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Economy of France vs Slovakia compared: GDP & Debt

Updated on by Georank team

France has a GDP of $3.16T compared to $142B for Slovakia, ranking 7/197 and 61/197 by economy size, respectively.

France has $3.58T in government debt (116.3% of GDP), compared to $82.3B (60.1% of GDP) in Slovakia.

The chart below compares the two countries' GDP growth in both current (nominal) and constant dollars, accounting for inflation over time.

France
GDP, current $

GDP, constant 2015 $
Slovakia
GDP, current $

GDP, constant 2015 $
Year GDP
France Slovakia
Current $ Constant $ Current $ Constant $
1960 $61,756,878,990 $508,897,750,935 - -
1961 $66,806,595,975 $533,344,343,072 - -
1962 $74,888,595,286 $569,994,161,067 - -
1963 $83,957,182,115 $605,326,016,607 - -
1964 $93,079,224,076 $644,223,451,498 - -
1965 $100,522,559,916 $675,197,188,364 - -
1966 $108,928,356,519 $710,376,197,079 - -
1967 $117,751,396,249 $745,158,757,032 - -
1968 $128,427,504,709 $778,321,728,133 - -
1969 $140,361,802,782 $833,684,910,477 - -
1970 $146,926,998,937 $885,376,114,120 - -
1971 $164,238,872,973 $932,571,962,138 - -
1972 $201,621,751,625 $974,886,243,665 - -
1973 $262,343,828,816 $1,039,326,074,354 - -
1974 $283,102,178,123 $1,088,078,748,925 - -
1975 $356,780,728,163 $1,075,844,942,666 - -
1976 $368,488,292,816 $1,123,030,884,958 - -
1977 $406,736,454,934 $1,163,152,896,909 - -
1978 $501,724,418,605 $1,208,457,476,980 - -
1979 $608,218,624,730 $1,253,113,736,481 - -
1980 $694,529,183,483 $1,274,121,102,725 - -
1981 $609,184,791,792 $1,289,261,671,632 - -
1982 $578,152,310,610 $1,320,752,051,529 - -
1983 $553,356,312,936 $1,337,420,703,410 - -
1984 $525,033,325,828 $1,358,946,108,005 - -
1985 $547,220,981,165 $1,380,268,983,034 - -
1986 $764,946,585,851 $1,413,251,000,996 - -
1987 $926,320,855,615 $1,449,327,712,382 - -
1988 $1,010,827,662,152 $1,519,101,594,975 - -
1989 $1,016,742,237,302 $1,586,020,591,646 - -
1990 $1,257,649,439,827 $1,630,899,060,963 $12,915,046,978 $45,559,569,013
1991 $1,258,961,748,634 $1,651,067,777,785 $14,459,924,589 $38,919,807,326
1992 $1,389,663,073,110 $1,676,098,974,379 $15,699,327,209 $36,303,816,918
1993 $1,314,383,368,080 $1,670,081,815,759 $16,737,973,764 $36,994,071,827
1994 $1,385,822,778,828 $1,709,890,902,349 $20,428,139,756 $39,289,750,245
1995 $1,595,219,345,512 $1,749,300,344,480 $26,180,022,222 $41,585,644,561
1996 $1,598,889,216,566 $1,773,739,467,493 $28,197,790,875 $44,130,510,843
1997 $1,449,392,222,971 $1,818,562,957,062 $27,844,628,979 $46,551,440,141
1998 $1,496,906,382,032 $1,881,350,558,838 $29,976,207,629 $48,332,548,393
1999 $1,486,915,879,702 $1,945,303,460,550 $30,496,272,225 $48,103,809,190
2000 $1,360,959,069,477 $2,025,858,476,151 $29,215,726,005 $48,483,456,227
2001 $1,370,376,677,299 $2,064,338,989,613 $30,726,659,551 $49,901,675,269
2002 $1,492,427,756,382 $2,086,380,974,763 $35,243,658,399 $52,105,958,758
2003 $1,835,095,983,049 $2,106,573,536,968 $46,616,149,117 $54,636,588,084
2004 $2,109,792,297,237 $2,166,995,343,502 $57,215,475,076 $57,581,226,217
2005 $2,192,146,403,028 $2,207,920,477,337 $62,547,753,148 $61,315,329,711
2006 $2,317,861,544,691 $2,267,844,862,926 $70,751,813,443 $66,788,144,153
2007 $2,655,816,911,867 $2,325,232,266,329 $86,587,749,518 $74,013,706,024
2008 $2,926,802,941,586 $2,334,072,135,222 $100,830,060,553 $77,983,340,267
2009 $2,700,075,882,519 $2,268,145,064,849 $89,342,984,698 $73,690,093,872
2010 $2,646,230,027,988 $2,313,515,332,183 $91,112,160,801 $78,694,079,821
2011 $2,870,408,553,990 $2,369,909,039,106 $99,705,104,723 $80,710,556,385
2012 $2,683,007,095,787 $2,374,265,767,668 $94,724,394,278 $81,977,043,068
2013 $2,816,077,607,875 $2,392,826,743,357 $99,134,277,850 $82,553,606,913
2014 $2,861,236,112,552 $2,416,703,156,974 $101,713,075,599 $84,789,118,562
2015 $2,442,483,452,643 $2,442,483,452,643 $89,178,548,717 $89,178,548,717
2016 $2,470,407,619,777 $2,463,489,569,347 $90,347,173,229 $90,915,584,912
2017 $2,588,868,323,335 $2,514,819,204,088 $95,978,130,735 $93,529,165,483
2018 $2,781,576,320,884 $2,556,210,832,760 $106,611,673,365 $97,328,432,250
2019 $2,722,793,515,172 $2,608,036,638,906 $105,843,498,304 $99,543,529,164
2020 $2,647,926,055,110 $2,413,981,867,676 $107,732,602,896 $96,969,818,857
2021 $2,966,433,692,008 $2,580,120,255,052 $120,560,912,621 $102,496,703,509
2022 $2,796,302,210,399 $2,646,451,030,890 $115,884,262,198 $102,944,982,588
2023 $3,051,831,611,385 $2,671,234,714,487 $133,896,931,490 $105,176,983,317
2024 $3,162,079,073,496 $2,702,385,011,318 $141,775,733,420 $107,345,393,746

