Mauritania has a GDP of $10.8B compared to $21.6B for Yemen, ranking 152/197 and 124/197 by economy size, respectively.
Mauritania has $4.84B in government debt (45.7% of GDP), compared to $18.8B (71.2% of GDP) in Yemen.
The chart below compares the two countries' GDP growth in both current (nominal) and constant dollars, accounting for inflation over time.
| Year | GDP | |||
|---|---|---|---|---|
Mauritania
|
Yemen
|
|||
| Current $ | Constant $ | Current $ | Constant $ | |
| 1961 | $159,213,430 | $1,064,724,230 | - | - |
| 1962 | $164,271,558 | $1,072,460,606 | - | - |
| 1963 | $168,186,297 | $1,051,185,480 | - | - |
| 1964 | $224,495,744 | $1,342,268,057 | - | - |
| 1965 | $255,340,475 | $1,558,887,712 | - | - |
| 1966 | $266,533,605 | $1,562,488,150 | - | - |
| 1967 | $282,615,310 | $1,618,224,178 | - | - |
| 1968 | $311,395,937 | $1,783,225,478 | - | - |
| 1969 | $295,062,308 | $1,805,489,621 | - | - |
| 1970 | $309,405,316 | $2,021,894,364 | - | - |
| 1971 | $335,568,907 | $2,059,155,581 | - | - |
| 1972 | $391,669,449 | $2,044,063,867 | - | - |
| 1973 | $493,237,876 | $1,950,348,507 | - | - |
| 1974 | $613,010,553 | $2,187,561,811 | - | - |
| 1975 | $703,377,837 | $2,075,244,196 | - | - |
| 1976 | $775,045,517 | $2,252,596,743 | - | - |
| 1977 | $799,030,017 | $2,210,279,603 | - | - |
| 1978 | $804,629,877 | $2,199,124,016 | - | - |
| 1979 | $951,900,945 | $2,304,462,932 | - | - |
| 1980 | $1,047,925,106 | $2,382,151,222 | - | - |
| 1981 | $1,105,494,682 | $2,464,342,310 | - | - |
| 1982 | $1,108,776,653 | $2,406,678,570 | - | - |
| 1983 | $1,165,171,263 | $2,496,576,246 | - | - |
| 1984 | $1,074,373,230 | $2,416,015,114 | - | - |
| 1985 | $1,009,723,326 | $2,488,368,981 | - | - |
| 1986 | $1,186,628,778 | $2,630,543,917 | - | - |
| 1987 | $1,344,664,725 | $2,680,534,357 | - | - |
| 1988 | $1,414,951,290 | $2,726,650,215 | - | - |
| 1989 | $1,450,647,019 | $2,856,918,259 | - | - |
| 1990 | $1,506,914,408 | $2,806,313,536 | $12,643,821,569 | $23,917,787,986 |
| 1991 | $2,133,692,697 | $2,856,492,871 | $14,665,445,462 | $25,423,052,504 |
| 1992 | $2,164,298,425 | $2,910,027,139 | $17,959,367,194 | $27,509,674,488 |
| 1993 | $1,847,353,211 | $3,080,951,582 | $21,736,802,664 | $28,610,602,412 |
| 1994 | $1,944,876,755 | $2,986,651,906 | $28,019,483,764 | $30,533,792,550 |
| 1995 | $2,091,726,101 | $3,279,935,161 | $12,796,345,679 | $32,264,866,629 |
| 1996 | $2,132,087,009 | $3,470,788,902 | $6,496,163,616 | $33,760,332,652 |
| 1997 | $2,071,996,564 | $3,330,406,023 | $6,838,298,531 | $35,526,373,478 |
| 1998 | $2,032,347,665 | $3,422,918,202 | $6,322,175,566 | $37,660,334,235 |
| 1999 | $1,985,922,776 | $3,548,648,091 | $7,639,325,296 | $39,082,211,639 |
| 2000 | $1,779,520,886 | $3,409,611,141 | $9,679,316,770 | $41,498,240,974 |
| 2001 | $1,746,063,558 | $3,382,351,510 | $9,852,990,693 | $43,076,687,104 |
