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Economy of Cambodia vs Germany compared: GDP & Debt

Updated on by Georank team

Cambodia has a GDP of $46.4B compared to $4.69T for Germany, ranking 97/197 and 3/197 by economy size, respectively.

Cambodia has $12B in government debt (25.9% of GDP), compared to $2.97T (63.5% of GDP) in Germany.

Cambodia vs Germany GDP by year

Cambodia
Germany
1x
Year GDP, current $
Cambodia Germany
2024 $46,352,647,037 $4,685,592,577,805
2023 $42,335,646,896 $4,562,207,532,490
2022 $39,994,532,960 $4,201,021,706,479
2021 $36,790,163,687 $4,355,251,953,411
2020 $34,818,073,901 $3,941,398,957,074
2019 $36,685,356,408 $3,959,894,794,039
2018 $33,145,892,169 $4,055,433,215,302
2017 $29,355,665,910 $3,765,351,626,106
2016 $26,556,545,153 $3,536,787,895,179
2015 $24,174,170,369 $3,425,099,578,746
2014 $22,041,463,968 $3,964,870,735,761
2013 $19,807,135,253 $3,807,023,797,051
2012 $17,826,536,700 $3,596,483,233,406
2011 $16,032,622,024 $3,823,575,803,794
2010 $13,808,673,288 $3,467,093,769,667
2009 $12,502,901,170 $3,478,545,516,684
2008 $12,174,303,999 $3,808,197,720,125
2007 $10,127,916,460 $3,484,056,680,855
2006 $8,350,531,017 $3,046,308,753,671
2005 $7,066,296,463 $2,893,393,187,362
2004 $5,883,297,160 $2,852,317,768,062
2003 $5,046,693,484 $2,534,715,518,349
2002 $4,501,227,627 $2,102,350,798,306
2001 $4,145,665,970 $1,966,381,496,642
2000 $3,694,168,979 $1,966,980,701,145
1999 $3,517,242,477 $2,213,873,468,587
1998 $3,120,425,503 $2,247,760,364,566
1997 $3,443,413,389 $2,218,790,886,533
1996 $3,506,695,720 $2,506,576,553,158
1995 $3,441,205,693 $2,593,053,091,306
1994 $2,791,435,272 $2,215,282,632,277
1993 $2,533,727,592 $2,078,954,217,438
1992 $2,491,486,594 $2,141,377,582,968
1991 $2,054,974,089 $1,875,792,575,133
1990 $1,402,541,177 $1,778,162,195,860
1989 $1,353,137,648 $1,404,092,925,205
1988 $1,662,877,859 $1,406,367,016,372
1987 $1,036,974,910 $1,302,932,318,825
1986 $1,167,630,318 $1,050,092,624,516
1985 $1,102,669,184 $735,218,723,093
1984 $1,021,176,059 $727,767,760,979
1983 $939,291,262 $773,507,930,295
1982 $865,516,040 $779,421,633,755
1981 $815,153,652 $803,404,797,058
1980 $744,384,130 $953,772,499,462
1979 $723,738,503 $884,574,218,333
1978 $766,642,356 $743,182,891,918
1977 $716,261,764 $602,698,323,086
1976 $790,357,255 $521,658,712,133
1975 $749,129,748 $492,434,094,920
1974 - $446,934,971,657
1973 - $399,833,571,167
1972 - $300,899,944,795
1971 - $250,900,942,397
1970 - $216,629,229,947
1969 - $177,733,486,326
1968 - $156,527,292,653
1967 - $145,100,667,773
1966 - $143,304,275,684
1965 - $134,774,688,191
1964 - $123,330,404,665
1963 - $112,232,503,744
1962 - $105,895,435,234
1961 - $96,558,204,043
1960 - $84,619,845,881