Economic indicators

France Slovakia
Gross domestic product
$3.16T
2024
$142B
2024
GDP rank
7/197
2024
61/197
2024
GDP growth
3.61%
2023-2024
5.88%
2023-2024
GDP per capita
$46,150
2024
$26,148
2024
GDP per capita rank
27/197
2024
46/197
2024
GDP per capita, PPP
$61,322
2024
$47,181
2024
Government debt
$3.58T
2024
$82.3B
2024
Debt-to-GDP ratio
116.3%
2025
60.1%
2025
Government debt per person
$52,199
2024
$15,170
2024
Government debt per person rank
8/185
2024
40/185
2024
Average annual personal income after taxes
$33,898
2025
$17,365
2025
Market capitalization of domestic companies
$2.37T
2018
$5.38B
2014
Number of millionaires
2,868,031
2024
n/a
Number of billionaires
52
2025
2
2025
Income share by richest 10%
25%
2023
18.8%
2023
Income share by poorest 10%
3%
2023
3.3%
2023
Government expenditure, % of GDP
57.3%
2025
48.6%
2025
Consumer prices inflation
2%
2023-2024
2.76%
2023-2024
Unemployment rate
7.39%
2024
5.34%
2024
Population
68701054
5390674

GDP per capita in France vs Slovakia

France's GDP per capita is $46,150, ranking 27/197, compared to $26,148 in Slovakia, ranking 46/197. Adjusted for purchasing power (GDP per capita PPP), France ranks 29th at $61,322, while Slovakia ranks 50th at $47,181.