| 2002 | $1,777,057,481 | $3,429,078,154 | $10,693,430,511 | $44,771,854,466 |
| 2003 | $2,051,147,607 | $3,666,653,932 | $11,777,532,662 | $46,449,634,128 |
| 2004 | $2,362,501,023 | $3,840,187,785 | $13,867,634,371 | $48,294,937,071 |
| 2005 | $2,936,019,526 | $4,169,149,304 | $16,731,566,717 | $50,995,468,285 |
| 2006 | $3,919,577,286 | $4,933,487,730 | $19,063,143,370 | $52,612,233,385 |
| 2007 | $4,346,212,355 | $4,836,326,500 | $21,650,528,674 | $54,368,654,892 |
| 2008 | $5,206,437,194 | $4,820,314,428 | $26,910,855,807 | $56,351,789,349 |
| 2009 | $4,714,595,548 | $4,825,032,355 | $25,130,278,213 | $58,530,478,862 |
| 2010 | $5,628,878,798 | $4,951,459,275 | $30,906,749,533 | $63,038,676,059 |
| 2011 | $6,764,627,746 | $5,158,072,940 | $32,726,417,878 | $55,023,373,391 |
| 2012 | $6,728,208,836 | $5,388,639,481 | $35,401,331,609 | $56,340,077,326 |
| 2013 | $7,223,071,097 | $5,612,311,839 | $40,415,233,436 | $59,057,651,706 |
| 2014 | $6,592,537,782 | $5,852,228,253 | $43,228,585,321 | $58,946,215,682 |
| 2015 | $6,166,863,897 | $6,166,863,897 | $42,444,490,074 | $42,444,490,074 |
| 2016 | $6,398,747,592 | $6,244,622,453 | $31,317,825,274 | $38,465,266,573 |
| 2017 | $6,800,135,898 | $6,636,194,356 | $26,842,229,045 | $36,514,386,859 |
| 2018 | $7,473,550,557 | $6,952,885,074 | $21,606,160,663 | $36,789,138,484 |
| 2019 | $7,894,764,886 | $7,171,275,535 | - | - |
| 2020 | $8,260,752,385 | $7,145,411,800 | - | - |
| 2021 | $9,222,536,364 | $7,198,481,874 | - | - |
| 2022 | $9,557,966,698 | $7,687,691,069 | - | - |
| 2023 | $10,651,709,314 | $8,187,943,518 | - | - |
| 2024 | $10,766,731,874 | $8,613,716,581 | - | - |
Economic indicators
|
Mauritania
|
Yemen
|
|
|---|---|---|
| Gross domestic product |
$10.8B
2024 |
$21.6B
2018 |
| GDP rank |
152/197
2024 |
124/197
2018 |
| GDP growth |
1.08%
2023-2024 |
-19.5%
2017-2018 |
| GDP per capita |
$2,083
2024 |
$634
2018 |
| GDP per capita rank |
157/197
2024 |
192/197
2018 |
| GDP per capita, PPP |
$7,271
2024 |
$3,164
2013 |
| Government debt |
$4.84B
2024 |
$18.8B
2018 |
| Debt-to-GDP ratio |
45.7%
2025 |
71.2%
2025 |
| Government debt per person |
$936
2024 |
$551
2018 |
| Government debt per person rank |
144/185
2024 |
164/185
2018 |
| Average annual personal income after taxes |
$2,194
2025 |
$1,333
2025 |
| Income share by richest 10% |
24.6%
2019 |
29.4%
2014 |
| Income share by poorest 10% |
3.1%
2019 |
3%
2014 |
| Government expenditure, % of GDP |
25.5%
2025 |
9.59%
2025 |
| Consumer prices inflation |
2.49%
2023-2024 |
20.4%
2024-2025 |
| Unemployment rate |
10.4%
2019 |
13.5%
2014 |
| Population |
5432542
|
42727988
|
GDP per capita in Mauritania vs Yemen
Mauritania's GDP per capita is $2,083, ranking 157/197, compared to $634 in Yemen, ranking 192/197. Adjusted for purchasing power (GDP per capita PPP), Mauritania ranks 146th at $7,271, while Yemen ranks 178th at $3,164.
