Skip to content

Economy of France vs Mauritania compared: GDP & Debt

Updated on by Georank team

France has a GDP of $3.16T compared to $10.9B for Mauritania, ranking 7/197 and 153/197 by economy size, respectively.

France has $3.58T in government debt (113.1% of GDP), compared to $4.67B (42.8% of GDP) in Mauritania.

France vs Mauritania GDP by year

France
Mauritania
1x
Year GDP, current $
France Mauritania
2024 $3,160,442,622,465 $10,908,045,687
2023 $3,056,250,648,138 $10,726,838,461
2022 $2,794,788,137,067 $9,557,966,698
2021 $2,966,433,692,008 $9,222,536,364
2020 $2,647,926,055,110 $8,260,752,385
2019 $2,722,793,515,172 $7,894,764,886
2018 $2,781,576,320,884 $7,473,550,557
2017 $2,588,868,323,335 $6,800,135,898
2016 $2,470,407,619,777 $6,398,747,592
2015 $2,442,483,452,643 $6,166,863,897
2014 $2,861,236,112,552 $6,592,537,782
2013 $2,816,077,607,875 $7,223,071,097
2012 $2,683,007,095,787 $6,728,208,836
2011 $2,870,408,553,990 $6,764,627,746
2010 $2,646,230,027,988 $5,628,878,798
2009 $2,700,075,882,519 $4,714,595,548
2008 $2,926,802,941,586 $5,206,437,194
2007 $2,655,816,911,867 $4,346,212,355
2006 $2,317,861,544,691 $3,919,577,286
2005 $2,192,146,403,028 $2,936,019,526
2004 $2,109,792,297,237 $2,362,501,023
2003 $1,835,095,983,049 $2,051,147,607
2002 $1,492,427,756,382 $1,777,057,481
2001 $1,370,376,677,299 $1,746,063,558
2000 $1,360,959,069,477 $1,779,520,886
1999 $1,486,915,879,702 $1,985,922,776
1998 $1,496,906,382,032 $2,032,347,665
1997 $1,449,392,222,971 $2,071,996,564
1996 $1,598,889,216,566 $2,132,087,009
1995 $1,595,219,345,512 $2,091,726,101
1994 $1,385,822,778,828 $1,944,876,755
1993 $1,314,383,368,080 $1,847,353,211
1992 $1,389,663,073,110 $2,164,298,425
1991 $1,258,961,748,634 $2,133,692,697
1990 $1,257,649,439,827 $1,506,914,408
1989 $1,016,742,237,302 $1,450,647,019
1988 $1,010,827,662,152 $1,414,951,290
1987 $926,320,855,615 $1,344,664,725
1986 $764,946,585,851 $1,186,628,778
1985 $547,220,981,165 $1,009,723,326
1984 $525,033,325,828 $1,074,373,230
1983 $553,356,312,936 $1,165,171,263
1982 $578,152,310,610 $1,108,776,653
1981 $609,184,791,792 $1,105,494,682
1980 $694,529,183,483 $1,047,925,106
1979 $608,218,624,730 $951,900,945
1978 $501,724,418,605 $804,629,877
1977 $406,401,711,688 $799,030,017
1976 $368,363,152,144 $775,045,517
1975 $357,324,307,786 $703,377,837
1974 $282,739,225,314 $613,010,553
1973 $261,970,536,240 $493,237,876
1972 $201,738,881,664 $391,669,449
1971 $164,694,210,962 $335,568,907
1970 $147,312,861,698 $309,405,316
1969 $140,660,914,841 $295,062,308
1968 $128,710,572,572 $311,395,937
1967 $118,088,635,381 $282,615,310
1966 $109,306,730,313 $266,533,605
1965 $100,927,668,584 $255,340,475
1964 $93,424,179,943 $224,495,744
1963 $84,227,606,650 $168,186,297
1962 $75,196,980,365 $164,271,558
1961 $67,158,050,215 $159,213,430
1960 $61,959,085,885 -

