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Economy of France vs Singapore compared: GDP & Debt

Updated on by Georank

France has a GDP of $3.37T compared to $604B for Singapore, ranking 7/197 and 28/197 by economy size, respectively.

France has $3.9T in government debt (116% of GDP), compared to $1.03T (171.3% of GDP) in Singapore.

France vs Singapore GDP by year

France
Singapore
1x
Year GDP, current $
France Singapore
2025 $3,366,315,927,447 $603,869,516,999
2024 $3,160,442,622,465 $572,877,260,178
2023 $3,056,250,648,138 $511,181,761,244
2022 $2,794,788,137,067 $514,252,535,239
2021 $2,966,433,692,008 $441,110,903,525
2020 $2,647,926,055,110 $351,226,533,656
2019 $2,722,793,515,172 $376,827,390,962
2018 $2,781,576,320,884 $377,976,367,877
2017 $2,588,868,323,335 $344,795,119,214
2016 $2,470,407,619,777 $320,759,207,439
2015 $2,442,483,452,643 $307,998,545,269
2014 $2,861,236,112,552 $314,863,580,758
2013 $2,816,077,607,875 $307,576,360,585
2012 $2,683,007,095,787 $295,092,888,077
2011 $2,870,408,553,990 $279,356,499,090
2010 $2,646,230,027,988 $239,807,980,591
2009 $2,700,075,882,519 $194,150,283,772
2008 $2,926,802,941,586 $193,617,323,539
2007 $2,655,816,911,867 $180,941,701,358
2006 $2,317,861,544,691 $148,627,286,361
2005 $2,192,146,403,028 $127,807,848,728
2004 $2,109,792,297,237 $115,033,593,101
2003 $1,835,095,983,049 $97,646,401,096
2002 $1,492,427,756,382 $92,538,372,870
2001 $1,370,376,677,299 $89,793,790,670
2000 $1,360,959,069,477 $96,076,539,926
1999 $1,486,915,879,702 $86,286,849,755
1998 $1,496,906,382,032 $85,728,207,782
1997 $1,449,392,222,971 $100,123,787,215
1996 $1,598,889,216,566 $96,293,086,513
1995 $1,595,219,345,512 $87,812,540,788
1994 $1,385,822,778,828 $73,688,724,431
1993 $1,314,383,368,080 $60,603,815,716
1992 $1,389,663,073,110 $52,131,320,033
1991 $1,258,961,748,634 $45,466,164,978
1990 $1,257,649,439,827 $36,144,336,769
1989 $1,016,742,237,302 $30,465,364,739
1988 $1,010,827,662,152 $25,371,462,488
1987 $926,320,855,615 $20,919,215,578
1986 $764,946,585,851 $18,586,746,057
1985 $547,220,981,165 $19,156,532,746
1984 $525,033,325,828 $19,749,361,098
1983 $553,356,312,936 $17,784,112,150
1982 $578,152,310,610 $16,084,252,378
1981 $609,184,791,792 $14,175,228,844
1980 $694,529,183,483 $11,896,256,783
1979 $608,218,624,730 $9,296,921,724
1978 $501,724,418,605 $7,517,176,355
1977 $406,401,711,688 $6,618,585,074
1976 $368,363,152,144 $6,327,077,974
1975 $357,324,307,786 $5,633,673,930
1974 $282,739,225,314 $5,221,534,956
1973 $261,970,536,240 $3,696,213,333
1972 $201,738,881,664 $2,721,440,981
1971 $164,694,210,962 $2,263,785,444
1970 $147,312,861,698 $1,920,574,150
1969 $140,660,914,841 $1,659,893,768
1968 $128,710,572,572 $1,425,706,091
1967 $118,088,635,381 $1,238,035,816
1966 $109,306,730,313 $1,096,425,608
1965 $100,927,668,584 $974,644,096
1964 $93,424,179,943 $894,153,311
1963 $84,227,606,650 $917,608,012
1962 $75,196,980,365 $826,239,212
1961 $67,158,050,215 $764,629,788
1960 $61,959,085,885 $704,751,700

Data sources: World Bank | Economy & Growth (1960–2025, retrieved 2026-07-08).