| Year | Current $ | |||
|---|---|---|---|---|
|
Mauritania
|
Yemen
|
|||
| GDP per capita | GDP per capita, PPP | GDP per capita | GDP per capita, PPP | |
| 1961 | $188.2 | - | - | - |
| 1962 | $189 | - | - | - |
| 1963 | $188.2 | - | - | - |
| 1964 | $244.3 | - | - | - |
| 1965 | $270 | - | - | - |
| 1966 | $273.6 | - | - | - |
| 1967 | $281.5 | - | - | - |
| 1968 | $301 | - | - | - |
| 1969 | $276.6 | - | - | - |
| 1970 | $281.3 | - | - | - |
| 1971 | $296 | - | - | - |
| 1972 | $335 | - | - | - |
| 1973 | $410 | - | - | - |
| 1974 | $494 | - | - | - |
| 1975 | $551 | - | - | - |
| 1976 | $589 | - | - | - |
| 1977 | $590 | - | - | - |
| 1978 | $578 | - | - | - |
| 1979 | $664 | - | - | - |
| 1980 | $711 | - | - | - |
| 1981 | $729 | - | - | - |
| 1982 | $710 | - | - | - |
| 1983 | $725 | - | - | - |
| 1984 | $650 | - | - | - |
| 1985 | $593 | - | - | - |
| 1986 | $677 | - | - | - |
| 1987 | $746 | - | - | - |
| 1988 | $762 | - | - | - |
| 1989 | $762 | - | - | - |
| 1990 | $772 | $2,070 | $910 | $1,742 |
| 1991 | $1,062 | $2,116 | $1,016 | $1,843 |
| 1992 | $1,036 | $2,122 | $1,198 | $1,963 |
| 1993 | $850 | $2,209 | $1,397 | $2,013 |
| 1994 | $865 | $2,114 | $1,735 | $2,115 |
| 1995 | $905 | $2,306 | $764 | $2,201 |
| 1996 | $904 | $2,436 | $375 | $2,268 |
| 1997 | $859 | $2,325 | $383 | $2,351 |
| 1998 | $821 | $2,355 | $343 | $2,442 |
| 1999 | $781 | $2,411 | $401 | $2,492 |
| 2000 | $681 | $2,304 | $493 | $2,624 |
| 2001 | $652 | $2,280 | $487 | $2,702 |
| 2002 | $649 | $2,296 | $513 | $2,768 |
| 2003 | $732 | $2,447 | $549 | $2,844 |
| 2004 | $824 | $2,570 | $628 | $2,949 |
| 2005 | $999 | $2,809 | $734 | $3,113 |
| 2006 | $1,301 | $3,342 | $810 | $3,205 |
| 2007 | $1,405 | $3,278 | $890 | $3,294 |
| 2008 | $1,636 | $3,236 | $1,072 | $3,370 |
| 2009 | $1,435 | $3,159 | $969 | $3,411 |
| 2010 | $1,660 | $3,178 | $1,155 | $3,603 |
| 2011 | $1,931 | $3,271 | $1,186 | $3,113 |
| 2012 | $1,859 | $3,465 | $1,245 | $3,005 |
| 2013 | $1,934 | $3,831 | $1,379 | $3,164 |
| 2014 | $1,713 | $3,865 | $1,430 | - |
| 2015 | $1,555 | $3,978 | $1,362 | - |
| 2016 | $1,566 | $4,683 | $975 | - |
| 2017 | $1,615 | $5,353 | $811 | - |
| 2018 | $1,723 | $5,429 | $634 | - |
| 2019 | $1,767 | $5,610 | - | - |
| 2020 | $1,796 | $5,741 | - | - |
| 2021 | $1,948 | $5,837 | - | - |
| 2022 | $1,960 | $6,485 | - | - |
| 2023 | $2,121 | $6,946 | - | - |
| 2024 | $2,083 | $7,271 | - | - |
Spending and national debt comparison
In 2024, Mauritania's government spending was $2.6B, accounting for 25.5% of its GDP, while Yemen's spent $3.08B, or 9.59% of GDP.
