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Economy of France vs Saint Vincent compared: GDP & Debt

Updated on by Georank team

France has a GDP of $3.16T compared to $1.16B for Saint Vincent, ranking 7/197 and 186/197 by economy size, respectively.

France has $3.58T in government debt (113.1% of GDP), compared to $1.07B (92.7% of GDP) in Saint Vincent.

France vs Saint Vincent GDP by year

France
Saint Vincent
1x
Year GDP, current $
France Saint Vincent
2024 $3,160,442,622,465 $1,157,207,407
2023 $3,056,250,648,138 $1,072,237,037
2022 $2,794,788,137,067 $989,188,889
2021 $2,966,433,692,008 $888,677,778
2020 $2,647,926,055,110 $864,566,667
2019 $2,722,793,515,172 $910,481,481
2018 $2,781,576,320,884 $884,329,630
2017 $2,588,868,323,335 $844,040,741
2016 $2,470,407,619,777 $814,303,704
2015 $2,442,483,452,643 $786,555,556
2014 $2,861,236,112,552 $770,900,000
2013 $2,816,077,607,875 $764,781,259
2012 $2,683,007,095,787 $730,032,593
2011 $2,870,408,553,990 $713,796,370
2010 $2,646,230,027,988 $720,447,889
2009 $2,700,075,882,519 $714,300,259
2008 $2,926,802,941,586 $732,663,259
2007 $2,655,816,911,867 $713,596,667
2006 $2,317,861,544,691 $643,501,148
2005 $2,192,146,403,028 $579,948,926
2004 $2,109,792,297,237 $549,900,185
2003 $1,835,095,983,049 $509,090,889
2002 $1,492,427,756,382 $487,763,852
2001 $1,370,376,677,299 $462,072,333
2000 $1,360,959,069,477 $427,946,037
1999 $1,486,915,879,702 $390,718,519
1998 $1,496,906,382,032 $373,618,519
1997 $1,449,392,222,971 $347,770,370
1996 $1,598,889,216,566 $331,488,889
1995 $1,595,219,345,512 $316,007,407
1994 $1,385,822,778,828 $289,437,037
1993 $1,314,383,368,080 $286,307,407
1992 $1,389,663,073,110 $277,955,556
1991 $1,258,961,748,634 $254,829,630
1990 $1,257,649,439,827 $240,366,667
1989 $1,016,742,237,302 $214,745,002
1988 $1,010,827,662,152 $200,726,713
1987 $926,320,855,615 $175,580,647
1986 $764,946,585,851 $160,846,657
1985 $547,220,981,165 $145,641,705
1984 $525,033,325,828 $135,024,988
1983 $553,356,312,936 $122,255,350
1982 $578,152,310,610 $113,759,203
1981 $609,184,791,792 $102,086,539
1980 $694,529,183,483 $82,340,340
1979 $608,218,624,730 $71,096,360
1978 $501,724,418,605 $60,844,771
1977 $406,401,711,688 $49,353,162
1976 $368,363,152,144 $32,792,845
1975 $357,324,307,786 $33,237,226
1974 $282,739,225,314 $32,923,703
1973 $261,970,536,240 $30,165,081
1972 $201,738,881,664 $27,585,805
1971 $164,694,210,962 $20,051,922
1970 $147,312,861,698 $18,450,000
1969 $140,660,914,841 $16,650,000
1968 $128,710,572,572 $15,350,000
1967 $118,088,635,381 $15,835,106
1966 $109,306,730,313 $16,099,960
1965 $100,927,668,584 $15,108,296
1964 $93,424,179,943 $14,758,296
1963 $84,227,606,650 $13,708,299
1962 $75,196,980,365 $14,524,964
1961 $67,158,050,215 $13,999,965
1960 $61,959,085,885 $13,066,634