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

GeoRank.org/economy/cambodia/germany | CC BY

GDP per capita in Cambodia vs Germany by year

Cambodia
GDP per capita

GDP per capita, PPP
Germany
GDP per capita

GDP per capita, PPP
1x
Year Current $
Cambodia Germany
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $2,628 $7,967 $56,104 $73,552
2023 $2,430 $7,431 $54,777 $71,684
2022 $2,325 $6,919 $50,507 $69,049
2021 $2,167 $6,226 $52,349 $62,531
2020 $2,082 $5,942 $47,395 $58,686
2019 $2,226 $6,154 $47,656 $59,271
2018 $2,037 $5,617 $48,916 $56,273
2017 $1,826 $5,050 $45,554 $54,110
2016 $1,675 $4,748 $42,949 $51,570
2015 $1,547 $4,434 $41,930 $48,545
2014 $1,432 $4,118 $48,960 $47,939
2013 $1,306 $3,891 $47,207 $45,889
2012 $1,193 $3,583 $44,718 $44,229
2011 $1,089 $3,223 $47,631 $43,398
2010 $952 $2,989 $42,397 $39,726
2009 $876 $2,854 $42,472 $37,574
2008 $866 $2,769 $46,379 $38,444
2007 $732 $2,566 $42,351 $36,914
2006 $612 $2,297 $36,980 $34,741
2005 $526 $2,038 $35,084 $32,314
2004 $444 $1,770 $34,567 $31,753
2003 $387 $1,598 $30,711 $30,301
2002 $350 $1,442 $25,487 $29,514
2001 $328 $1,357 $23,878 $28,674
2000 $296.4 $1,256 $23,926 $27,474
1999 $286.8 $1,134 $26,965 $26,518
1998 $258.8 $1,009 $27,396 $25,446
1997 $297.6 $994 $27,047 $24,649
1996 $325 $1,006 $30,600 $24,169
1995 $343 $1,006 $31,747 $23,631
1994 $302 $972 $27,202 $22,869
1993 $294.1 $1,565 $25,617 $21,900
1992 $307 $1,560 $26,560 $21,746
1991 $267.3 $1,504 $23,443 $21,001
1990 $190.2 $1,410 $22,386 $19,468
1989 $191.3 - $17,829 -
1988 $244.1 - $17,997 -
1987 $158.1 - $16,739 -
1986 $185.8 - $13,511 -
1985 $182.4 - $9,464 -
1984 $174.7 - $9,347 -
1983 $166.7 - $9,900 -
1982 $159.2 - $9,950 -
1981 $154.3 - $10,246 -
1980 $143.2 - $12,183 -
1979 $142.2 - $11,322 -
1978 $147.1 - $9,517 -
1977 $126.4 - $7,711 -
1976 $128.8 - $6,659 -
1975 $113.8 - $6,259 -
1974 - - $5,660 -
1973 - - $5,065 -
1972 - - $3,824 -
1971 - - $3,204 -
1970 - - $2,771 -
1969 - - $2,281 -
1968 - - $2,025 -
1967 - - $1,886 -
1966 - - $1,871 -
1965 - - $1,774 -
1964 - - $1,637 -
1963 - - $1,502 -
1962 - - $1,431 -
1961 - - $1,316 -
1960 - - $1,162 -

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

GeoRank.org/economy/cambodia/germany | CC BY

Cambodia's GDP per capita is $2,628, ranking 145/197, compared to $56,104 in Germany, ranking 19/197. Adjusted for purchasing power (GDP per capita PPP), Cambodia ranks 142nd at $7,967, while Germany ranks 20th at $73,552.

Economic indicators

Cambodia Germany
Gross domestic product
$46.4B
2024
$4.69T
2024
GDP rank
97/197
2024
3/197
2024
GDP growth
5.98%
2023-2024
-0.5%
2023-2024
GDP per capita
$2,628
2024
$56,104
2024
GDP per capita rank
145/197
2024
19/197
2024
GDP per capita, PPP
$7,967
2024
$73,552
2024
GDP per capita PPP rank
142/197
2024
20/197
2024
Government debt
$12B
2024
$2.97T
2024
Debt-to-GDP ratio
25.9%
2024
63.5%
2024
Government debt per person
$681
2024
$35,606
2024
Government debt per person rank
156/185
2024
21/185
2024
Average annual personal income after taxes
$2,258
2026
$41,775
2026
Market capitalization of domestic companies n/a
$2.04T
2024
Number of millionaires n/a
2,675,000
2025
Number of billionaires n/a
171
2025
Income share by richest 10% n/a
25%
2020
Income share by poorest 10% n/a
2.9%
2020
Government expenditure, % of GDP
17.3%
2024
49.4%
2024
Consumer prices inflation
0.9%
2023-2024
2.26%
2023-2024
Unemployment rate
0.26%
2023
3.37%
2024
Population
18113986
82575542