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

GDP per capita in France vs Singapore by year

France
GDP per capita

GDP per capita, PPP
Singapore
GDP per capita

GDP per capita, PPP
1x
Year Current $
France Singapore
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2025 $48,986 - $98,814 -
2024 $46,103 $62,557 $94,897 $150,689
2023 $44,700 $60,839 $86,383 $143,786
2022 $40,989 $57,043 $91,228 $143,095
2021 $43,725 $52,517 $80,885 $132,617
2020 $39,170 $49,482 $61,773 $101,518
2019 $40,408 $51,130 $66,069 $105,335
2018 $41,418 $46,381 $67,033 $103,963
2017 $38,687 $44,469 $61,436 $95,744
2016 $37,024 $42,880 $57,204 $89,902
2015 $36,702 $40,905 $55,646 $87,156
2014 $43,148 $40,218 $57,565 $84,555
2013 $42,669 $39,583 $56,967 $83,088
2012 $40,864 $37,671 $55,548 $82,108
2011 $43,930 $37,510 $53,891 $80,052
2010 $40,695 $35,908 $47,237 $75,401
2009 $41,728 $34,685 $38,927 $66,213
2008 $45,465 $35,053 $40,009 $67,735
2007 $41,486 $34,066 $39,433 $68,805
2006 $36,432 $32,424 $33,768 $64,061
2005 $34,696 $30,431 $29,961 $58,822
2004 $33,645 $28,921 $27,608 $54,384
2003 $29,480 $28,024 $23,730 $48,778
2002 $24,145 $28,350 $22,160 $45,083
2001 $22,332 $27,347 $21,700 $43,109
2000 $22,341 $26,007 $23,853 $43,781
1999 $24,576 $24,204 $21,797 $39,949
1998 $24,869 $23,263 $21,829 $37,560
1997 $24,169 $22,190 $26,376 $39,286
1996 $26,758 $21,268 $26,233 $36,873
1995 $26,792 $20,701 $24,915 $35,090
1994 $23,360 $19,892 $21,552 $33,058
1993 $22,239 $19,094 $18,290 $30,062
1992 $23,615 $18,801 $16,136 $27,022
1991 $21,501 $18,198 $14,502 $25,530
1990 $21,586 $17,475 $11,862 $23,815
1989 $17,547 - $10,395 -
1988 $17,550 - $8,914 -
1987 $16,176 - $7,539 -
1986 $13,430 - $6,800 -
1985 $9,657 - $7,002 -
1984 $9,312 - $7,228 -
1983 $9,862 - $6,633 -
1982 $10,360 - $6,078 -
1981 $10,956 - $5,597 -
1980 $12,565 - $4,928 -
1979 $11,063 - $3,901 -
1978 $9,167 - $3,194 -
1977 $7,459 - $2,846 -
1976 $6,792 - $2,759 -
1975 $6,617 - $2,490 -
1974 $5,261 - $2,342 -
1973 $4,907 - $1,685 -
1972 $3,809 - $1,264 -
1971 $3,137 - $1,071 -
1970 $2,833 - $926 -
1969 $2,729 - $813 -
1968 $2,518 - $709 -
1967 $2,328 - $626 -
1966 $2,173 - $567 -
1965 $2,024 - $517 -
1964 $1,891 - $486 -
1963 $1,723 - $511 -
1962 $1,554 - $472 -
1961 $1,402 - $449 -
1960 $1,307 - $428 -

Data sources: World Bank | Economy & Growth (1960–2025, retrieved 2026-07-08).

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

France's GDP per capita is $48,986, ranking 27/197, compared to $98,814 in Singapore, ranking 7/197. Adjusted for purchasing power (GDP per capita PPP), France ranks 30th at $62,557, while Singapore ranks 2nd at $150,689.