Debt-to-GDP ratio is 45.7% in Mauritania and 71.2% in Yemen, ranking 116/185 and 54/185, respectively.
| Year | % of GDP | |||
|---|---|---|---|---|
|
Mauritania
|
Yemen
|
|||
| Government spending | Government debt | Government spending | Government debt | |
| 1990 | - | - | 26.6% | 91.6% |
| 1991 | - | - | 24.7% | 82.7% |
| 1992 | - | - | 24.6% | 78% |
| 1993 | - | - | 25.8% | 76.7% |
| 1994 | - | - | 25.2% | 73.3% |
| 1995 | - | - | 24.1% | 84.1% |
| 1996 | - | - | 30.7% | 114.9% |
| 1997 | - | - | 34.2% | 74.2% |
| 1998 | - | - | 34.3% | 110.6% |
| 1999 | - | - | 28.2% | 96.1% |
| 2000 | - | 55.5% | 31.7% | 60.8% |
| 2001 | - | 63.5% | 30.5% | 60.6% |
| 2002 | - | 59.5% | 30.8% | 57.8% |
| 2003 | - | 22.9% | 35.3% | 56.8% |
| 2004 | 23.9% | 22% | 34.2% | 52.1% |
| 2005 | 21.3% | 71.1% | 36.8% | 43.8% |
| 2006 | 19% | 38% | 37.4% | 40.8% |
| 2007 | 19.7% | 61.5% | 40.3% | 40.4% |
| 2008 | 19.8% | 57.2% | 41.2% | 36.4% |
| 2009 | 19.6% | 54.3% | 35.2% | 49.8% |
| 2010 | 17.3% | 43.9% | 30.2% | 42.4% |
| 2011 | 17% | 38.8% | 29.8% | 45.7% |
| 2012 | 21.5% | 39.3% | 36.2% | 47.6% |
| 2013 | 20.1% | 40.7% | 30.8% | 48.4% |
| 2014 | 23.9% | 49.5% | 27.8% | 48.9% |
| 2015 | 25.7% | 59.9% | 19.4% | 57.7% |
| 2016 | 20.8% | 57.6% | 16.1% | 76.5% |
| 2017 | 20.3% | 55.7% | 8.39% | 83.8% |
| 2018 | 19% | 59.2% | 14.3% | 86.9% |
| 2019 | 17.8% | 57.7% | 13.2% | 91.5% |
| 2020 | 18.5% | 56.5% | 10.6% | 87% |
| 2021 | 20.8% | 54.5% | 8.22% | 75.9% |
| 2022 | 28.7% | 50.5% | 12.2% | 65.3% |
| 2023 | 25% | 47.5% | 11.8% | 77.9% |
| 2024 | 24.1% | 44.9% | 8.91% | 70.9% |
| 2025 | 25.5% | 45.7% | 9.59% | 71.2% |
Government deficit by year
In 2018, Mauritania's government surplus, the difference between spending and revenue, was $241M, equivalent to 3.23% of GDP. This compares to Yemen's deficit of -$1.7B, or -7.85% of GDP.
Over the past 15 years, Mauritania recorded a fiscal deficit in 9 of those years, while Yemen ran a deficit in 14 years. On average, Mauritania posted an annual deficit equal to -0.87% of GDP, compared to deficit of -5.38% of GDP for Yemen.
