Ecuador has a GDP of $125B compared to $2.4B for the Gambia, ranking 62/197 and 174/197 by economy size, respectively.
Ecuador has $67B in government debt (53.8% of GDP), compared to $1.92B (80% of GDP) in the Gambia.
Ecuador vs Gambia GDP by year
| Year | GDP, current $ | |
|---|---|---|
Ecuador
|
Gambia
|
|
| 2024 | $124,676,074,700 | $2,404,888,749 |
| 2023 | $121,147,057,000 | $2,382,262,185 |
| 2022 | $116,133,121,000 | $2,204,734,528 |
| 2021 | $107,179,074,000 | $2,014,158,842 |
| 2020 | $95,865,473,000 | $1,812,170,891 |
| 2019 | $107,595,830,000 | $1,813,609,692 |
| 2018 | $107,478,961,000 | $1,670,671,328 |
| 2017 | $104,467,486,000 | $1,504,909,463 |
| 2016 | $97,671,433,000 | $1,484,578,886 |
| 2015 | $97,209,558,000 | $1,378,176,609 |
| 2014 | $102,717,794,000 | $1,229,461,721 |
| 2013 | $96,570,334,000 | $1,375,609,453 |
| 2012 | $87,735,048,000 | $1,415,004,738 |
| 2011 | $78,986,648,000 | $1,409,693,597 |
| 2010 | $68,151,329,000 | $1,543,294,927 |
| 2009 | $60,094,978,000 | $1,450,142,509 |
| 2008 | $61,139,438,000 | $1,561,766,956 |
| 2007 | $49,848,725,000 | $1,279,703,047 |
| 2006 | $45,690,762,000 | $1,054,112,488 |
| 2005 | $40,278,849,000 | $1,027,701,068 |
| 2004 | $35,194,947,000 | $961,900,651 |
| 2003 | $30,965,208,000 | $487,038,685 |
| 2002 | $27,054,197,000 | $578,235,309 |
| 2001 | $23,127,055,000 | $687,410,645 |
| 2000 | $17,539,454,727 | $782,913,872 |
| 1999 | $19,645,272,636 | $814,724,032 |
| 1998 | $27,981,896,948 | $840,285,265 |
| 1997 | $28,162,053,027 | $803,633,342 |
| 1996 | $25,226,393,197 | $848,239,446 |
| 1995 | $24,432,884,442 | $785,999,865 |
| 1994 | $22,708,673,337 | $746,493,952 |
| 1993 | $18,938,717,359 | $755,040,974 |
| 1992 | $18,094,238,119 | $714,254,256 |
| 1991 | $16,988,535,268 | $690,311,081 |
| 1990 | $15,239,272,612 | $317,083,695 |
| 1989 | $13,890,823,705 | $284,120,329 |
| 1988 | $13,051,881,851 | $266,672,212 |
| 1987 | $13,945,426,859 | $220,626,484 |
| 1986 | $15,314,138,472 | $185,646,987 |
| 1985 | $17,149,088,413 | $225,726,359 |
| 1984 | $16,912,509,092 | $177,340,880 |
| 1983 | $17,152,477,037 | $213,448,585 |
| 1982 | $19,929,846,396 | $216,050,552 |
| 1981 | $21,810,759,354 | $218,767,743 |
| 1980 | $17,881,508,242 | $241,083,090 |
| 1979 | $14,175,160,902 | $207,112,628 |
| 1978 | $11,922,497,876 | $171,833,086 |
| 1977 | $11,026,342,618 | $138,093,099 |
| 1976 | $9,091,921,030 | $112,190,829 |
| 1975 | $7,731,674,472 | $115,179,719 |
| 1974 | $6,599,257,044 | $95,796,022 |
| 1973 | $3,891,754,150 | $75,187,749 |
| 1972 | $3,185,986,087 | $59,160,569 |
| 1971 | $2,754,219,271 | $55,728,663 |
| 1970 | $2,862,503,139 | $52,296,084 |
| 1969 | $3,112,165,727 | $45,168,072 |
| 1968 | $2,582,179,864 | $41,160,066 |
| 1967 | $2,553,595,172 | $46,695,007 |
| 1966 | $2,429,308,639 | $44,212,081 |
| 1965 | $2,387,047,396 | - |
| 1964 | $2,244,146,103 | - |
| 1963 | $1,824,343,871 | - |
| 1962 | $1,518,207,703 | - |
| 1961 | $1,753,850,955 | - |
| 1960 | $2,069,464,937 | - |
Data sources: World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06).