Spending and national debt comparison by year

Cambodia
Spending

Debt
Germany
Spending

Debt
1x
Year % of GDP
Cambodia Germany
Government spending Government debt Government spending Government debt
2024 17.3% 25.9% 49.4% 63.5%
2023 19.1% 26.3% 48.1% 62.4%
2022 18.7% 25.5% 48.6% 64.4%
2021 21% 25.9% 50.7% 68%
2020 20.3% 25.2% 51.1% 68%
2019 17.6% 20.8% 45.5% 58.7%
2018 16.1% 21.1% 44.7% 60.8%
2017 16.2% 22.6% 44.5% 64%
2016 15.2% 21.8% 44.7% 68.3%
2015 14.5% 23.3% 44.5% 71.2%
2014 16.5% 24.2% 44.5% 74.5%
2013 16.4% 24.4% 45.2% 77.5%
2012 17.1% 24.9% 45.1% 79.8%
2011 16.5% 23.8% 45.3% 78.5%
2010 17% 23.4% 48.1% 81%
2009 17% 23.7% 48.3% 72.4%
2008 13.1% 23% 44.4% 65.2%
2007 12.3% 25.1% 43.5% 63.7%
2006 11.3% 26.7% 45.3% 66.4%
2005 11% 31.7% 46.9% 67.1%
2004 12.6% 38.7% 47% 65%
2003 14.5% 39.8% 48.5% 63.3%
2002 16.1% 37.8% 48.2% 59.8%
2001 14.5% 33.5% 47.7% 58.1%
2000 14.9% 34.9% 48.1% 59.2%
1999 13.8% 34.6% 48.5% 60.3%
1998 13.4% 37.2% 48.3% 59.4%
1997 12.4% 31.4% 48.8% 58.8%
1996 15.7% 30.1% 49.6% 57.7%
1995 - - 55.2% 54.9%
1994 - - 48.3% 47.5%
1993 - - 48.3% 45.1%
1992 - - 47.4% 41.4%
1991 - - 46.5% 39%
1990 - - 44.7% 40.7%
1989 - - 44.3% 39.2%
1988 - - 45.6% 40.5%
1987 - - 46% 40.1%
1986 - - 45.7% 39.1%
1985 - - 46.6% 39.2%
1984 - - 47.2% 38.7%
1983 - - 47.9% 38%
1982 - - 49.1% 36.4%
1981 - - 49% 33.6%
1980 - - 48.2% 30.1%
1979 - - 47.4% 28.2%
1978 - - 47.7% 27.4%
1977 - - 49% 26%
1976 - - 49.4% 25.1%
1975 - - 50.3% 23.7%
1974 - - 46% 18.5%
1973 - - 42.4% 17.3%
1972 - - 41.8% 18%
1971 - - 40.9% 17.7%
1970 - - 39.5% 17.7%
1969 - - 29.7% 20.3%
1968 - - 28.5% 22.5%
1967 - - 28.8% 22.5%
1966 - - 28.3% 19.8%
1965 - - 28.4% 18.7%
1964 - - 29% 18.2%
1963 - - 29.1% 18.1%
1962 - - 29.2% 17.6%
1961 - - 28.8% 18.7%
1960 - - 22.9% 18.4%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1991–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1960–1990, retrieved 2026-02-20).

GeoRank.org/economy/cambodia/germany | CC BY

In 2024, Cambodia's government spending was $8B, accounting for 17.3% of its GDP, while Germany spent $2.32T, or 49.4% of GDP.

Debt-to-GDP ratio is 25.9% in Cambodia and 63.5% in Germany, ranking 164/185 and 72/185, respectively.