Economic indicators

France Singapore
Gross domestic product
$3.37T
2025
$604B
2025
GDP rank
7/197
2025
28/197
2025
GDP growth
0.84%
2024-2025
5.03%
2024-2025
GDP per capita
$48,986
2025
$98,814
2025
GDP per capita rank
27/197
2025
7/197
2025
GDP per capita, PPP
$62,557
2024
$150,689
2024
GDP per capita PPP rank
30/197
2024
2/197
2024
Government debt
$3.9T
2025
$1.03T
2025
Debt-to-GDP ratio
116%
2025
171.3%
2025
Government debt per person
$56,819
2025
$169,228
2025
Government debt per person rank
8/185
2025
1/185
2025
Average annual personal income after taxes
$35,062
2026
$51,296
2026
Market capitalization of domestic companies
$2.37T
2018
$824B
2025
Number of millionaires
2,388,000
2026
244,000
2026
Number of billionaires
51
2026
55
2026
Income share by richest 10%
25%
2023
n/a
Income share by poorest 10%
3%
2023
n/a
Government expenditure, % of GDP
57.5%
2025
15.5%
2025
Consumer prices inflation
0.94%
2024-2025
0.9%
2024-2025
Unemployment rate
7.7%
2025
3.26%
2025
Population
68871753
6167445

Spending and national debt comparison by year

France
Spending

Debt
Singapore
Spending

Debt
1x
Year % of GDP
France Singapore
Government spending Government debt Government spending Government debt
2025 57.5% 116% 15.5% 171.3%
2024 57.3% 113.2% 14.3% 166%
2023 56.8% 109.6% 14.6% 170.4%
2022 58.4% 111.4% 14.9% 153.3%
2021 59.5% 112.8% 15.4% 139.9%
2020 61.7% 114.9% 24% 147.1%
2019 55.3% 98.2% 14% 127.7%
2018 56.4% 98.5% 13.9% 109.2%
2017 57.7% 98.8% 13.6% 107.3%
2016 57.4% 98.1% 15.2% 105.9%
2015 57.6% 97% 14.4% 102.1%
2014 58.4% 96.2% 12.6% 97.7%
2013 58.6% 94.6% 10.9% 98.2%
2012 57.9% 91.7% 9.83% 106.7%
2011 57% 88.7% 9.66% 103.1%
2010 57.7% 86.3% 10.2% 98.7%
2009 58% 84.1% 15.9% 101.7%
2008 54.3% 69.8% 14% 97.9%
2007 53.6% 65.5% 9.01% 87.8%
2006 53.7% 65.4% 12.3% 86.5%
2005 54.3% 68.2% 12.4% 92.7%
2004 54% 66.9% 14.1% 95.7%
2003 54.4% 65.4% 15.6% 99.1%
2002 53.9% 61.3% 15.9% 96.3%
2001 52.8% 59.3% 18.2% 94.5%
2000 52.6% 59.7% 16.1% 82.3%
1999 53.7% 61.4% 15.9% 85.3%
1998 54% 62.1% 18.1% 84.6%
1997 55.6% 62% 14.5% 70.8%
1996 56% 60.6% 18.1% 71.3%
1995 56% 57.8% 13.8% 69.8%
1994 55.9% 51.6% 11.7% 70.7%
1993 56.5% 48.2% 14.5% 71.2%
1992 54% 41.7% 14.5% 79%
1991 52.7% 37.8% 15.9% 76.4%
1990 51.6% 36.8% 15.1% 73.5%
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 (1990–2025, retrieved 2026-07-08); International Monetary Fund (IMF) | Public Finances in Modern History (1960–1989, retrieved 2026-07-08).

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

In 2025, France's government spending was $1.93T, accounting for 57.5% of its GDP, while Singapore spent $93.3B, or 15.5% of GDP.

Debt-to-GDP ratio is 116% in France and 171.3% in Singapore, ranking 13/185 and 5/185, respectively.