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

GeoRank.org/economy/france/saint-vincent | CC BY

GDP per capita in France vs Saint Vincent by year

France
GDP per capita

GDP per capita, PPP
Saint Vincent
GDP per capita

GDP per capita, PPP
1x
Year Current $
France Saint Vincent
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $46,103 $62,557 $11,501 $21,272
2023 $44,700 $60,839 $10,582 $19,820
2022 $40,989 $57,043 $9,694 $18,035
2021 $43,725 $52,517 $8,641 $16,201
2020 $39,170 $49,482 $8,351 $15,337
2019 $40,408 $51,130 $8,741 $15,340
2018 $41,418 $46,381 $8,428 $14,690
2017 $38,687 $44,469 $7,988 $13,575
2016 $37,024 $42,880 $7,657 $13,493
2015 $36,702 $40,905 $7,354 $12,379
2014 $43,148 $40,218 $7,169 $12,136
2013 $42,669 $39,583 $7,072 $11,625
2012 $40,864 $37,671 $6,714 $10,989
2011 $43,930 $37,510 $6,528 $10,774
2010 $40,695 $35,908 $6,552 $10,561
2009 $41,728 $34,685 $6,464 $10,869
2008 $45,465 $35,053 $6,599 $10,902
2007 $41,486 $34,066 $6,398 $10,604
2006 $36,432 $32,424 $5,745 $9,949
2005 $34,696 $30,431 $5,157 $8,986
2004 $33,645 $28,921 $4,873 $8,472
2003 $29,480 $28,024 $4,500 $7,903
2002 $24,145 $28,350 $4,303 $7,250
2001 $22,332 $27,347 $4,071 $6,768
2000 $22,341 $26,007 $3,769 $6,503
1999 $24,576 $24,204 $3,447 $6,266
1998 $24,869 $23,263 $3,301 $6,026
1997 $24,169 $22,190 $3,074 $5,726
1996 $26,758 $21,268 $2,930 $5,440
1995 $26,792 $20,701 $2,795 $5,277
1994 $23,360 $19,892 $2,563 $4,802
1993 $22,239 $19,094 $2,540 $4,769
1992 $23,615 $18,801 $2,471 $4,477
1991 $21,501 $18,198 $2,271 $4,126
1990 $21,586 $17,475 $2,150 $3,960
1989 $17,547 - $1,930 -
1988 $17,550 - $1,814 -
1987 $16,176 - $1,596 -
1986 $13,430 - $1,472 -
1985 $9,657 - $1,342 -
1984 $9,312 - $1,254 -
1983 $9,862 - $1,144 -
1982 $10,360 - $1,074 -
1981 $10,956 - $972 -
1980 $12,565 - $790 -
1979 $11,063 - $687 -
1978 $9,167 - $592 -
1977 $7,459 - $484 -
1976 $6,792 - $324 -
1975 $6,617 - $331 -
1974 $5,261 - $331 -
1973 $4,907 - $306 -
1972 $3,809 - $282.1 -
1971 $3,137 - $207 -
1970 $2,833 - $192.3 -
1969 $2,729 - $175.2 -
1968 $2,518 - $163.1 -
1967 $2,328 - $170 -
1966 $2,173 - $174.9 -
1965 $2,024 - $166.2 -
1964 $1,891 - $164.4 -
1963 $1,723 - $154.9 -
1962 $1,554 - $166.5 -
1961 $1,402 - $163 -
1960 $1,307 - $154.8 -

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

GeoRank.org/economy/france/saint-vincent | CC BY

France's GDP per capita is $46,103, ranking 27/197, compared to $11,501 in Saint Vincent, ranking 81/197. Adjusted for purchasing power (GDP per capita PPP), France ranks 30th at $62,557, while Saint Vincent ranks 92nd at $21,272.

Economic indicators

France Saint Vincent
Gross domestic product
$3.16T
2024
$1.16B
2024
GDP rank
7/197
2024
186/197
2024
GDP growth
1.19%
2023-2024
4.06%
2023-2024
GDP per capita
$46,103
2024
$11,501
2024
GDP per capita rank
27/197
2024
81/197
2024
GDP per capita, PPP
$62,557
2024
$21,272
2024
GDP per capita PPP rank
30/197
2024
92/197
2024
Government debt
$3.58T
2024
$1.07B
2024
Debt-to-GDP ratio
113.1%
2024
92.7%
2024
Government debt per person
$52,165
2024
$10,659
2024
Government debt per person rank
8/185
2024
56/185
2024
Average annual personal income after taxes
$35,669
2026
$12,573
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
n/a
Income share by poorest 10%
3%
2023
n/a
Government expenditure, % of GDP
57.2%
2024
39.1%
2024
Consumer prices inflation
2%
2023-2024
3.63%
2023-2024
Unemployment rate
7.44%
2024
18.8%
2008
Population
68788006
99237