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

GeoRank.org/economy/france/mauritania | CC BY

GDP per capita in France vs Mauritania by year

France
GDP per capita

GDP per capita, PPP
Mauritania
GDP per capita

GDP per capita, PPP
1x
Year Current $
France Mauritania
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $46,103 $62,557 $2,110 $7,369
2023 $44,700 $60,839 $2,136 $6,966
2022 $40,989 $57,043 $1,960 $6,485
2021 $43,725 $52,517 $1,948 $5,837
2020 $39,170 $49,482 $1,796 $5,741
2019 $40,408 $51,130 $1,767 $5,610
2018 $41,418 $46,381 $1,723 $5,429
2017 $38,687 $44,469 $1,615 $5,353
2016 $37,024 $42,880 $1,566 $4,683
2015 $36,702 $40,905 $1,555 $3,978
2014 $43,148 $40,218 $1,713 $3,865
2013 $42,669 $39,583 $1,934 $3,831
2012 $40,864 $37,671 $1,859 $3,465
2011 $43,930 $37,510 $1,931 $3,271
2010 $40,695 $35,908 $1,660 $3,178
2009 $41,728 $34,685 $1,435 $3,159
2008 $45,465 $35,053 $1,636 $3,236
2007 $41,486 $34,066 $1,405 $3,278
2006 $36,432 $32,424 $1,301 $3,342
2005 $34,696 $30,431 $999 $2,809
2004 $33,645 $28,921 $824 $2,570
2003 $29,480 $28,024 $732 $2,447
2002 $24,145 $28,350 $649 $2,296
2001 $22,332 $27,347 $652 $2,280
2000 $22,341 $26,007 $681 $2,304
1999 $24,576 $24,204 $781 $2,411
1998 $24,869 $23,263 $821 $2,355
1997 $24,169 $22,190 $859 $2,325
1996 $26,758 $21,268 $904 $2,436
1995 $26,792 $20,701 $905 $2,306
1994 $23,360 $19,892 $865 $2,114
1993 $22,239 $19,094 $850 $2,209
1992 $23,615 $18,801 $1,036 $2,122
1991 $21,501 $18,198 $1,062 $2,116
1990 $21,586 $17,475 $772 $2,070
1989 $17,547 - $762 -
1988 $17,550 - $762 -
1987 $16,176 - $746 -
1986 $13,430 - $677 -
1985 $9,657 - $593 -
1984 $9,312 - $650 -
1983 $9,862 - $725 -
1982 $10,360 - $710 -
1981 $10,956 - $729 -
1980 $12,565 - $711 -
1979 $11,063 - $664 -
1978 $9,167 - $578 -
1977 $7,459 - $590 -
1976 $6,792 - $589 -
1975 $6,617 - $551 -
1974 $5,261 - $494 -
1973 $4,907 - $410 -
1972 $3,809 - $335 -
1971 $3,137 - $296 -
1970 $2,833 - $281.3 -
1969 $2,729 - $276.6 -
1968 $2,518 - $301 -
1967 $2,328 - $281.5 -
1966 $2,173 - $273.6 -
1965 $2,024 - $270 -
1964 $1,891 - $244.3 -
1963 $1,723 - $188.2 -
1962 $1,554 - $189 -
1961 $1,402 - $188.2 -
1960 $1,307 - - -

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

GeoRank.org/economy/france/mauritania | CC BY

France's GDP per capita is $46,103, ranking 27/197, compared to $2,110 in Mauritania, ranking 156/197. Adjusted for purchasing power (GDP per capita PPP), France ranks 30th at $62,557, while Mauritania ranks 147th at $7,369.

Economic indicators

France Mauritania
Gross domestic product
$3.16T
2024
$10.9B
2024
GDP rank
7/197
2024
153/197
2024
GDP growth
1.19%
2023-2024
6.31%
2023-2024
GDP per capita
$46,103
2024
$2,110
2024
GDP per capita rank
27/197
2024
156/197
2024
GDP per capita, PPP
$62,557
2024
$7,369
2024
GDP per capita PPP rank
30/197
2024
147/197
2024
Government debt
$3.58T
2024
$4.67B
2024
Debt-to-GDP ratio
113.1%
2024
42.8%
2024
Government debt per person
$52,165
2024
$904
2024
Government debt per person rank
8/185
2024
145/185
2024
Average annual personal income after taxes
$35,669
2026
$2,078
2026
Market capitalization of domestic companies
$2.37T
2018
n/a
Number of millionaires
2,897,000
2025
n/a
Number of billionaires
52
2025
n/a
Income share by richest 10%
25%
2023
24.6%
2019
Income share by poorest 10%
3%
2023
3.1%
2019
Government expenditure, % of GDP
57.2%
2024
23.6%
2024
Consumer prices inflation
2%
2023-2024
2.49%
2023-2024
Unemployment rate
7.44%
2024
10.4%
2019
Population
68788006
5505206