GeoRank.org/economy/ecuador/gambia | CC BY 
GDP per capita in Ecuador vs Gambia by year
| Year | Current $ | |||
|---|---|---|---|---|
|
Ecuador
|
Gambia
|
|||
| GDP per capita | GDP per capita, PPP | GDP per capita | GDP per capita, PPP | |
| 2024 | $6,875 | $15,840 | $871 | $3,476 |
| 2023 | $6,738 | $15,919 | $883 | $3,289 |
| 2022 | $6,516 | $15,198 | $836 | $3,067 |
| 2021 | $6,061 | $13,507 | $782 | $2,778 |
| 2020 | $5,464 | $11,527 | $720 | $2,531 |
| 2019 | $6,205 | $12,543 | $738 | $2,422 |
| 2018 | $6,304 | $12,187 | $696 | $2,277 |
| 2017 | $6,233 | $11,793 | $643 | $2,039 |
| 2016 | $5,918 | $10,881 | $650 | $2,013 |
| 2015 | $5,976 | $10,878 | $620 | $1,990 |
| 2014 | $6,406 | $11,836 | $568 | $1,934 |
| 2013 | $6,109 | $11,296 | $654 | $2,007 |
| 2012 | $5,634 | $10,245 | $693 | $2,065 |
| 2011 | $5,154 | $9,769 | $711 | $2,064 |
| 2010 | $4,520 | $8,969 | $801 | $2,267 |
| 2009 | $4,053 | $8,662 | $775 | $2,177 |
| 2008 | $4,195 | $8,663 | $859 | $2,088 |
| 2007 | $3,479 | $8,112 | $725 | $1,985 |
| 2006 | $3,244 | $7,885 | $615 | $1,931 |
| 2005 | $2,909 | $7,457 | $616 | $1,938 |
| 2004 | $2,586 | $6,980 | $593 | $1,979 |
| 2003 | $2,316 | $6,475 | $309 | $1,850 |
| 2002 | $2,059 | $6,282 | $377 | $1,744 |
| 2001 | $1,791 | $5,999 | $460 | $1,823 |
| 2000 | $1,382 | $5,728 | $538 | $1,731 |
| 1999 | $1,575 | $5,638 | $575 | $1,649 |
| 1998 | $2,284 | $5,940 | $610 | $1,572 |
| 1997 | $2,341 | $5,793 | $600 | $1,544 |
| 1996 | $2,136 | $5,560 | $652 | $1,489 |
| 1995 | $2,108 | $5,469 | $622 | $1,472 |
| 1994 | $1,997 | $5,339 | $608 | $1,473 |
| 1993 | $1,698 | $5,112 | $635 | $1,487 |
| 1992 | $1,655 | $4,998 | $623 | $1,462 |
| 1991 | $1,587 | $4,887 | $628 | $1,440 |
| 1990 | $1,455 | $4,632 | $301 | $1,409 |
| 1989 | $1,356 | - | $280.9 | - |
| 1988 | $1,304 | - | $274.9 | - |
| 1987 | $1,426 | - | $237 | - |
| 1986 | $1,604 | - | $207.7 | - |
| 1985 | $1,842 | - | $262.8 | - |
| 1984 | $1,864 | - | $214.8 | - |
| 1983 | $1,940 | - | $268.6 | - |
| 1982 | $2,314 | - | $282.1 | - |
| 1981 | $2,601 | - | $296 | - |
| 1980 | $2,190 | - | $338 | - |
| 1979 | $1,783 | - | $300 | - |
| 1978 | $1,541 | - | $257.6 | - |
| 1977 | $1,465 | - | $213.8 | - |
| 1976 | $1,242 | - | $179.3 | - |
| 1975 | $1,086 | - | $189.8 | - |
| 1974 | $954 | - | $162.6 | - |
| 1973 | $579 | - | $131.4 | - |
| 1972 | $488 | - | $106.5 | - |
| 1971 | $434 | - | $103.3 | - |
| 1970 | $465 | - | $99.8 | - |
| 1969 | $521 | - | $88.7 | - |
| 1968 | $445 | - | $83.1 | - |
| 1967 | $454 | - | $97 | - |
| 1966 | $445 | - | $94.4 | - |
| 1965 | $450 | - | - | - |
| 1964 | $436 | - | - | - |
| 1963 | $365 | - | - | - |
| 1962 | $312 | - | - | - |
| 1961 | $371 | - | - | - |
| 1960 | $451 | - | - | - |
Data sources: World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06).
GeoRank.org/economy/ecuador/gambia | CC BY
Ecuador's GDP per capita is $6,875, ranking 103/197, compared to $871 in the Gambia, ranking 183/197. Adjusted for purchasing power (GDP per capita PPP), Ecuador ranks 110th at $15,840, while the Gambia ranks 172nd at $3,476.