| Year | Deficit/surplus, % of GDP | |
|---|---|---|
|
Mauritania
|
Yemen
|
|
| 1990 | - | -10.3% |
| 1991 | - | -5.76% |
| 1992 | - | -10.9% |
| 1993 | - | -12.8% |
| 1994 | - | -14% |
| 1995 | - | -5.74% |
| 1996 | - | -0.92% |
| 1997 | - | -1.5% |
| 1998 | - | -7.77% |
| 1999 | - | 0.06% |
| 2000 | - | 6.09% |
| 2001 | - | 2.79% |
| 2002 | - | -0.56% |
| 2003 | - | -4.2% |
| 2004 | -3.06% | -2.15% |
| 2005 | -3.16% | -1.82% |
| 2006 | 2.05% | 1.19% |
| 2007 | -1.38% | -7.18% |
| 2008 | -3.32% | -4.53% |
| 2009 | -3.59% | -10.2% |
| 2010 | -0.45% | -4.06% |
| 2011 | 0.07% | -4.51% |
| 2012 | 1.67% | -6.32% |
| 2013 | -0.66% | -6.9% |
| 2014 | -2.64% | -4.14% |
| 2015 | -2.44% | -8.75% |
| 2016 | 0.13% | -8.51% |
| 2017 | 0.53% | -4.9% |
| 2018 | 3.23% | -7.85% |
| 2019 | 2.65% | -5.89% |
| 2020 | 2.78% | -4.3% |
| 2021 | 2.6% | -0.89% |
| 2022 | -3.09% | -2.15% |
| 2023 | -2.47% | -5.63% |
| 2024 | -0.12% | -2.48% |
| 2025 | -1.27% | -3.73% |
Inflation comparison by year
Over the past 29 years, Mauritania has recorded an average annual inflation rate of 4.96%, compared with 16.3% in Yemen. In 2024, inflation was 2.49% in Mauritania and 20.4% in Yemen.
| Year | Inflation | ||
|---|---|---|---|
|
Mauritania
|
Yemen
|
Mauritania
|
Yemen
|
| 1996 | 4.68% | 38.8% | |
| 1997 | 4.63% | 4.6% | |
| 1998 | 8.03% | 11.5% | |
| 1999 | 4.07% | 7.9% | |
| 2000 | 3.25% | 11% | |
| 2001 | 4.71% | 11.9% | |
| 2002 | 3.9% | 12.2% | |
| 2003 | 5.15% | 10.8% | |
| 2004 | 10.4% | 12.5% | |
| 2005 | 12.1% | 9.9% | |
| 2006 | 6.24% | 10.8% | |
| 2007 | 7.25% | 7.9% | |
| 2008 | 7.35% | 19% | |
| 2009 | 2.22% | 3.7% | |
| 2010 | 6.28% | 11.2% | |
| 2011 | 5.69% | 19.5% | |
| 2012 | 4.9% | 9.9% | |
| 2013 | 4.13% | 11% | |
| 2014 | 3.53% | 8.2% | |
| 2015 | 3.25% | 22% | |
| 2016 | 1.47% | 21.3% | |
| 2017 | 2.25% | 30.4% | |
| 2018 | 3.07% | 33.6% | |
| 2019 | 2.3% | 15.7% | |
| 2020 | 2.39% | 21.7% | |
| 2021 | 3.57% | 31.5% | |
| 2022 | 9.53% | 29.5% | |
| 2023 | 4.95% | 0.9% | |
| 2024 | 2.49% | 33.9% | |
| 2025 | - | 20.4% | |
Top exports between countries
|
Mauritania
|
|
|---|---|
| Export category | Export value |
| Textiles & consumer goods | $3K |
|
Yemen
|
|
|---|---|
| Export category | Export value |
Balance of trade
|
Mauritania
|
Yemen
|
|
|---|---|---|
Current account balance
|
-$1.04B
2024 |
-$2.42B
2016 |
| Current account balance ranking |
123/189
2024 |
146/189
2016 |
| Current account balance, % of GDP |
-9.65%
2024 |
-7.72%
2016 |
| Goods imports |
$4.32B
2024 |
$6.8B
2016 |
| Goods exports |
$3.83B
2024 |
$473M
2016 |
| Service imports |
$1.05B
2024 |
$1.46B
2016 |
| Service exports |
$230M
2024 |
$466M
2016 |
| Imports of goods and services, % of GDP |
53.2%
2023 |
47.3%
2018 |
| Exports of goods and services, % of GDP |
38.3%
2023 |
8.76%
2018 |
Economic freedom indices
The indices of economic freedom below are issued by the Heritage Foundation. Higher scores indicate stronger economic health.