Spending and national debt comparison by year

France
Spending

Debt
Saint Vincent
Spending

Debt
1x
Year % of GDP
France Saint Vincent
Government spending Government debt Government spending Government debt
2024 57.2% 113.1% 39.1% 92.7%
2023 56.8% 109.6% 38.9% 89.4%
2022 58.4% 111.4% 36.6% 86.3%
2021 59.5% 112.8% 37.2% 88.4%
2020 61.7% 114.9% 32.9% 80.2%
2019 55.3% 98.1% 29.2% 68.2%
2018 56.4% 98.5% 26.3% 69.4%
2017 57.7% 98.7% 26.6% 69%
2016 57.4% 98.1% 27.1% 79.4%
2015 57.6% 96.9% 27.6% 75.1%
2014 58.4% 96.1% 30.4% 75%
2013 58.6% 94.5% 29.4% 69.9%
2012 57.9% 91.7% 26.5% 68.1%
2011 57% 88.7% 29.4% 64%
2010 57.7% 86.3% 31.1% 61.1%
2009 58% 84.1% 31% 57.2%
2008 54.3% 69.8% 28.4% 50.3%
2007 53.6% 65.5% 27.1% 48.5%
2006 53.7% 65.4% 26.1% 44.7%
2005 54.3% 68.2% 26.7% 50.5%
2004 54% 66.9% 24.9% 58.6%
2003 54.4% 65.4% 26% 55.3%
2002 53.9% 61.3% 25.7% 53.2%
2001 52.8% 59.3% 24.4% 52%
2000 52.6% 59.7% 23.8% 54.3%
1999 53.7% 61.4% 25.2% 52.9%
1998 54% 62.1% 25.2% 39.5%
1997 55.6% 62% 26% 38.8%
1996 56% 60.6% 20.9% 40.7%
1995 56% 57.8% 19.9% 46.8%
1994 55.9% 51.6% 22.4% 52.8%
1993 56.5% 48.2% 22.3% 48.1%
1992 54% 41.7% 25.4% 49.6%
1991 52.7% 37.8% 25.5% 52.1%
1990 51.6% 36.8% 23.1% 53.9%
1989 48.9% 34% 27.6% -
1988 50.1% 33.3% 24.8% -
1987 50.7% 33.4% 23.7% -
1986 51.3% 31.1% 22.3% -
1985 51.9% 30.6% 21.4% -
1984 51.2% 29% 23.1% -
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/saint-vincent | CC BY

In 2024, France's government spending was $1.81T, accounting for 57.2% of its GDP, while Saint Vincent spent $453M, or 39.1% of GDP.

Debt-to-GDP ratio is 113.1% in France and 92.7% in Saint Vincent, ranking 14/185 and 29/185, respectively.

Government deficit by year

Deficit/surplus
France

Saint Vincent
1x
Year Deficit/surplus, % of GDP
France Saint Vincent
2024 -5.77% -12.9%
2023 -5.44% -12%
2022 -4.74% -9.35%
2021 -6.58% -7.19%
2020 -8.93% -5.92%
2019 -2.39% -3.45%
2018 -2.32% -1.65%
2017 -3.36% -1.56%
2016 -3.76% 0.04%
2015 -3.89% -2.01%
2014 -4.57% -2.82%
2013 -4.94% -5.81%
2012 -5.17% -1.81%
2011 -5.3% -3.5%
2010 -7.16% -3.7%
2009 -7.38% -2.85%
2008 -3.5% -1.3%
2007 -2.99% -3.07%
2006 -2.66% -3.13%
2005 -3.5% -4.3%
2004 -3.55% -2.71%
2003 -4.09% -2.51%
2002 -3.18% -2%
2001 -1.42% -1.6%
2000 -1.32% -0.82%
1999 -1.55% -1.93%
1998 -2.39% -1.81%
1997 -3.71% -2.77%
1996 -3.89% 1.57%
1995 -5.11% 1.08%
1994 -5.46% 0.12%
1993 -6.4% -1.46%
1992 -4.64% -3.25%
1991 -2.89% -0.47%
1990 -2.45% 1.69%
1989 -1.9% -1.92%
1988 -2.7% 0.59%
1987 -2.13% 1.1%
1986 -3.3% 2.32%
1985 -3.08% 4.23%
1984 -2.8% 2.5%
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/saint-vincent | 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 Saint Vincent's deficit of $149M, or 12.9% of GDP.

Over the past 41 years, France recorded a fiscal deficit in 41 of those years, while Saint Vincent ran a deficit in 31 years. On average, France posted an annual deficit equal to 3.96% of GDP, compared to deficit of 2.35% of GDP for Saint Vincent.

