Cape Verde has a GDP of $2.77B compared to $4.75B for Liberia, ranking 170/197 and 163/197 by economy size, respectively.
Cape Verde has $3.15B in government debt (109.6% of GDP), compared to $2.68B (56.5% of GDP) in Liberia.
The chart below compares the two countries' GDP growth in both current (nominal) and constant dollars, accounting for inflation over time.
| Year | GDP | |||
|---|---|---|---|---|
Cape Verde
|
Liberia
|
|||
| Current $ | Constant $ | Current $ | Constant $ | |
| 1960 | - | - | $190,495,600 | $2,785,350,370 |
| 1961 | - | - | $183,920,900 | $2,853,312,513 |
| 1962 | - | - | $191,861,800 | $2,891,678,327 |
| 1963 | - | - | $200,229,600 | $2,957,448,412 |
| 1964 | - | - | $218,929,100 | $3,109,815,009 |
| 1965 | - | - | $229,260,800 | $3,258,892,895 |
| 1966 | - | - | $244,459,500 | $3,509,914,204 |
| 1967 | - | - | $261,024,300 | $3,746,685,675 |
| 1968 | - | - | $276,820,700 | $3,925,360,308 |
| 1969 | - | - | $306,961,800 | $4,211,459,134 |
| 1970 | - | - | $323,099,700 | $4,492,076,772 |
| 1971 | - | - | $341,543,100 | $4,712,405,513 |
| 1972 | - | - | $368,098,000 | $4,907,522,458 |
| 1973 | - | - | $386,968,300 | $4,796,809,969 |
| 1974 | - | - | $486,955,000 | $5,024,811,956 |
| 1975 | - | - | $577,549,300 | $4,850,521,857 |
| 1976 | - | - | $596,675,700 | $5,108,120,174 |
| 1977 | - | - | $673,010,600 | $5,189,236,333 |
| 1978 | - | - | $717,240,400 | $5,439,161,405 |
| 1979 | - | - | $814,067,900 | $5,616,740,217 |
| 1980 | $142,246,815 | $188,081,995 | $854,711,500 | $5,386,545,754 |
| 1981 | $139,468,209 | $203,977,862 | $846,514,500 | $5,271,448,731 |
| 1982 | $140,630,679 | $209,740,298 | $863,933,200 | $5,143,197,692 |
| 1983 | $138,476,176 | $229,709,147 | $823,374,900 | $5,045,638,801 |
| 1984 | $132,019,039 | $238,399,665 | $848,478,300 | $4,939,311,263 |
| 1985 | $137,728,205 | $259,002,371 | $851,296,100 | $4,897,657,154 |
| 1986 | $190,651,168 | $266,439,508 | $840,964,400 | $4,815,445,174 |
| 1987 | $235,253,065 | $277,920,557 | $972,800,000 | $4,767,213,639 |
| 1988 | $264,308,140 | $294,587,049 | $1,038,300,000 | $4,669,871,991 |
| 1989 | $267,448,571 | $311,372,470 | $786,300,000 | $3,424,489,545 |
| 1990 | $306,890,963 | $313,527,703 | $384,400,000 | $1,676,942,910 |
| 1991 | $319,827,059 | $317,930,093 | $348,000,000 | $1,438,394,192 |
| 1992 | $357,160,985 | $352,704,164 | $223,500,000 | $933,723,839 |
| 1993 | $490,417,390 | $383,418,741 | $160,400,000 | $625,824,712 |
| 1994 | $406,580,652 | $456,968,584 | $132,200,000 | $489,630,571 |
| 1995 | $487,148,994 | $521,911,297 | $134,800,000 | $468,741,927 |
| 1996 | $501,979,270 | $581,130,092 | $159,400,000 | $525,559,091 |
| 1997 | $490,608,658 | $645,742,612 | $295,900,000 | $1,084,122,317 |
| 1998 | $521,910,561 | $726,572,060 | $359,600,000 | $1,411,615,368 |
| 1999 | $592,416,703 | $808,112,688 | $441,800,000 | $1,718,520,972 |
| 2000 | $539,227,278 | $923,550,525 | $874,000,000 | $2,210,291,804 |
| 2001 | $563,090,490 | $944,160,983 | $906,000,000 | $2,274,838,397 |