|
Mauritania
|
Yemen
|
|
|---|---|---|
| Economic freedom | 54.9 | 53.7 |
| Economic freedom ranking | 131/197 | 140/197 |
| Property rights | 35.8 | 5.1 |
| Government integrity | 23.8 | 6.1 |
| Judicial effectiveness | 28.3 | 8.3 |
| Tax burden | 75.8 | 91.5 |
| Government spending | 81.5 | 95.6 |
| Fiscal health | 95.4 | 48.9 |
| Business freedom | 38.8 | 28.4 |
| Labor freedom | 53.6 | 30.7 |
| Monetary freedom | 74.6 | 54.6 |
| Trade freedom | 60.6 | 67.4 |
| Investment freedom | 50 | 50 |
| Financial freedom | 40 | 30 |
Economic freedom by year comparison
The Economic Freedom Index for Mauritania is 54.9, ranking 131/197, compared to 53.7 for Yemen, ranking 140/197. The chart below displays a comparison of annual changes in economic freedom indexes.
| Year | Economic freedom index | |
|---|---|---|
|
Mauritania
|
Yemen
|
|
| 1995 | - | 49.8 |
| 1996 | 45.5 | 49.6 |
| 1997 | 47 | 48.4 |
| 1998 | 43.7 | 46.1 |
| 1999 | 42.8 | 43.3 |
| 2000 | 46 | 44.5 |
| 2001 | 48.5 | 44.3 |
| 2002 | 52.5 | 48.6 |
| 2003 | 59 | 50.3 |
| 2004 | 61.8 | 50.5 |
| 2005 | 59.4 | 53.8 |
| 2006 | 55.7 | 52.6 |
| 2007 | 53.6 | 54.1 |
| 2008 | 55.2 | 53.8 |
| 2009 | 53.9 | 56.9 |
| 2010 | 52 | 54.4 |
| 2011 | 52.1 | 54.2 |
| 2012 | 53 | 55.3 |
| 2013 | 52.3 | 55.9 |
| 2014 | 53.2 | 55.5 |
| 2015 | 53.3 | 53.7 |
| 2016 | 54.8 | - |
| 2017 | 54.4 | - |
| 2018 | 54 | - |
| 2019 | 55.7 | - |
| 2020 | 55.3 | - |
| 2021 | 56.1 | - |
| 2022 | 55.3 | - |
| 2023 | 55.3 | - |
| 2024 | 55.3 | - |
| 2025 | 54.9 | - |
More economic indicators
|
Mauritania
|
Yemen
|
|
|---|---|---|
| Services, % of GDP |
43.2%
2024 |
41.8%
2018 |
| Industry, % of GDP |
30.6%
2024 |
25.4%
2018 |
| Agriculture, forestry, and fishing, % of GDP |
18.6%
2024 |
28.7%
2018 |
|
GNI, Atlas method
|
$10.8B
2024 |
$25.3B
2018 |
| GNI per capita, PPP |
$7,200
2024 |
$3,020
2013 |
| Total reserves including gold |
$2.04B
2021 |
$1.25B
2022 |
| Total reserves ranking |
126/177
2021 |
139/177
2022 |
|
Net foreign direct investment
|
-$1.44B
2024 |
$15.4M
2015 |
|
Net inflows of foreign direct investment
|
$1.44B
2024 |
-$371M
2019 |
|
Net outflows of foreign direct investment
|
$3.9M
2024 |
$3.33M
2019 |
|
Servicing debt to the IMF, % of GNI
|
3.68%
2023 |
0.53%
2018 |
| Poverty at national poverty lines |
31.8%
2019 |
48.6%
2014 |
|
Gross capital formation, % of GDP
|
42.4%
2023 |
n/a |
GDP per capita map
GDP per capita
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Economy comparisons
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.