Spending and national debt comparison by year

France
Spending

Debt
Mauritania
Spending

Debt
1x
Year % of GDP
France Mauritania
Government spending Government debt Government spending Government debt
2024 57.2% 113.1% 23.6% 42.8%
2023 56.8% 109.6% 24.8% 47.1%
2022 58.4% 111.4% 28.7% 50.5%
2021 59.5% 112.8% 20.8% 54.5%
2020 61.7% 114.9% 18.5% 56.5%
2019 55.3% 98.1% 17.8% 57.7%
2018 56.4% 98.5% 19% 59.2%
2017 57.7% 98.7% 20.3% 55.7%
2016 57.4% 98.1% 20.8% 57.6%
2015 57.6% 96.9% 25.7% 59.9%
2014 58.4% 96.1% 23.9% 49.5%
2013 58.6% 94.5% 20.1% 40.7%
2012 57.9% 91.7% 21.5% 39.3%
2011 57% 88.7% 17% 38.8%
2010 57.7% 86.3% 17.3% 43.9%
2009 58% 84.1% 19.6% 54.3%
2008 54.3% 69.8% 19.8% 57.2%
2007 53.6% 65.5% 19.7% 61.5%
2006 53.7% 65.4% 19% 38%
2005 54.3% 68.2% 21.3% 71.1%
2004 54% 66.9% 23.9% 22%
2003 54.4% 65.4% - 22.9%
2002 53.9% 61.3% - 59.5%
2001 52.8% 59.3% - 63.5%
2000 52.6% 59.7% - 55.5%
1999 53.7% 61.4% - -
1998 54% 62.1% - -
1997 55.6% 62% - -
1996 56% 60.6% - -
1995 56% 57.8% - -
1994 55.9% 51.6% - -
1993 56.5% 48.2% - -
1992 54% 41.7% - -
1991 52.7% 37.8% - -
1990 51.6% 36.8% - -
1989 48.9% 34% - -
1988 50.1% 33.3% - -
1987 50.7% 33.4% - -
1986 51.3% 31.1% - -
1985 51.9% 30.6% - -
1984 51.2% 29% - -
1983 50.2% 26.6% - -
1982 49.9% 25.3% - -
1981 48.5% 22% - -
1980 46% 20.7% - -
1979 44.9% 21.1% - -
1978 44.7% 21.2% - -
1977 21.4% 15% - -
1976 21.7% 15.1% - -
1975 22% 16.1% - -
1974 19.9% 15.4% - -
1973 19.7% 15.8% - -
1972 19.8% 17.7% - -
1971 20% 20.1% - -
1970 20.5% 21% - -
1969 21.5% 14.4% - -
1968 22.7% 15.8% - -
1967 21.4% 16.1% - -
1966 21.4% 15.3% - -
1965 21.1% 17.6% - -
1964 21% 19.6% - -
1963 22.6% 22.2% - -
1962 21.7% 23.6% - -
1961 21.9% 26.3% - -
1960 22.2% 28.5% - -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1960–1989, retrieved 2026-02-20).

GeoRank.org/economy/france/mauritania | CC BY

In 2024, France's government spending was $1.81T, accounting for 57.2% of its GDP, while Mauritania spent $2.57B, or 23.6% of GDP.

Debt-to-GDP ratio is 113.1% in France and 42.8% in Mauritania, ranking 14/185 and 126/185, respectively.