| 2002 | $620,507,387 | $993,737,848 | $927,000,000 | $2,360,440,967 |
| 2003 | $813,260,469 | $1,035,238,918 | $748,000,000 | $1,648,882,905 |
| 2004 | $924,940,012 | $1,140,802,982 | $897,000,000 | $1,692,081,112 |
| 2005 | $972,241,677 | $1,219,660,509 | $949,000,000 | $1,781,443,511 |
| 2006 | $1,107,571,458 | $1,317,035,160 | $1,119,000,000 | $1,924,741,223 |
| 2007 | $1,649,621,739 | $1,516,838,455 | $1,373,000,000 | $2,108,270,598 |
| 2008 | $1,959,620,648 | $1,623,608,885 | $1,726,000,000 | $2,258,921,103 |
| 2009 | $1,852,334,575 | $1,599,196,517 | $1,768,000,000 | $2,378,656,131 |
| 2010 | $1,824,751,468 | $1,628,564,468 | $1,998,000,000 | $2,523,749,999 |
| 2011 | $2,046,817,987 | $1,692,481,035 | $2,398,000,000 | $2,730,716,886 |
| 2012 | $1,913,081,210 | $1,710,821,580 | $2,791,614,000 | $2,949,005,327 |
| 2013 | $2,028,910,915 | $1,721,636,311 | $3,177,198,100 | $3,205,193,908 |
| 2014 | $2,041,930,125 | $1,733,630,380 | $3,225,652,000 | $3,227,674,917 |
| 2015 | $1,749,857,620 | $1,749,857,620 | $3,227,075,700 | $3,227,075,700 |
| 2016 | $1,849,789,986 | $1,824,764,035 | $3,398,419,600 | $3,176,896,008 |
| 2017 | $1,996,741,540 | $1,907,814,791 | $3,390,703,400 | $3,254,893,759 |
| 2018 | $2,205,099,507 | $1,978,536,809 | $3,422,754,800 | $3,292,571,599 |
| 2019 | $2,252,177,124 | $2,116,002,111 | $3,319,596,500 | $3,211,334,058 |
| 2020 | $1,821,565,614 | $1,675,762,034 | $3,176,126,300 | $3,115,556,300 |
| 2021 | $2,051,842,619 | $1,793,627,261 | $3,513,049,500 | $3,270,920,146 |
| 2022 | $2,247,003,344 | $2,077,803,747 | $4,001,047,000 | $3,428,189,426 |
| 2023 | $2,539,203,429 | $2,189,821,145 | $4,390,000,000 | $3,588,757,485 |
| 2024 | $2,767,599,017 | $2,349,062,343 | $4,750,000,000 | $3,760,763,574 |
Economic indicators
|
Cape Verde
|
Liberia
|
|
|---|---|---|
| Gross domestic product |
$2.77B
2024 |
$4.75B
2024 |
| GDP rank |
170/197
2024 |
163/197
2024 |
| GDP growth |
8.99%
2023-2024 |
8.2%
2023-2024 |
| GDP per capita |
$5,273
2024 |
$846
2024 |
| GDP per capita rank |
117/197
2024 |
185/197
2024 |
| GDP per capita, PPP |
$11,262
2024 |
$1,885
2024 |
| Government debt |
$3.15B
2024 |
$2.68B
2024 |
| Debt-to-GDP ratio |
109.6%
2025 |
56.5%
2025 |
| Government debt per person |
$5,998
2024 |
$478
2024 |
| Government debt per person rank |
75/185
2024 |
167/185
2024 |
| Average annual personal income after taxes |
$2,527
2025 |
$1,418
2025 |
| Income share by richest 10% |
32.3%
2015 |
27.1%
2016 |
| Income share by poorest 10% |
2.2%
2015 |
2.9%
2016 |
| Government expenditure, % of GDP |
29.5%
2025 |
22.4%
2025 |
| Consumer prices inflation |
1.5%
2024-2025 |
9.8%
2024-2025 |
| Central bank interest rate |
1.5%
2024 |
n/a |
| Unemployment rate |
11.3%
2019 |
5.93%
2017 |
| Population |
529186
|
5829811
|
GDP per capita in Cape Verde vs Liberia
Cape Verde's GDP per capita is $5,273, ranking 117/197, compared to $846 in Liberia, ranking 185/197. Adjusted for purchasing power (GDP per capita PPP), Cape Verde ranks 128th at $11,262, while Liberia ranks 187th at $1,885.