Economic indicators
|
Ecuador
|
Gambia
|
|
|---|---|---|
| Gross domestic product |
$125B
2024 |
$2.4B
2024 |
| GDP rank |
62/197
2024 |
174/197
2024 |
| GDP growth |
-2%
2023-2024 |
5.55%
2023-2024 |
| GDP per capita |
$6,875
2024 |
$871
2024 |
| GDP per capita rank |
103/197
2024 |
183/197
2024 |
| GDP per capita, PPP |
$15,840
2024 |
$3,476
2024 |
| GDP per capita PPP rank |
110/197
2024 |
172/197
2024 |
| Government debt |
$67B
2024 |
$1.92B
2024 |
| Debt-to-GDP ratio |
53.8%
2024 |
80%
2024 |
| Government debt per person |
$3,695
2024 |
$697
2024 |
| Government debt per person rank |
93/185
2024 |
155/185
2024 |
| Average annual personal income after taxes |
$5,894
2026 |
$741
2026 |
| Market capitalization of domestic companies |
$747M
2000 |
n/a |
| Income share by richest 10% |
33.4%
2024 |
30.5%
2020 |
| Income share by poorest 10% |
1.5%
2024 |
2.6%
2020 |
| Government expenditure, % of GDP |
38.1%
2024 |
25.8%
2024 |
| Consumer prices inflation |
1.55%
2023-2024 |
11.6%
2023-2024 |
| Central bank interest rate | n/a |
17%
2023 |
| Unemployment rate |
3.39%
2024 |
6.48%
2023 |
| Population |
18487749
|
2902554
|
Spending and national debt comparison by year
| Year | % of GDP | |||
|---|---|---|---|---|
|
Ecuador
|
Gambia
|
|||
| Government spending | Government debt | Government spending | Government debt | |
| 2024 | 38.1% | 53.8% | 25.8% | 80% |
| 2023 | 39.5% | 54.3% | 24.9% | 80.2% |
| 2022 | 38.9% | 57.2% | 24.6% | 83.9% |
| 2021 | 37.5% | 61.8% | 21.5% | 83.1% |
| 2020 | 40.2% | 63.6% | 25.3% | 85.9% |
| 2019 | 39.8% | 52.1% | 23.9% | 83% |
| 2018 | 40.9% | 49.5% | 19% | 83.6% |
| 2017 | 40.5% | 47.4% | 23.6% | 87% |
| 2016 | 44.1% | 46.1% | 19.4% | 80.7% |
| 2015 | 44.1% | 36.4% | 19.6% | 69.4% |
| 2014 | 45.9% | 28.2% | 19% | 71.1% |
| 2013 | 46.7% | 23.4% | 17.2% | 58.2% |
| 2012 | 43.2% | 19.3% | 19.1% | 49.5% |
| 2011 | 39.6% | 18.6% | 16.5% | 49.2% |
| 2010 | 35.4% | 18.4% | 14.6% | 42.9% |
| 2009 | 34.3% | 19.7% | 14.4% | 38.9% |
| 2008 | 35.6% | 24.9% | 11.6% | 39.5% |
| 2007 | 24.7% | 29.6% | 11.2% | 38% |
| 2006 | 21.7% | 33.1% | 14% | 87.3% |
| 2005 | 22% | 35.8% | 12.9% | 82.6% |
| 2004 | 21.3% | 40.2% | 12.4% | 81.3% |
| 2003 | 21.3% | 47.2% | 9.3% | 91.7% |
| 2002 | 22.8% | 55% | 8.59% | 93.9% |
| 2001 | 21.4% | 63.8% | 9.68% | 75.2% |
| 2000 | 24.3% | 92.2% | 9.54% | 73.3% |
| 1999 | 24.1% | 105.2% | - | - |
| 1998 | 21.5% | 70.3% | - | - |
| 1997 | 22% | 61.5% | - | - |
| 1996 | 22.7% | 69.3% | - | - |
| 1995 | 22% | 70.5% | - | - |
Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1995–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1995–2000, retrieved 2026-02-20).
GeoRank.org/economy/ecuador/gambia | CC BY
In 2024, Ecuador's government spending was $47.5B, accounting for 38.1% of its GDP, while the Gambia spent $621M, or 25.8% of GDP.
Debt-to-GDP ratio is 53.8% in Ecuador and 80% in the Gambia, ranking 98/185 and 45/185, respectively.