Government deficit by year

Deficit/surplus
France

Mauritania
1x
Year Deficit/surplus, % of GDP
France Mauritania
2024 -5.77% -1.35%
2023 -5.44% -2.45%
2022 -4.74% -3.09%
2021 -6.58% 2.6%
2020 -8.93% 2.78%
2019 -2.39% 2.65%
2018 -2.32% 3.23%
2017 -3.36% 0.53%
2016 -3.76% 0.13%
2015 -3.89% -2.44%
2014 -4.57% -2.64%
2013 -4.94% -0.66%
2012 -5.17% 1.67%
2011 -5.3% 0.07%
2010 -7.16% -0.45%
2009 -7.38% -3.59%
2008 -3.5% -3.32%
2007 -2.99% -1.38%
2006 -2.66% 2.05%
2005 -3.5% -3.16%
2004 -3.55% -3.06%
2003 -4.09% -
2002 -3.18% -
2001 -1.42% -
2000 -1.32% -
1999 -1.55% -
1998 -2.39% -
1997 -3.71% -
1996 -3.89% -
1995 -5.11% -
1994 -5.46% -
1993 -6.4% -
1992 -4.64% -
1991 -2.89% -
1990 -2.45% -
1989 -1.9% -
1988 -2.7% -
1987 -2.13% -
1986 -3.3% -
1985 -3.08% -
1984 -2.8% -
1983 -2.58% -
1982 -2.91% -
1981 -2.39% -
1980 -0.27% -
1979 -0.36% -
1978 -1.73% -
1977 0.9% -
1976 1.01% -
1975 -0.28% -
1974 3.05% -
1973 1.97% -
1972 1.94% -
1971 -0.13% -
1970 0.02% -
1969 -0.49% -
1968 -2.54% -
1967 -0.8% -
1966 -0.57% -
1965 -0.07% -
1964 -0.25% -
1963 -2.24% -
1962 -1.53% -
1961 -1.36% -
1960 -1.95% -
1959 0.56% -
1958 0.08% -
1957 -1.99% -
1956 -2.62% -
1955 -1.04% -
1954 -0.78% -
1953 -4.79% -
1952 -6.82% -
1951 -4.42% -
1950 -5.56% -
1949 -7.31% -
1948 -9.11% -
1947 -7.6% -
1946 -8.1% -
1945 - -
1944 - -
1943 - -
1942 - -
1941 - -
1940 - -
1939 - -
1938 - -
1937 -6.89% -
1936 -4.76% -
1935 -4.22% -
1934 -4.31% -
1933 -4.96% -
1932 -1.86% -
1931 -2.06% -
1930 -1.65% -
1929 1.48% -
1928 1.13% -
1927 -0.04% -
1926 -0.02% -
1925 -0.87% -
1924 - -
1923 - -
1922 - -
1921 - -
1920 - -
1919 - -
1918 - -
1917 - -
1916 - -
1915 - -
1914 - -
1913 0.05% -
1912 0.23% -
1911 0.31% -
1910 -0.12% -
1909 -0.11% -
1908 -0.15% -
1907 0.23% -
1906 -0.04% -
1905 0.18% -
1904 0.3% -
1903 0.21% -
1902 -0.37% -
1901 -0.39% -
1900 0.21% -
1899 0.21% -
1898 0.29% -
1897 0.01% -
1896 -0.03% -
1895 -0.07% -
1894 -0.08% -
1893 -0.3% -
1892 -0.03% -
1891 0.36% -
1890 0.31% -
1889 0.09% -
1888 0.18% -
1887 -0.07% -
1886 -0.5% -
1885 -0.59% -
1884 -0.35% -
1883 -0.23% -
1882 -0.15% -
1881 0.64% -
1880 0.65% -

Data sources: International Monetary Fund (IMF) | Public Finances in Modern History (1880–1989, retrieved 2026-02-20); International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20).

GeoRank.org/economy/france/mauritania | CC BY

In 2024, France's government deficit, the difference between spending and revenue, was $182B, equivalent to 5.77% of GDP. This compares to Mauritania's deficit of $148M, or 1.35% of GDP.

Over the past 21 years, France recorded a fiscal deficit in 21 of those years, while Mauritania ran a deficit in 12 years. On average, France posted an annual deficit equal to 4.66% of GDP, compared to deficit of 0.57% of GDP for Mauritania.

Inflation comparison by year

Inflation
France

Mauritania
1x
Year Consumer prices inflation
France Mauritania
2024 2% 2.49%
2023 4.88% 4.95%
2022 5.22% 9.53%
2021 1.64% 3.57%
2020 0.48% 2.39%
2019 1.11% 2.3%
2018 1.85% 3.07%
2017 1.03% 2.25%
2016 0.18% 1.47%
2015 0.04% 3.25%
2014 0.51% 3.53%
2013 0.86% 4.13%
2012 1.95% 4.9%
2011 2.11% 5.69%
2010 1.53% 6.28%
2009 0.09% 2.22%
2008 2.81% 7.35%
2007 1.49% 7.25%
2006 1.68% 6.24%
2005 1.75% 12.1%
2004 2.14% 10.4%
2003 2.1% 5.15%
2002 1.92% 3.9%
2001 1.63% 4.71%
2000 1.68% 3.25%
1999 0.54% 4.07%
1998 0.65% 8.03%
1997 1.2% 4.63%

Data sources: World Bank | Economy & Growth (1997–2024, retrieved 2026-04-06).