Government deficit by year

Deficit/surplus
France

Singapore
1x
Year Deficit/surplus, % of GDP
France Singapore
2025 -5.11% 4.16%
2024 -5.79% 3.79%
2023 -5.44% 3.42%
2022 -4.74% 1.2%
2021 -6.58% 1.11%
2020 -8.93% -6.68%
2019 -2.39% 3.76%
2018 -2.32% 3.67%
2017 -3.36% 5.23%
2016 -3.76% 3.24%
2015 -3.89% 2.86%
2014 -4.57% 4.6%
2013 -4.94% 5.96%
2012 -5.17% 7.34%
2011 -5.3% 7.96%
2010 -7.16% 5.68%
2009 -7.38% -0.09%
2008 -3.5% 3.59%
2007 -2.99% 7.12%
2006 -2.66% 2.16%
2005 -3.5% 2.56%
2004 -3.55% 2.06%
2003 -4.09% 0.68%
2002 -3.18% 2.23%
2001 -1.42% 1.2%
2000 -1.32% 4.59%
1999 -1.55% 5.2%
1998 -2.39% 2.41%
1997 -3.71% 5.66%
1996 -3.89% 1.98%
1995 -5.11% 4.8%
1994 -5.46% 7.9%
1993 -6.4% 4.36%
1992 -4.64% 2.7%
1991 -2.89% 0.68%
1990 -2.45% 1.97%
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 2026-07-08); International Monetary Fund (IMF) | Fiscal Monitor (1990–2025, retrieved 2026-07-08).

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

In 2025, France's government deficit, the difference between spending and revenue, was $172B, equivalent to 5.11% of GDP. This compares to Singapore's surplus of $25.1B, or 4.16% of GDP.

Over the past 36 years, France recorded a fiscal deficit in 36 of those years, while Singapore ran a deficit in 2 years. On average, France posted an annual deficit equal to 4.21% of GDP, compared to surplus of 3.36% of GDP for Singapore.

Inflation comparison by year

Inflation
France

Singapore
1x
Year Consumer prices inflation
France Singapore
2025 0.94% 0.9%
2024 2% 2.39%
2023 4.88% 4.83%
2022 5.22% 6.13%
2021 1.64% 2.32%
2020 0.48% -0.17%
2019 1.11% 0.57%
2018 1.85% 0.44%
2017 1.03% 0.58%
2016 0.18% -0.53%
2015 0.04% -0.52%
2014 0.51% 1.03%
2013 0.86% 2.36%
2012 1.95% 4.58%
2011 2.11% 5.25%
2010 1.53% 2.83%
2009 0.09% 0.59%
2008 2.81% 6.64%
2007 1.49% 2.11%
2006 1.68% 0.97%
2005 1.75% 0.43%
2004 2.14% 1.66%
2003 2.1% 0.51%
2002 1.92% -0.39%
2001 1.63% 1%
2000 1.68% 1.36%
1999 0.54% 0.02%
1998 0.65% -0.27%
1997 1.2% 2%

Data sources: World Bank | Economy & Growth (1997–2025, retrieved 2026-07-08).

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

Over the past 29 years, France has recorded an average annual inflation rate of 1.59%, compared with 1.71% in Singapore. In 2025, inflation was 0.94% in France and 0.9% in Singapore.

Top exports between countries

France
Export category Export value
Machinery & equipment $3.29B
Chemicals & pharma $2.3B
Business & finance services $2B
Transport & tourism services $1.36B
IT & IP services $1.34B
Textiles & consumer goods $1.03B
Processed food, beverages & tobacco $937M
Manufacturing & construction services $586M
Precious metals & jewellery $183M
Metals $99.9M
Singapore
Export category Export value
Machinery & equipment $2.05B
Business & finance services $1.45B
Transport & tourism services $959M
Manufacturing & construction services $447M
Precious metals & jewellery $446M
Raw materials & minerals $370M
Chemicals & pharma $299M
IT & IP services $169M
Miscellaneous $150M
Textiles & consumer goods $43.4M