France
GDP per capita

GDP per capita, PPP
Slovakia
GDP per capita

GDP per capita, PPP
Year Current $
France Slovakia
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
1960 $1,303 - - -
1961 $1,395 - - -
1962 $1,548 - - -
1963 $1,718 - - -
1964 $1,884 - - -
1965 $2,015 - - -
1966 $2,165 - - -
1967 $2,321 - - -
1968 $2,513 - - -
1969 $2,724 - - -
1970 $2,825 - - -
1971 $3,128 - - -
1972 $3,807 - - -
1973 $4,914 - - -
1974 $5,267 - - -
1975 $6,607 - - -
1976 $6,795 - - -
1977 $7,465 - - -
1978 $9,167 - - -
1979 $11,063 - - -
1980 $12,565 - - -
1981 $10,956 - - -
1982 $10,360 - - -
1983 $9,862 - - -
1984 $9,312 - - -
1985 $9,657 - - -
1986 $13,430 - - -
1987 $16,176 - - -
1988 $17,550 - - -
1989 $17,547 - - -
1990 $21,586 $17,472 $2,437 $8,633
1991 $21,501 $18,178 $2,727 $7,618
1992 $23,615 $18,790 $2,959 $7,266
1993 $22,239 $19,071 $3,143 $7,564
1994 $23,360 $19,874 $3,821 $8,173
1995 $26,792 $20,688 $4,883 $8,806
1996 $26,758 $21,261 $5,248 $9,496
1997 $24,169 $22,185 $5,172 $10,135
1998 $24,869 $23,261 $5,561 $10,666
1999 $24,576 $24,204 $5,652 $10,726
2000 $22,341 $26,002 $5,422 $11,368
2001 $22,332 $27,350 $5,712 $12,369
2002 $24,145 $28,350 $6,555 $13,292
2003 $29,480 $28,028 $8,675 $14,090
2004 $33,645 $28,925 $10,650 $15,168
2005 $34,696 $30,431 $11,642 $16,570
2006 $36,432 $32,430 $13,168 $18,910
2007 $41,486 $34,067 $16,110 $21,233
2008 $45,465 $35,053 $18,744 $23,714
2009 $41,728 $34,667 $16,587 $23,065
2010 $40,695 $35,912 $16,899 $25,384
2011 $43,930 $37,510 $18,469 $26,202
2012 $40,864 $37,671 $17,517 $27,023
2013 $42,669 $39,583 $18,313 $28,075
2014 $43,148 $40,218 $18,771 $29,108
2015 $36,702 $40,916 $16,442 $30,156
2016 $37,024 $42,880 $16,636 $29,868
2017 $38,687 $44,469 $17,646 $30,246
2018 $41,418 $46,381 $19,573 $31,510
2019 $40,408 $51,130 $19,406 $33,986
2020 $39,170 $49,482 $19,735 $35,328
2021 $43,725 $52,517 $22,132 $38,346
2022 $41,083 $56,181 $21,335 $41,096
2023 $44,691 $58,318 $24,674 $43,950
2024 $46,150 $61,322 $26,148 $47,181

Spending and national debt comparison

In 2024, France's government spending was $1.81T, accounting for 57.3% of its GDP, while Slovakia's spent $66.6B, or 48.6% of GDP.

Debt-to-GDP ratio is 116.3% in France and 60.1% in Slovakia, ranking 12/185 and 80/185, respectively.