| Year | Current $ | |||
|---|---|---|---|---|
|
Cape Verde
|
Liberia
|
|||
| GDP per capita | GDP per capita, PPP | GDP per capita | GDP per capita, PPP | |
| 1960 | - | - | $167.2 | - |
| 1961 | - | - | $157.5 | - |
| 1962 | - | - | $160.3 | - |
| 1963 | - | - | $163.1 | - |
| 1964 | - | - | $173.9 | - |
| 1965 | - | - | $177.6 | - |
| 1966 | - | - | $184.6 | - |
| 1967 | - | - | $192.2 | - |
| 1968 | - | - | $198.6 | - |
| 1969 | - | - | $214.7 | - |
| 1970 | - | - | $220.3 | - |
| 1971 | - | - | $227.1 | - |
| 1972 | - | - | $238.6 | - |
| 1973 | - | - | $244.4 | - |
| 1974 | - | - | $299.4 | - |
| 1975 | - | - | $346 | - |
| 1976 | - | - | $347 | - |
| 1977 | - | - | $381 | - |
| 1978 | - | - | $394 | - |
| 1979 | - | - | $435 | - |
| 1980 | $440 | - | $443 | - |
| 1981 | $425 | - | $426 | - |
| 1982 | $423 | - | $422 | - |
| 1983 | $410 | - | $391 | - |
| 1984 | $385 | - | $390 | - |
| 1985 | $396 | - | $380 | - |
| 1986 | $541 | - | $364 | - |
| 1987 | $658 | - | $409 | - |
| 1988 | $729 | - | $424 | - |
| 1989 | $727 | - | $312 | - |
| 1990 | $817 | $1,044 | $172.9 | $787 |
| 1991 | $832 | $1,069 | $177.9 | $793 |
| 1992 | $908 | $1,186 | $107.8 | $497 |
| 1993 | $1,220 | $1,291 | $74.4 | $328 |
| 1994 | $991 | $1,540 | $61.5 | $262.6 |
| 1995 | $1,165 | $1,762 | $62.1 | $254.4 |
| 1996 | $1,180 | $1,963 | $71.4 | $282.2 |
| 1997 | $1,134 | $2,182 | $122.6 | $548 |
| 1998 | $1,187 | $2,443 | $134.7 | $652 |
| 1999 | $1,327 | $2,714 | $156.6 | $762 |
| 2000 | $1,190 | $3,124 | $298.5 | $965 |
| 2001 | $1,223 | $3,217 | $300 | $987 |
| 2002 | $1,329 | $3,388 | $299.5 | $1,013 |
| 2003 | $1,718 | $3,551 | $239.8 | $716 |
| 2004 | $1,929 | $3,969 | $284.1 | $745 |
| 2005 | $2,004 | $4,324 | $287.5 | $774 |
| 2006 | $2,257 | $4,758 | $321 | $815 |
| 2007 | $3,325 | $5,567 | $374 | $873 |
| 2008 | $3,909 | $6,011 | $452 | $915 |
| 2009 | $3,660 | $5,901 | $448 | $939 |
| 2010 | $3,579 | $6,039 | $492 | $980 |
| 2011 | $4,002 | $6,384 | $568 | $1,041 |
| 2012 | $3,737 | $6,318 | $638 | $1,157 |
| 2013 | $3,961 | $6,367 | $711 | $1,360 |
| 2014 | $3,986 | $6,417 | $707 | $1,419 |
| 2015 | $3,415 | $6,773 | $693 | $1,340 |
| 2016 | $3,609 | $7,351 | $715 | $1,490 |
| 2017 | $3,893 | $7,936 | $699 | $1,665 |
| 2018 | $4,295 | $7,916 | $692 | $1,800 |
| 2019 | $4,381 | $8,646 | $658 | $1,900 |
| 2020 | $3,539 | $6,853 | $617 | $1,660 |
| 2021 | $3,971 | $7,685 | $668 | $1,539 |
| 2022 | $4,323 | $9,481 | $745 | $1,692 |
| 2023 | $4,861 | $10,300 | $799 | $1,795 |
| 2024 | $5,273 | $11,262 | $846 | $1,885 |
Spending and national debt comparison
In 2024, Cape Verde's government spending was $733M, accounting for 29.5% of its GDP, while Liberia's spent $1.04B, or 22.4% of GDP.