GeoRank.org/economy/france/mauritania | CC BY

Over the past 28 years, France has recorded an average annual inflation rate of 1.61%, compared with 4.97% in Mauritania. In 2024, inflation was 2% in France and 2.49% in Mauritania.

Top exports between countries

France
Export category Export value
Raw agricultural goods $81.2M
Machinery & equipment $78.4M
Chemicals & pharma $53.3M
Processed food, beverages & tobacco $38.7M
Raw materials & minerals $14.5M
Metals $13M
Animal & marine products $9.47M
Textiles & consumer goods $7.69M
Miscellaneous $2.58M
Wood & paper products $1.56M
Mauritania
Export category Export value
Raw materials & minerals $35.6M
Processed food, beverages & tobacco $5.71M
Raw agricultural goods $5.22M
Chemicals & pharma $625K
Animal & marine products $347K
Machinery & equipment $61K
Metals $36K
Textiles & consumer goods $35K
Wood & paper products $11K
Precious metals & jewellery $1K

Balance of trade

France Mauritania
Current account balance
$2.69B
2024
-$1.04B
2024
Current account balance ranking
42/190
2024
124/190
2024
Current account balance, % of GDP
+0.09%
2024
-9.53%
2024
Goods imports
$733B
2024
$4.32B
2024
Goods exports
$668B
2024
$3.83B
2024
Service imports
$341B
2024
$1.05B
2024
Service exports
$403B
2024
$230M
2024
Imports of goods and services, % of GDP
34.2%
2024
52.2%
2024
Exports of goods and services, % of GDP
33.9%
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.

France Mauritania
Economic freedom 64.6 53.9
Economic freedom ranking 72/197 136/197
Property rights 91.2 32.6
Government integrity 73.4 24.5
Judicial effectiveness 84.7 26.4
Tax burden 54.6 75.5
Government spending 0.9 80.2
Fiscal health 34.8 87.9
Business freedom 78.4 38.7
Labor freedom 59.1 53.6
Monetary freedom 73.2 77.8
Trade freedom 79.4 59.6
Investment freedom 75 50
Financial freedom 70 40

Economic freedom comparison by year

France
Mauritania
1x
Year Economic freedom index
France Mauritania
2026 64.6 53.9
2025 64.4 54.9
2024 62.5 55.3
2023 63.6 55.3
2022 65.9 55.3
2021 65.7 56.1
2020 66 55.3
2019 63.8 55.7
2018 63.9 54
2017 63.3 54.4
2016 62.3 54.8
2015 62.5 53.3
2014 63.5 53.2
2013 64.1 52.3
2012 63.2 53
2011 64.6 52.1
2010 64.2 52
2009 63.3 53.9
2008 64.7 55.2
2007 62.1 53.6
2006 61.1 55.7
2005 60.5 59.4
2004 60.9 61.8
2003 59.2 59
2002 58 52.5
2001 58 48.5
2000 57.4 46
1999 59.1 42.8
1998 58.9 43.7
1997 59.1 47
1996 63.7 45.5
1995 64.4 -

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

GeoRank.org/economy/france/mauritania | CC BY

The Economic Freedom Index for France is 64.6, ranking 72/197, compared to 53.9 for Mauritania, ranking 136/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

France Mauritania
Services, % of GDP
70.9%
2024
42.4%
2024
Industry, % of GDP
17.2%
2024
30.5%
2024
Agriculture, forestry, and fishing, % of GDP
1.3%
2024
19.3%
2024
GNI, Atlas method
$3.1T
2024
$11B
2024
GNI per capita, PPP
$63,880
2024
$7,300
2024
Total reserves including gold
$283B
2024
$2.04B
2021
Total reserves ranking
13/177
2024
126/177
2021
Net foreign direct investment
-$10.3B
2024
-$1.44B
2024
Net inflows of foreign direct investment
$52.1B
2024
$1.44B
2024
Net outflows of foreign direct investment
$41.7B
2024
$3.9M
2024
Servicing debt to the IMF, % of GNI n/a
3.82%
2024
Poverty at national poverty lines
15.6%
2021
31.8%
2019
Gross capital formation, % of GDP
21.5%
2024
43.1%
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/france/mauritania | 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 (1960–2024, retrieved 2026-04-06)
  2. International Monetary Fund (IMF) | Public Finances in Modern History (1880–1989, retrieved 2026-02-20)
  3. International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, 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)

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.