France
Government spending

Government debt
Slovakia
Government spending

Government debt
Year % of GDP
France Slovakia
Government spending Government debt Government spending Government debt
1960 22.2% 28.5% - -
1961 21.9% 26.3% - -
1962 21.7% 23.6% - -
1963 22.6% 22.2% - -
1964 21% 19.6% - -
1965 21.1% 17.6% - -
1966 21.4% 15.3% - -
1967 21.4% 16.1% - -
1968 22.7% 15.8% - -
1969 21.5% 14.4% - -
1970 20.5% 21% - -
1971 20% 20.1% - -
1972 19.8% 17.7% - -
1973 19.7% 15.8% - -
1974 19.9% 15.4% - -
1975 22% 16.1% - -
1976 21.7% 15.1% - -
1977 21.4% 15% - -
1978 44.7% 21.2% - -
1979 44.9% 21.1% - -
1980 46% 20.7% - -
1981 48.5% 22% - -
1982 49.9% 25.3% - -
1983 50.2% 26.6% - -
1984 51.2% 29% - -
1985 51.9% 30.6% - -
1986 51.3% 31.1% - -
1987 50.7% 33.4% - -
1988 50.1% 33.3% - -
1989 48.9% 34% - -
1990 51.6% 36.8% - -
1991 52.7% 37.8% - -
1992 54% 41.7% - -
1993 56.5% 48.2% - -
1994 55.9% 51.6% - -
1995 56% 57.8% 47.7% 21.3%
1996 56% 60.6% 52.8% 30.3%
1997 55.6% 62% 48.5% 32.8%
1998 54% 62.1% 45.7% 33.8%
1999 53.7% 61.4% 47.9% 47%
2000 52.6% 59.7% 52.8% 50.5%
2001 52.8% 59.3% 45.4% 51.2%
2002 53.9% 61.3% 45.5% 45.4%
2003 54.4% 65.4% 40.6% 43.5%
2004 54% 66.9% 38.1% 41.9%
2005 54.3% 68.2% 39.9% 34.9%
2006 53.7% 65.4% 38.8% 31.4%
2007 53.6% 65.5% 36.4% 30.3%
2008 54.3% 69.8% 37% 28.6%
2009 58% 84.1% 44.4% 36.4%
2010 57.7% 86.3% 42.2% 40.6%
2011 57% 88.7% 41.4% 43.3%
2012 57.9% 91.7% 41.1% 51.7%
2013 58.6% 94.5% 42.4% 54.6%
2014 58.4% 96.1% 43.1% 53.3%
2015 57.6% 96.9% 45.4% 51.5%
2016 57.4% 98.1% 42.4% 52%
2017 57.7% 98.7% 39.4% 51.3%
2018 56.4% 98.5% 39.5% 49.2%
2019 55.3% 98.1% 40.5% 47.9%
2020 61.7% 114.8% 44.3% 58.3%
2021 59.5% 112.7% 44.6% 60.1%
2022 58.4% 111.3% 42.2% 57.6%
2023 56.9% 109.7% 47.9% 56%
2024 57.2% 113.1% 47% 58%
2025 57.3% 116.3% 48.6% 60.1%

Government deficit by year

In 2024, France's government deficit, the difference between spending and revenue, was -$183B, equivalent to -5.79% of GDP. This compares to Slovakia's deficit of -$8.27B, or -5.84% of GDP.

Over the past 30 years, France recorded a fiscal deficit in 30 of those years, while Slovakia ran a deficit in 30 years. On average, France posted an annual deficit equal to -4.15% of GDP, compared to deficit of -4.6% of GDP for Slovakia.