Debt-to-GDP ratio is 109.6% in Cape Verde and 56.5% in Liberia, ranking 16/185 and 93/185, respectively.
| Year | % of GDP | |||
|---|---|---|---|---|
|
Cape Verde
|
Liberia
|
|||
| Government spending | Government debt | Government spending | Government debt | |
| 1994 | 48.1% | 73.4% | - | - |
| 1995 | 44.5% | 74.3% | - | - |
| 1996 | 38.9% | 85.7% | - | - |
| 1997 | 34.8% | 79.3% | - | - |
| 1998 | 29.8% | 72.9% | - | - |
| 1999 | 35% | 66.4% | - | - |
| 2000 | 36.7% | 71.9% | 15.2% | 489% |
| 2001 | 24.2% | 62.2% | 12.6% | 484% |
| 2002 | 28.5% | 64.7% | 13.2% | 481% |
| 2003 | 23.4% | 65.6% | 9.85% | 658% |
| 2004 | 26.3% | 67.8% | 12.1% | 543% |
| 2005 | 26.2% | 66.7% | 12.8% | 535% |
| 2006 | 28.4% | 66.2% | 11.1% | 472% |
| 2007 | 27.1% | 59.6% | 17.2% | 394% |
| 2008 | 27.6% | 57.5% | 21.6% | 233.1% |
| 2009 | 30.6% | 58.8% | 23.7% | 130.9% |
| 2010 | 35.7% | 73.5% | 25.2% | 25.6% |
| 2011 | 30.3% | 71.6% | 30.1% | 22.7% |
| 2012 | 31.6% | 82.9% | 30.8% | 20.5% |
| 2013 | 30.9% | 93.5% | 27.4% | 20.6% |
| 2014 | 27.8% | 105.6% | 33.4% | 24.3% |
| 2015 | 28.7% | 115.6% | 37.1% | 24.8% |
| 2016 | 26.6% | 115.4% | 35.8% | 28.6% |
| 2017 | 28% | 112.8% | 35.1% | 31.8% |
| 2018 | 27.5% | 112% | 32.7% | 37.1% |
| 2019 | 27.5% | 109.4% | 32.3% | 48.6% |
| 2020 | 34.5% | 143.8% | 35.3% | 58.7% |
| 2021 | 30.8% | 149.1% | 29.8% | 53.3% |
| 2022 | 25.9% | 124% | 26.9% | 54.3% |
| 2023 | 24.8% | 114% | 27.2% | 58.8% |
| 2024 | 26.5% | 113.7% | 21.9% | 56.5% |
| 2025 | 29.5% | 109.6% | 22.4% | 56.5% |
Government deficit by year
In 2024, Cape Verde's government deficit, the difference between spending and revenue, was -$65.4M, equivalent to -2.36% of GDP. This compares to Liberia's deficit of -$128M, or -2.69% of GDP.
