70
Financial freedom 50 60

Economic freedom comparison by year

Brunei
Portugal
1x
Year Economic freedom index
Brunei Portugal
2026 67.5 71.2
2025 67 70.5
2024 65.9 68.7
2023 65.7 69.5
2022 64.8 70.8
2021 66.6 67.5
2020 66.6 67
2019 65.1 65.3
2018 64.2 63.4
2017 69.8 62.6
2016 67.3 65.1
2015 68.9 65.3
2014 69 63.5
2013 - 63.1
2012 - 63
2011 - 64
2010 - 64.4
2009 - 64.9
2008 - 63.9
2007 - 64
2006 - 62.9
2005 - 62.4
2004 - 64.9
2003 - 64.9
2002 - 65.4
2001 - 66
2000 - 65.5
1999 - 65.6
1998 - 65
1997 - 63.6
1996 - 64.5
1995 - 62.4

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

GeoRank.org/economy/brunei/portugal | CC BY

The Economic Freedom Index for Brunei is 67.5, ranking 55/197, compared to 71.2 for Portugal, ranking 33/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Brunei Portugal
Services, % of GDP
40.2%
2025
66.6%
2025
Industry, % of GDP
60%
2025
18.3%
2025
Agriculture, forestry, and fishing, % of GDP
1.18%
2025
1.96%
2025
GNI, Atlas method
$16.2B
2025
$323B
2025
GNI per capita, PPP
$95,420
2025
$52,240
2025
Total reserves including gold
$5.49B
2025
$68.8B
2025
Total reserves ranking
100/177
2025
39/177
2025
Net foreign direct investment
-$157M
2025
-$6.64B
2024
Net inflows of foreign direct investment
$29.1M
2024
$13.5B
2024
Net outflows of foreign direct investment
$0
2024
$6.84B
2024
Poverty at national poverty lines n/a
16.4%
2021
Gross capital formation, % of GDP
27.1%
2025
21%
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/brunei/portugal | CC BY

Compare countries by 7 more topics

Help us show the world through your eyes

Share a photo of your city and help others discover what it looks like to live there. Your contribution makes our data come alive.

Data sources:

  1. World Bank | Economy & Growth (1960–2025, retrieved 2026-07-08)
  2. International Monetary Fund (IMF) | Fiscal Monitor (1990–2025, retrieved 2026-07-08)
  3. International Monetary Fund (IMF) | Public Finances in Modern History (1880–1989, 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 (2021–2025, retrieved 2026-07-08)
  7. United Nations | World Population Prospects (2026, retrieved 2026-07-08)
  8. 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.

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.