Deficit/surplus
France

Slovakia
Year Deficit/surplus, % of GDP
France Slovakia
1880 0.65% -
1881 0.64% -
1882 -0.15% -
1883 -0.23% -
1884 -0.35% -
1885 -0.59% -
1886 -0.5% -
1887 -0.07% -
1888 0.18% -
1889 0.09% -
1890 0.31% -
1891 0.36% -
1892 -0.03% -
1893 -0.3% -
1894 -0.08% -
1895 -0.07% -
1896 -0.03% -
1897 0.01% -
1898 0.29% -
1899 0.21% -
1900 0.21% -
1901 -0.39% -
1902 -0.37% -
1903 0.21% -
1904 0.3% -
1905 0.18% -
1906 -0.04% -
1907 0.23% -
1908 -0.15% -
1909 -0.11% -
1910 -0.12% -
1911 0.31% -
1912 0.23% -
1913 0.05% -
1914 0.05% -
1915 0.05% -
1916 0.05% -
1917 0.05% -
1918 0.05% -
1919 -2.65% -
1920 6.6% -
1921 4.63% -
1922 2.42% -
1923 1.85% -
1924 2.11% -
1925 -0.87% -
1926 -0.02% -
1927 -0.04% -
1928 1.13% -
1929 1.48% -
1930 -1.65% -
1931 -2.06% -
1932 -1.86% -
1933 -4.96% -
1934 -4.31% -
1935 -4.22% -
1936 -4.76% -
1937 -6.89% -
1938 -6.89% -
1939 -6.89% -
1940 -6.89% -
1941 -6.89% -
1942 -6.89% -
1943 -6.89% -
1944 -6.89% -
1945 -6.89% -
1946 -8.1% -
1947 -7.6% -
1948 -9.11% -
1949 -7.31% -
1950 -5.56% -
1951 -4.42% -
1952 -6.82% -
1953 -4.79% -
1954 -0.78% -
1955 -1.04% -
1956 -2.62% -
1957 -1.99% -
1958 0.08% -
1959 0.56% -
1960 -1.95% -
1961 -1.36% -
1962 -1.53% -
1963 -2.24% -
1964 -0.25% -
1965 -0.07% -
1966 -0.57% -
1967 -0.8% -
1968 -2.54% -
1969 -0.49% -
1970 0.02% -
1971 -0.13% -
1972 1.94% -
1973 1.97% -
1974 3.05% -
1975 -0.28% -
1976 1.01% -
1977 0.9% -
1978 -1.73% -
1979 -0.36% -
1980 -0.27% -
1981 -2.39% -
1982 -2.91% -
1983 -2.58% -
1984 -2.8% -
1985 -3.08% -
1986 -3.3% -
1987 -2.13% -
1988 -2.7% -
1989 -1.9% -
1990 -2.45% -
1991 -2.89% -
1992 -4.64% -
1993 -6.4% -
1994 -5.46% -
1995 -5.11% -3.43%
1996 -3.89% -9.72%
1997 -3.71% -6.24%
1998 -2.39% -5.28%
1999 -1.55% -7.17%
2000 -1.32% -12.6%
2001 -1.42% -7.23%
2002 -3.18% -8.23%
2003 -4.09% -3.14%
2004 -3.55% -2.32%
2005 -3.5% -2.89%
2006 -2.66% -3.58%
2007 -2.99% -2.05%
2008 -3.5% -2.52%
2009 -7.38% -8.15%
2010 -7.16% -7.48%
2011 -5.3% -4.31%
2012 -5.17% -4.35%
2013 -4.94% -2.87%
2014 -4.57% -3.1%
2015 -3.89% -2.66%
2016 -3.76% -2.56%
2017 -3.36% -0.98%
2018 -2.32% -1.01%
2019 -2.39% -1.21%
2020 -8.93% -5.3%
2021 -6.58% -5.09%
2022 -4.74% -1.63%
2023 -5.45% -5.16%
2024 -5.79% -5.84%
2025 -5.46% -5.24%

Inflation comparison by year

Over the past 29 years, France has recorded an average annual inflation rate of 1.62%, compared with 4.5% in Slovakia. In 2024, inflation was 2% in France and 2.76% in Slovakia.

Inflation
France

Slovakia
Year Inflation
France Slovakia France Slovakia
1996 1.98% 5.78%
1997 1.2% 6.14%
1998 0.65% 6.67%
1999 0.54% 10.6%
2000 1.68% 12%
2001 1.63% 7.33%
2002 1.92% 3.13%
2003 2.1% 8.55%
2004 2.14% 7.55%
2005 1.75% 2.71%
2006 1.68% 4.48%
2007 1.49% 2.76%
2008 2.81% 4.6%
2009 0.09% 1.62%
2010 1.53% 0.96%
2011 2.11% 3.92%
2012 1.95% 3.61%
2013 0.86% 1.4%
2014 0.51% -0.08%
2015 0.04% -0.33%
2016 0.18% -0.52%
2017 1.03% 1.31%
2018 1.85% 2.51%
2019 1.11% 2.66%
2020 0.48% 1.94%
2021 1.64% 3.15%
2022 5.22% 12.8%
2023 4.88% 10.5%
2024 2% 2.76%