Government deficit by year
| Year | Deficit/surplus, % of GDP | |
|---|---|---|
|
Ecuador
|
Gambia
|
|
| 2024 | -1.28% | -4.08% |
| 2023 | -3.48% | -3.69% |
| 2022 | 0.04% | -5.72% |
| 2021 | -1.59% | -4.77% |
| 2020 | -7.38% | -2.37% |
| 2019 | -3.47% | -2.75% |
| 2018 | -2.8% | -3.92% |
| 2017 | -5.77% | -4.35% |
| 2016 | -10.3% | -6.22% |
| 2015 | -6.87% | -5.38% |
| 2014 | -8.11% | -3.94% |
| 2013 | -8.17% | -5.11% |
| 2012 | -2.83% | -2.85% |
| 2011 | -0.13% | -3.03% |
| 2010 | -1.39% | -2.93% |
| 2009 | -3.71% | -1.65% |
| 2008 | 0.57% | -0.45% |
| 2007 | 2.66% | 0.27% |
| 2006 | 2.92% | -3.19% |
| 2005 | 0.66% | -3.33% |
| 2004 | 1.94% | -1.77% |
| 2003 | 1.05% | -1.73% |
| 2002 | 0.74% | 0.06% |
| 2001 | 0.03% | -2.52% |
| 2000 | -0.32% | -0.09% |
| 1999 | -4.82% | - |
| 1998 | -5.1% | - |
| 1997 | -2.83% | - |
| 1996 | -3.44% | - |
| 1995 | -2.02% | - |
Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1995–2024, retrieved 2026-02-20).
GeoRank.org/economy/ecuador/gambia | CC BY
In 2024, Ecuador's government deficit, the difference between spending and revenue, was $1.59B, equivalent to 1.28% of GDP. This compares to the Gambia's deficit of $98.2M, or 4.08% of GDP.
Over the past 25 years, Ecuador recorded a fiscal deficit in 16 of those years, while the Gambia ran a deficit in 23 years. On average, Ecuador posted an annual deficit equal to 2.28% of GDP, compared to deficit of 3.02% of GDP for the Gambia.
Inflation comparison by year
| Year | Consumer prices inflation | |
|---|---|---|
|
Ecuador
|
Gambia
|
|
| 2024 | 1.55% | 11.6% |
| 2023 | 2.22% | 17% |
| 2022 | 3.47% | 11.5% |
| 2021 | 0.13% | 7.37% |
| 2020 | -0.34% | 5.93% |
| 2019 | 0.27% | 7.12% |
| 2018 | -0.22% | 6.52% |
| 2017 | 0.42% | 8.03% |
| 2016 | 1.73% | 7.23% |
| 2015 | 3.97% | 6.81% |
| 2014 | 3.59% | 5.95% |
| 2013 | 2.72% | 5.7% |
| 2012 | 5.1% | 4.25% |
| 2011 | 4.47% | 4.8% |
| 2010 | 3.55% | 5.05% |
| 2009 | 5.16% | 4.56% |
| 2008 | 8.4% | 4.44% |
| 2007 | 2.28% | 5.37% |
| 2006 | 3.3% | 2.06% |
| 2005 | 2.17% | 4.84% |
| 2004 | 2.74% | 14.2% |
| 2003 | 7.93% | 17% |
| 2002 | 12.5% | 8.61% |
| 2001 | 37.7% | 4.49% |
| 2000 | 96.1% | 0.84% |
| 1999 | 52.2% | 3.81% |
| 1998 | 36.1% | 1.11% |
| 1997 | 30.7% | 2.78% |
Data sources: World Bank | Economy & Growth (1997–2024, retrieved 2026-04-06).
GeoRank.org/economy/ecuador/gambia | CC BY
Over the past 28 years, Ecuador has recorded an average annual inflation rate of 11.8%, compared with 6.75% in the Gambia. In 2024, inflation was 1.55% in Ecuador and 11.6% in the Gambia.
Top exports between countries
Balance of trade
|
Ecuador
|
Gambia
|
|
|---|---|---|
|
Current account balance
|
$7.06B
2024 |
-$99.8M
2024 |
| Current account balance ranking |
27/190
2024 |
88/190
2024 |
| Current account balance, % of GDP |
+5.66%
2024 |
-4.15%
2024 |
| Goods imports |
$27.9B
2024 |
$1.39B
2024 |
| Goods exports |
$34.7B
2024 |
$363M
2024 |
| Service imports |
$6.18B
2024 |
$161M
2024 |
| Service exports |
$3.86B
2024 |
$485M
2024 |
| Imports of goods and services, % of GDP |
26.9%
2024 |
33.4%
2024 |
| Exports of goods and services, % of GDP |
30.3%
2024 |
8.75%
2024 |
Economic freedom indices
The indices of economic freedom below are issued by the Heritage Foundation. Higher scores indicate stronger economic health.