Balance of trade

France Singapore
Current account balance
-$9.24B
2025
$101B
2025
Current account balance ranking
173/190
2025
8/190
2025
Current account balance, % of GDP
-0.27%
2025
+16.7%
2025
Goods imports
$770B
2025
$475B
2025
Goods exports
$704B
2025
$652B
2025
Service imports
$370B
2025
$385B
2025
Service exports
$429B
2025
$422B
2025
Imports of goods and services, % of GDP
33.8%
2025
142.5%
2025
Exports of goods and services, % of GDP
33.4%
2025
177.9%
2025

Economic freedom indices

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

France Singapore
Economic freedom 64.6 84.4
Economic freedom ranking 72/197 1/197
Property rights 91.2 89.2
Government integrity 73.4 86.1
Judicial effectiveness 84.7 58.3
Tax burden 54.6 89.5
Government spending 0.9 93.4
Fiscal health 34.8 80
Business freedom 78.4 90.6
Labor freedom 59.1 77
Monetary freedom 73.2 83.5
Trade freedom 79.4 95
Investment freedom 75 90
Financial freedom 70 80

Economic freedom comparison by year

France
Singapore
1x
Year Economic freedom index
France Singapore
2026 64.6 84.4
2025 64.4 84.1
2024 62.5 83.5
2023 63.6 83.9
2022 65.9 84.4
2021 65.7 89.7
2020 66 89.4
2019 63.8 89.4
2018 63.9 88.8
2017 63.3 88.6
2016 62.3 87.8
2015 62.5 89.4
2014 63.5 89.4
2013 64.1 88
2012 63.2 87.5
2011 64.6 87.2
2010 64.2 86.1
2009 63.3 87.1
2008 64.7 87.3
2007 62.1 87.1
2006 61.1 88
2005 60.5 88.6
2004 60.9 88.9
2003 59.2 88.2
2002 58 87.4
2001 58 87.8
2000 57.4 87.7
1999 59.1 86.9
1998 58.9 87
1997 59.1 87.3
1996 63.7 86.5
1995 64.4 86.3

Data sources: The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-07-08).

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

The Economic Freedom Index for France is 64.6, ranking 72/197, compared to 84.4 for Singapore, ranking 1/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

France Singapore
Services, % of GDP
70.9%
2025
71.6%
2025
Industry, % of GDP
16.8%
2025
22.7%
2025
Agriculture, forestry, and fishing, % of GDP
1.4%
2025
0.02%
2025
GNI, Atlas method
$3.34T
2025
$500B
2025
GNI per capita, PPP
$65,110
2025
$135,750
2025
Total reserves including gold
$428B
2025
$432B
2025
Total reserves ranking
12/177
2025
11/177
2025
Net foreign direct investment
$7.24B
2025
-$64.9B
2025
Net inflows of foreign direct investment
$52.1B
2024
$135B
2024
Net outflows of foreign direct investment
$41.7B
2024
$63.6B
2024
Poverty at national poverty lines
15.6%
2021
n/a
Gross capital formation, % of GDP
21.9%
2025
22.5%
2025

GDP per capita map

1x

Data sources: World Bank | Economy & Growth (1985–2025, retrieved 2026-07-08); U.S. Census Bureau (1985–2025, retrieved 2026-07-08).

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

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Data sources:

  1. World Bank | Economy & Growth (1960–2025, retrieved 2026-07-08)
  2. International Monetary Fund (IMF) | Fiscal Monitor (1990–2025, retrieved 2026-07-08)
  3. International Monetary Fund (IMF) | Public Finances in Modern History (1880–1989, retrieved 2026-07-08)
  4. The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-07-08)
  5. U.S. Census Bureau (1985–2025, retrieved 2026-07-08)
  6. TradeMap (2023–2025, retrieved 2026-07-08)
  7. United Nations | World Population Prospects (2026, retrieved 2026-07-08)
  8. LivingCost (2026, retrieved 2026-07-08)

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.

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.