Top exports between countries

France
Export category Export value
Machinery & equipment $1.53B
Chemicals & pharma $449M
Metals $374M
Business & finance services $250M
Textiles & consumer goods $154M
Miscellaneous $141M
Transport & tourism services $106M
Raw materials & minerals $95.4M
Processed food, beverages & tobacco $79.4M
IT & IP services $64.9M
Slovakia
Export category Export value
Machinery & equipment $3.94B
Metals $303M
Raw materials & minerals $244M
Chemicals & pharma $228M
Textiles & consumer goods $212M
Transport & tourism services $140M
Wood & paper products $127M
Miscellaneous $115M
Processed food, beverages & tobacco $94.4M
IT & IP services $84.8M

Balance of trade

France Slovakia
Current account balance
$2.69B
2024
-$3.89B
2024
Current account balance ranking
39/189
2024
159/189
2024
Current account balance, % of GDP
+0.09%
2024
-2.75%
2024
Goods imports
$733B
2024
$107B
2024
Goods exports
$668B
2024
$107B
2024
Service imports
$341B
2024
$13.1B
2024
Service exports
$403B
2024
$13.6B
2024
Imports of goods and services, % of GDP
34%
2024
85%
2024
Exports of goods and services, % of GDP
33.2%
2024
85.2%
2024

Economic freedom indices

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

France Slovakia
Economic freedom 64.4 68.4
Economic freedom ranking 69/197 48/197
Property rights 92.9 84.3
Government integrity 74.3 57.2
Judicial effectiveness 84.2 69.9
Tax burden 54.3 76.7
Government spending 0 38.7
Fiscal health 30 69.8
Business freedom 81.9 77
Labor freedom 60.2 58
Monetary freedom 70.3 64.5
Trade freedom 79.6 79.6
Investment freedom 75 75
Financial freedom 70 70

Economic freedom by year comparison

The Economic Freedom Index for France is 64.4, ranking 69/197, compared to 68.4 for Slovakia, ranking 48/197. The chart below displays a comparison of annual changes in economic freedom indexes.

France
Slovakia
Year Economic freedom index
France Slovakia
1995 64.4 60.4
1996 63.7 57.6
1997 59.1 55.5
1998 58.9 57.5
1999 59.1 54.2
2000 57.4 53.8
2001 58 58.5
2002 58 59.8
2003 59.2 59
2004 60.9 64.6
2005 60.5 66.8
2006 61.1 69.8
2007 62.1 69.6
2008 64.7 70
2009 63.3 69.4
2010 64.2 69.7
2011 64.6 69.5
2012 63.2 67
2013 64.1 68.7
2014 63.5 66.4
2015 62.5 67.2
2016 62.3 66.6
2017 63.3 65.7
2018 63.9 65.3
2019 63.8 65
2020 66 66.8
2021 65.7 66.3
2022 65.9 69.7
2023 63.6 69
2024 62.5 68.1
2025 64.4 68.4

More economic indicators

France Slovakia
Services, % of GDP
70.4%
2024
60%
2024
Industry, % of GDP
17.5%
2024
28.5%
2024
Agriculture, forestry, and fishing, % of GDP
1.43%
2024
2.03%
2024
GNI, Atlas method
$3.1T
2024
$130B
2024
GNI per capita, PPP
$62,620
2024
$46,110
2024
Total reserves including gold
$283B
2024
$14.5B
2024
Total reserves ranking
13/177
2024
68/177
2024
Net foreign direct investment
-$10.3B
2024
-$1.27B
2024
Net inflows of foreign direct investment
$52.1B
2024
$3.58B
2024
Net outflows of foreign direct investment
$41.7B
2024
$2.31B
2024
Poverty at national poverty lines
15.6%
2021
13.7%
2021
Gross capital formation, % of GDP
21.9%
2024
20.1%
2024

GDP per capita map

GDP per capita

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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.

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.