Over the past 25 years, Cape Verde recorded a fiscal deficit in 25 of those years, while Liberia ran a deficit in 20 years. On average, Cape Verde posted an annual deficit equal to -5.13% of GDP, compared to deficit of -2.25% of GDP for Liberia.
| Year | Deficit/surplus, % of GDP | |
|---|---|---|
|
Cape Verde
|
Liberia
|
|
| 1994 | -12.8% | - |
| 1995 | -11.1% | - |
| 1996 | -11.2% | - |
| 1997 | -10.2% | - |
| 1998 | -3.16% | - |
| 1999 | -10.9% | - |
| 2000 | -15.5% | -0.08% |
| 2001 | -5.03% | -0.98% |
| 2002 | -6.14% | -1.63% |
| 2003 | -3.63% | 0.39% |
| 2004 | -2.98% | -0.56% |
| 2005 | -4.69% | -0.55% |
| 2006 | -4.32% | 4.42% |
| 2007 | -0.86% | 2.44% |
| 2008 | -1.42% | -2.68% |
| 2009 | -5.32% | -1.39% |
| 2010 | -9.6% | 1.17% |
| 2011 | -6.98% | -4.43% |
| 2012 | -9.36% | -2.86% |
| 2013 | -8.49% | 1.29% |
| 2014 | -6.93% | -4.92% |
| 2015 | -4.16% | -3.74% |
| 2016 | -2.73% | -3.83% |
| 2017 | -2.63% | -7.14% |
| 2018 | -2.36% | -4.7% |
| 2019 | -1.62% | -4.92% |
| 2020 | -9.29% | -4.02% |
| 2021 | -7.51% | -2.5% |
| 2022 | -4.15% | -5.33% |
| 2023 | -0.27% | -7.07% |
| 2024 | -2.36% | -2.69% |
| 2025 | -1.77% | -3.47% |
Inflation comparison by year
Over the past 27 years, Cape Verde has recorded an average annual inflation rate of 1.97%, compared with 10.4% in Liberia. In 2025, inflation was 1.5% in Cape Verde and 9.8% in Liberia.
| Year | Inflation | ||
|---|---|---|---|
|
Cape Verde
|
Liberia
|
Cape Verde
|
Liberia
|
| 1996 | 6% | - | |
| 1997 | 8.6% | - | |
| 1998 | 4.4% | - | |
| 1999 | 4.3% | 2% | |
| 2000 | -2.4% | 5.3% | |
| 2001 | 3.7% | 12.1% | |
| 2002 | 1.9% | 14.2% | |
| 2003 | 1.2% | 10.3% | |
| 2004 | -1.9% | 3.6% | |
| 2005 | 0.4% | 6.9% | |
| 2006 | 4.8% | 9.5% | |
| 2007 | 4.4% | 11.4% | |
| 2008 | 6.8% | 17.5% | |
| 2009 | 1% | 7.4% | |
| 2010 | 2.1% | 7.3% | |
| 2011 | 4.5% | 8.5% | |
| 2012 | 2.5% | 6.8% | |
| 2013 | 1.5% | 7.6% | |
| 2014 | -0.2% | 9.9% | |
| 2015 | 0.1% | 7.7% | |
| 2016 | -1.4% | 8.8% | |
| 2017 | 0.8% | 12.4% | |
| 2018 | 1.3% | 23.5% | |
| 2019 | 1.1% | 27% | |
| 2020 | 0.6% | 17% | |
| 2021 | 1.9% | 7.8% | |
| 2022 | 7.9% | 7.6% | |
| 2023 | 3.7% | 10.1% | |
| 2024 | 1% | 8.2% | |
| 2025 | 1.5% | 9.8% | |
Balance of trade
|
Cape Verde
|
Liberia
|
|
|---|---|---|
Current account balance
|
$107M
2024 |
$64.8M
2022 |
| Current account balance ranking |
66/189
2024 |
71/189
2022 |
| Current account balance, % of GDP |
+3.85%
2024 |
+1.62%
2022 |
| Goods imports |
$1.17B
2024 |
$1.53B
2022 |
| Goods exports |
$328M
2024 |
$1.03B
2022 |
| Service imports |
$298M
2024 |
$434M
2022 |
| Service exports |
$830M
2024 |
$192M
2022 |
| Imports of goods and services, % of GDP |
53.2%
2024 |
n/a |
| Exports of goods and services, % of GDP |
41.9%
2024 |
28.5%
2025 |
Economic freedom indices
The indices of economic freedom below are issued by the Heritage Foundation. Higher scores indicate stronger economic health.