Inflation comparison by year

Inflation
France

Saint Vincent
1x
Year Consumer prices inflation
France Saint Vincent
2024 2% 3.63%
2023 4.88% 4.56%
2022 5.22% 5.66%
2021 1.64% 1.57%
2020 0.48% -0.63%
2019 1.11% 0.91%
2018 1.85% 2.32%
2017 1.03% 2.15%
2016 0.18% -0.15%
2015 0.04% -1.73%
2014 0.51% 0.19%
2013 0.86% 0.81%
2012 1.95% 2.6%
2011 2.11% 3.19%
2010 1.53% 0.75%
2009 0.09% 0.42%
2008 2.81% 10.1%
2007 1.49% 7.24%
2006 1.68% 2.74%
2005 1.75% 3.73%
2004 2.14% 2.96%
2003 2.1% 0.21%
2002 1.92% 1.86%
2001 1.63% 0.9%
2000 1.68% 0.17%
1999 0.54% 1.01%
1998 0.65% 2.14%
1997 1.2% 0.44%

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

GeoRank.org/economy/france/saint-vincent | CC BY

Over the past 28 years, France has recorded an average annual inflation rate of 1.61%, compared with 2.13% in Saint Vincent. In 2024, inflation was 2% in France and 3.63% in Saint Vincent.

Top exports between countries

France
Export category Export value
Machinery & equipment $2.3M
Raw materials & minerals $2.11M
Processed food, beverages & tobacco $1.08M
Textiles & consumer goods $168K
Metals $116K
Miscellaneous $80K
Raw agricultural goods $65K
Chemicals & pharma $57K
Animal & marine products $13K
Precious metals & jewellery $2K
Saint Vincent
Export category Export value
Raw agricultural goods $120K
Machinery & equipment $75K
Metals $27K
Processed food, beverages & tobacco $11K
Textiles & consumer goods $5K

Balance of trade

France Saint Vincent
Current account balance
$2.69B
2024
-$157M
2024
Current account balance ranking
42/190
2024
93/190
2024
Current account balance, % of GDP
+0.09%
2024
-13.5%
2024
Goods imports
$733B
2024
$445M
2024
Goods exports
$668B
2024
$59.2M
2024
Service imports
$341B
2024
$196M
2024
Service exports
$403B
2024
$366M
2024
Imports of goods and services, % of GDP
34.2%
2024
n/a
Exports of goods and services, % of GDP
33.9%
2024
15.3%
2025

Economic freedom indices

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

France Saint Vincent
Economic freedom 64.6 60
Economic freedom ranking 72/197 98/197
Property rights 91.2 65.2
Government integrity 73.4 63.3
Judicial effectiveness 84.7 76.9
Tax burden 54.6 82
Government spending 0.9 56.2
Fiscal health 34.8 2.8
Business freedom 78.4 67.3
Labor freedom 59.1 60.1
Monetary freedom 73.2 77.3
Trade freedom 79.4 58.8
Investment freedom 75 70
Financial freedom 70 40

Economic freedom comparison by year

France
Saint Vincent
1x
Year Economic freedom index
France Saint Vincent
2026 64.6 60
2025 64.4 60.1
2024 62.5 59.8
2023 63.6 63.5
2022 65.9 65.7
2021 65.7 66.3
2020 66 66.8
2019 63.8 65.8
2018 63.9 67.7
2017 63.3 65.2
2016 62.3 68.8
2015 62.5 68
2014 63.5 67
2013 64.1 66.7
2012 63.2 66.5
2011 64.6 66.9
2010 64.2 66.9
2009 63.3 64.3
2008 64.7 -
2007 62.1 -
2006 61.1 -
2005 60.5 -
2004 60.9 -
2003 59.2 -
2002 58 -
2001 58 -
2000 57.4 -
1999 59.1 -
1998 58.9 -
1997 59.1 -
1996 63.7 -
1995 64.4 -

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

GeoRank.org/economy/france/saint-vincent | CC BY

The Economic Freedom Index for France is 64.6, ranking 72/197, compared to 60 for Saint Vincent, ranking 98/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

France Saint Vincent
Services, % of GDP
70.9%
2024
66.4%
2024
Industry, % of GDP
17.2%
2024
15.4%
2024
Agriculture, forestry, and fishing, % of GDP
1.3%
2024
3.55%
2024
GNI, Atlas method
$3.1T
2024
$1.11B
2024
GNI per capita, PPP
$63,880
2024
$21,150
2024
Total reserves including gold
$283B
2024
$317M
2024
Total reserves ranking
13/177
2024
167/177
2024
Net foreign direct investment
-$10.3B
2024
-$74M
2024
Net inflows of foreign direct investment
$52.1B
2024
$139M
2024
Net outflows of foreign direct investment
$41.7B
2024
-$1.92M
2024
Servicing debt to the IMF, % of GNI n/a
3.84%
2024
Poverty at national poverty lines
15.6%
2021
n/a
Gross capital formation, % of GDP
21.5%
2024
n/a

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/saint-vincent | 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 (1990–2024, retrieved 2026-02-20)
  3. International Monetary Fund (IMF) | Public Finances in Modern History (1880–1989, 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 (2022–2024, 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.