Government deficit by year

Deficit/surplus
Cambodia

Germany
1x
Year Deficit/surplus, % of GDP
Cambodia Germany
2024 -2.67% -2.66%
2023 -2.83% -2.49%
2022 -0.29% -1.91%
2021 -5.18% -3.17%
2020 -2.53% -4.38%
2019 2.19% 1.33%
2018 0.28% 1.88%
2017 -0.76% 1.34%
2016 -0.29% 1.13%
2015 -0.65% 0.91%
2014 -1.24% 0.73%
2013 -2.01% 0.12%
2012 -3.57% -0.05%
2011 -3.76% -0.84%
2010 -3.09% -4.42%
2009 -3.98% -3.18%
2008 0.43% -0.26%
2007 0.62% 0.15%
2006 -0.15% -1.76%
2005 -0.34% -3.37%
2004 -3.23% -3.42%
2003 -5.69% -3.83%
2002 -6.07% -4.09%
2001 -4.95% -3.12%
2000 -4.76% -1.71%
1999 -3.79% -1.87%
1998 -5.35% -2.65%
1997 -3.7% -3.03%
1996 -7.53% -3.64%
1995 - -9.44%
1994 - -2.54%
1993 - -3.11%
1992 - -2.63%
1991 - -3.21%
1990 - -1.94%
1989 - 0.08%
1988 - -2.02%
1987 - -1.85%
1986 - -1.18%
1985 - -1.18%
1984 - -2.04%
1983 - -2.95%
1982 - -3.56%
1981 - -4.03%
1980 - -3.02%
1979 - -2.71%
1978 - -2.62%
1977 - -2.56%
1976 - -3.5%
1975 - -5.78%
1974 - -1.69%
1973 - 1.14%
1972 - -0.37%
1971 - 0.16%
1970 - 0.53%
1969 - -0.43%
1968 - 1.39%
1967 - 2.73%
1966 - 1.76%
1965 - 2.26%
1964 - 1.49%
1963 - 1.43%
1962 - 0.49%
1961 - -0.12%
1960 - -0.34%
1959 - 0.77%
1958 - 1.77%
1957 - 1.99%
1956 - 0.59%
1955 - -1.41%
1954 - -0.37%
1953 - -0.13%
1952 - 0%
1951 - 1.15%
1950 - 1.81%
1949 - -
1948 - -
1947 - -
1946 - -
1945 - -
1944 - -
1943 - -
1942 - -
1941 - -
1940 - -
1939 - -
1938 - -
1937 - -
1936 - -
1935 - -
1934 - -0.64%
1933 - -0.43%
1932 - -1.11%
1931 - -1.03%
1930 - -1.52%
1929 - -0.9%
1928 - -1.47%
1927 - -0.44%
1926 - -1.3%
1925 - 0.34%
1924 - -
1923 - -
1922 - -
1921 - -
1920 - -
1919 - -
1918 - -
1917 - -
1916 - -
1915 - -
1914 - -
1913 - 0.007%
1912 - -0.26%
1911 - 0.06%
1910 - -0.21%
1909 - 0.11%
1908 - -0.11%
1907 - -0.14%
1906 - 0.76%
1905 - 1.21%
1904 - 0.41%
1903 - 0.88%
1902 - 0.08%
1901 - 0.91%
1900 - 0.27%
1899 - 0.6%
1898 - 0.47%
1897 - 0.39%
1896 - 0.63%
1895 - 0.47%
1894 - 0.44%
1893 - 0.42%
1892 - -0.24%
1891 - 1.18%
1890 - 0.12%
1889 - 1.16%
1888 - 0.62%
1887 - 0.88%
1886 - 0.23%
1885 - 0.21%
1884 - 0.23%
1883 - 0.55%
1882 - 0.41%
1881 - 0.12%
1880 - -0.13%

Data sources: International Monetary Fund (IMF) | Public Finances in Modern History (1880–1990, retrieved 2026-02-20); International Monetary Fund (IMF) | Fiscal Monitor (1991–2024, retrieved 2026-02-20).

GeoRank.org/economy/cambodia/germany | CC BY

In 2024, Cambodia's government deficit, the difference between spending and revenue, was $1.24B, equivalent to 2.67% of GDP. This compares to Germany's deficit of $125B, or 2.66% of GDP.

Over the past 29 years, Cambodia recorded a fiscal deficit in 25 of those years, while Germany ran a deficit in 21 years. On average, Cambodia posted an annual deficit equal to 2.58% of GDP, compared to deficit of 1.66% of GDP for Germany.

Inflation comparison by year

Inflation
Cambodia

Germany
1x
Year Consumer prices inflation
Cambodia Germany
2024 0.9% 2.26%
2023 2.1% 5.95%
2022 5.3% 6.87%
2021 2.9% 3.07%
2020 2.9% 0.14%
2019 2% 1.45%
2018 2.4% 1.73%
2017 2.9% 1.51%
2016 3% 0.49%
2015 1.2% 0.51%
2014 3.9% 0.91%
2013 2.9% 1.5%
2012 2.9% 2.01%
2011 5.5% 2.08%
2010 4% 1.1%
2009 -0.7% 0.31%
2008 25% 2.63%
2007 7.7% 2.3%
2006 6.1% 1.58%
2005 6.3% 1.55%
2004 3.9% 1.67%
2003 1% 1.03%
2002 0% 1.42%
2001 -0.1% 1.98%
2000 -0.8% 1.44%
1999 2% 0.59%
1998 12.9% 0.91%
1997 10.5% 1.94%

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/cambodia/germany | CC BY

Over the past 28 years, Cambodia has recorded an average annual inflation rate of 4.24%, compared with 1.82% in Germany. In 2024, inflation was 0.9% in Cambodia and 2.26% in Germany.