|
Ecuador
|
Gambia
|
|
|---|---|---|
| Economic freedom | 55.6 | 56.3 |
| Economic freedom ranking | 127/197 | 123/197 |
| Property rights | 33.2 | 55.4 |
| Government integrity | 33 | 40.5 |
| Judicial effectiveness | 48.1 | 45.8 |
| Tax burden | 74.2 | 79.2 |
| Government spending | 54.9 | 81.1 |
| Fiscal health | 90.3 | 54.8 |
| Business freedom | 64.3 | 50.1 |
| Labor freedom | 56.9 | 46.4 |
| Monetary freedom | 76.3 | 57.3 |
| Trade freedom | 66.4 | 64.8 |
| Investment freedom | 30 | 50 |
| Financial freedom | 40 | 50 |
Economic freedom comparison by year
| Year | Economic freedom index | |
|---|---|---|
|
Ecuador
|
Gambia
|
|
| 2026 | 55.6 | 56.3 |
| 2025 | 55.8 | 56.8 |
| 2024 | 55 | 58.2 |
| 2023 | 55 | 57.9 |
| 2022 | 54.3 | 58 |
| 2021 | 52.4 | 58.8 |
| 2020 | 51.3 | 56.3 |
| 2019 | 46.9 | 52.4 |
| 2018 | 48.5 | 52.3 |
| 2017 | 49.3 | 53.4 |
| 2016 | 48.6 | 57.1 |
| 2015 | 49.2 | 57.5 |
| 2014 | 48 | 59.5 |
| 2013 | 46.9 | 58.8 |
| 2012 | 48.3 | 58.8 |
| 2011 | 47.1 | 57.4 |
| 2010 | 49.3 | 55.1 |
| 2009 | 52.5 | 55.8 |
| 2008 | 55.2 | 56.9 |
| 2007 | 55.3 | 57.7 |
| 2006 | 54.6 | 57.3 |
| 2005 | 52.9 | 56.5 |
| 2004 | 54.4 | 55.3 |
| 2003 | 54.1 | 56.3 |
| 2002 | 53.1 | 57.7 |
| 2001 | 55.1 | 56.6 |
| 2000 | 59.8 | 52.7 |
| 1999 | 62.9 | 52.1 |
| 1998 | 62.8 | 53.4 |
| 1997 | 61 | 52.9 |
| 1996 | 60.1 | - |
| 1995 | 57.7 | - |
Data sources: The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09).
GeoRank.org/economy/ecuador/gambia | CC BY
The Economic Freedom Index for Ecuador is 55.6, ranking 127/197, compared to 56.3 for the Gambia, ranking 123/197. The chart above displays a comparison of annual changes in economic freedom indexes.
Other economic metrics
|
Ecuador
|
Gambia
|
|
|---|---|---|
| Services, % of GDP |
57.2%
2024 |
56.8%
2024 |
| Industry, % of GDP |
26.5%
2024 |
15.3%
2024 |
| Agriculture, forestry, and fishing, % of GDP |
9.48%
2024 |
20.4%
2024 |
|
GNI, Atlas method
|
$117B
2024 |
$2.43B
2024 |
| GNI per capita, PPP |
$15,410
2024 |
$3,430
2024 |
| Total reserves including gold |
$6.91B
2024 |
$629M
2024 |
| Total reserves ranking |
87/177
2024 |
151/177
2024 |
|
Net foreign direct investment
|
-$438M
2024 |
-$232M
2024 |
|
Net inflows of foreign direct investment
|
$443M
2024 |
$232M
2024 |
|
Net outflows of foreign direct investment
|
$0
2024 |
-$665K
2024 |
|
Servicing debt to the IMF, % of GNI
|
7%
2024 |
3.25%
2024 |
| Poverty at national poverty lines |
28%
2024 |
53.4%
2020 |
|
Gross capital formation, % of GDP
|
18.5%
2024 |
29.9%
2024 |
GDP per capita map
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/ecuador/gambia | CC BY
Compare countries by 7 more topics
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Data sources:
- World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06)
- International Monetary Fund (IMF) | Fiscal Monitor (1995–2024, retrieved 2026-02-20)
- The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09)
- U.S. Census Bureau (1985–2024, retrieved 2026-02-08)
- International Monetary Fund (IMF) | Public Finances in Modern History (1995–2000, retrieved 2026-02-20)
- TradeMap (2020–2021, retrieved 2026-02-08)
- United Nations | World Population Prospects (2026, retrieved 2026-03-10)
- LivingCost (2026, retrieved 2025-10-14)
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.
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.