|
Cape Verde
|
Liberia
|
|
|---|---|---|
| Economic freedom | 68.7 | 48.5 |
| Economic freedom ranking | 44/197 | 170/197 |
| Property rights | 64.6 | 32.8 |
| Government integrity | 64.4 | 24.9 |
| Judicial effectiveness | 75.1 | 22.7 |
| Tax burden | 84.4 | 86 |
| Government spending | 77.8 | 76.6 |
| Fiscal health | 54.7 | 53.6 |
| Business freedom | 80.2 | 39 |
| Labor freedom | 59.6 | 43.5 |
| Monetary freedom | 76.5 | 70.7 |
| Trade freedom | 67 | 57 |
| Investment freedom | 60 | 55 |
| Financial freedom | 60 | 20 |
Economic freedom by year comparison
The Economic Freedom Index for Cape Verde is 68.7, ranking 44/197, compared to 48.5 for Liberia, ranking 170/197. The chart below displays a comparison of annual changes in economic freedom indexes.
| Year | Economic freedom index | |
|---|---|---|
|
Cape Verde
|
Liberia
|
|
| 1996 | 49.7 | - |
| 1997 | 47.7 | - |
| 1998 | 48 | - |
| 1999 | 50.7 | - |
| 2000 | 51.9 | - |
| 2001 | 56.3 | - |
| 2002 | 57.6 | - |
| 2003 | 56.1 | - |
| 2004 | 58.1 | - |
| 2005 | 57.8 | - |
| 2006 | 58.6 | - |
| 2007 | 56.5 | - |
| 2008 | 57.9 | - |
| 2009 | 61.3 | 48.1 |
| 2010 | 61.8 | 46.2 |
| 2011 | 64.6 | 46.5 |
| 2012 | 63.5 | 48.6 |
| 2013 | 63.7 | 49.3 |
| 2014 | 66.1 | 52.4 |
| 2015 | 66.4 | 52.7 |
| 2016 | 66.5 | 52.2 |
| 2017 | 56.9 | 49.1 |
| 2018 | 60 | 50.9 |
| 2019 | 63.1 | 49.7 |
| 2020 | 63.6 | 49 |
| 2021 | 63.8 | 49.2 |
| 2022 | 66.7 | 47.9 |
| 2023 | 65.8 | 49.6 |
| 2024 | 62.9 | 49.9 |
| 2025 | 68.7 | 48.5 |
More economic indicators
|
Cape Verde
|
Liberia
|
|
|---|---|---|
| Services, % of GDP |
69.4%
2024 |
42.1%
2024 |
| Industry, % of GDP |
10.5%
2024 |
23.3%
2024 |
| Agriculture, forestry, and fishing, % of GDP |
4.7%
2024 |
33.6%
2024 |
|
GNI, Atlas method
|
$2.63B
2024 |
$4.27B
2024 |
| GNI per capita, PPP |
$11,050
2024 |
$1,760
2024 |
| Total reserves including gold |
$783M
2024 |
$600M
2022 |
| Total reserves ranking |
144/177
2024 |
153/177
2022 |
|
Net foreign direct investment
|
-$89.2M
2024 |
-$960M
2022 |
|
Net inflows of foreign direct investment
|
$110M
2024 |
$747M
2024 |
|
Net outflows of foreign direct investment
|
$20.8M
2024 |
$89.8M
2024 |
|
Servicing debt to the IMF, % of GNI
|
6.47%
2023 |
3.02%
2023 |
| Poverty at national poverty lines |
24.8%
2023 |
50.9%
2016 |
|
Gross capital formation, % of GDP
|
16%
2024 |
n/a |
GDP per capita map
GDP per capita
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Economy comparisons
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.