Top exports between countries

Cambodia
Export category Export value
Textiles & consumer goods $832M
Machinery & equipment $57.9M
Raw agricultural goods $20.2M
Processed food, beverages & tobacco $671K
Miscellaneous $252K
Metals $228K
Chemicals & pharma $222K
Raw materials & minerals $69K
Precious metals & jewellery $64K
Animal & marine products $55K
Germany
Export category Export value
Machinery & equipment $93.6M
Raw agricultural goods $30.6M
Textiles & consumer goods $14.5M
Processed food, beverages & tobacco $11.5M
Chemicals & pharma $11M
Miscellaneous $5.47M
Raw materials & minerals $4.06M
Wood & paper products $2M
Animal & marine products $1.56M
Metals $685K

Balance of trade

Cambodia Germany
Current account balance
$228M
2024
$270B
2024
Current account balance ranking
65/190
2024
2/190
2024
Current account balance, % of GDP
+0.49%
2024
+5.77%
2024
Goods imports
$31.2B
2024
$1.21T
2024
Goods exports
$26.8B
2024
$1.47T
2024
Service imports
$3.08B
2024
$548B
2024
Service exports
$4.97B
2024
$470B
2024
Imports of goods and services, % of GDP
72.1%
2024
37.7%
2024
Exports of goods and services, % of GDP
71.4%
2024
41.4%
2024

Economic freedom indices

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

Cambodia Germany
Economic freedom 58.7 71.7
Economic freedom ranking 108/197 30/197
Property rights 38.1 95.5
Government integrity 18.9 84.5
Judicial effectiveness 21.2 94.6
Tax burden 90.3 60.5
Government spending 89.9 28.8
Fiscal health 92.7 83.1
Business freedom 60.8 79.8
Labor freedom 48.3 52.2
Monetary freedom 77 72.5
Trade freedom 67.8 79.4
Investment freedom 50 60
Financial freedom 50 70

Economic freedom comparison by year

Cambodia
Germany
1x
Year Economic freedom index
Cambodia Germany
2026 58.7 71.7
2025 58.2 71.6
2024 55.6 72.1
2023 56.5 73.7
2022 57.1 76.1
2021 57.3 72.5
2020 57.3 73.5
2019 57.8 73.5
2018 58.7 74.2
2017 59.5 73.8
2016 57.9 74.4
2015 57.5 73.8
2014 57.4 73.4
2013 58.5 72.8
2012 57.6 71
2011 57.9 71.8
2010 56.6 71.1
2009 56.6 70.5
2008 55.9 70.6
2007 55.9 70.8
2006 56.7 70.8
2005 60 68.1
2004 61.1 69.5
2003 63.7 69.7
2002 60.7 70.4
2001 59.6 69.5
2000 59.3 65.7
1999 59.9 65.6
1998 59.8 64.3
1997 52.8 67.5
1996 - 69.1
1995 - 69.8

Data sources: The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09).

GeoRank.org/economy/cambodia/germany | CC BY

The Economic Freedom Index for Cambodia is 58.7, ranking 108/197, compared to 71.7 for Germany, ranking 30/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Cambodia Germany
Services, % of GDP
35.6%
2024
64%
2024
Industry, % of GDP
41.8%
2024
25.6%
2024
Agriculture, forestry, and fishing, % of GDP
16.6%
2024
0.91%
2024
GNI, Atlas method
$44.9B
2024
$4.6T
2024
GNI per capita, PPP
$7,910
2024
$76,180
2024
Total reserves including gold
$22.5B
2024
$378B
2024
Total reserves ranking
58/177
2024
10/177
2024
Net foreign direct investment
-$4.22B
2024
$32.6B
2024
Net inflows of foreign direct investment
$4.39B
2024
$47.6B
2024
Net outflows of foreign direct investment
$172M
2024
$80.2B
2024
Servicing debt to the IMF, % of GNI
7.41%
2024
n/a
Poverty at national poverty lines
17.7%
2012
14.8%
2021
Gross capital formation, % of GDP
32.2%
2024
21.5%
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/cambodia/germany | 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 (1991–2024, retrieved 2026-02-20)
  3. International Monetary Fund (IMF) | Public Finances in Modern History (1880–1990, retrieved 2026-02-20)
  4. The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09)
  5. U.S. Census Bureau (1985–2024, retrieved 2026-02-08)
  6. TradeMap (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.