Syria has a GDP of $20B compared to $14.2B for Tajikistan, ranking 129/197 and 145/197 by economy size, respectively.
Syria has $18.4B in government debt (30% of GDP), compared to $4.2B (28.4% of GDP) in Tajikistan.
The chart below compares the two countries' GDP growth in both current (nominal) and constant dollars, accounting for inflation over time.
| Year | GDP | |||
|---|---|---|---|---|
Syria
|
Tajikistan
|
|||
| Current $ | Constant $ | Current $ | Constant $ | |
| 1960 | $857,704,413 | $2,416,812,218 | - | - |
| 1961 | $945,244,972 | $2,678,627,030 | - | - |
| 1962 | $1,110,565,881 | $3,335,461,124 | - | - |
| 1963 | $1,200,447,408 | $3,046,852,122 | - | - |
| 1964 | $1,339,494,267 | $3,329,336,867 | - | - |
| 1965 | $1,472,036,540 | $3,405,890,769 | - | - |
| 1966 | $1,342,287,553 | $3,145,031,364 | - | - |
| 1967 | $1,580,229,799 | $3,404,738,073 | - | - |
| 1968 | $1,753,746,430 | $3,531,703,487 | - | - |
| 1969 | $2,245,011,515 | $4,194,530,603 | - | - |
| 1970 | $2,140,384,010 | $4,119,161,060 | - | - |
| 1971 | $2,589,851,325 | $4,488,065,486 | - | - |
| 1972 | $3,059,681,698 | $5,639,735,188 | - | - |
| 1973 | $3,239,487,516 | $5,049,263,095 | - | - |
| 1974 | $5,159,557,148 | $6,351,759,533 | - | - |
| 1975 | $6,826,980,444 | $7,390,372,324 | - | - |
| 1976 | $7,633,528,867 | $8,296,021,554 | - | - |
| 1977 | $7,696,011,396 | $8,146,733,163 | - | - |
| 1978 | $9,275,200,458 | $8,956,729,450 | - | - |
| 1979 | $9,929,681,529 | $9,036,264,207 | - | - |
| 1980 | $13,062,420,382 | $10,347,255,986 | - | - |
| 1981 | $15,518,201,335 | $11,149,721,268 | - | - |
| 1982 | $16,298,929,011 | $11,460,696,656 | - | - |
| 1983 | $17,589,277,143 | $11,726,623,777 | - | - |
| 1984 | $17,503,078,174 | $10,834,153,805 | - | - |
| 1985 | $16,403,539,893 | $11,847,234,654 | - | $6,548,213,772 |
| 1986 | $13,293,205,278 | $10,905,032,498 | - | $6,777,401,246 |
| 1987 | $11,356,215,543 | $11,088,485,935 | - | $6,696,072,428 |
| 1988 | $10,577,041,645 | $13,085,648,672 | - | $7,626,826,568 |
| 1989 | $9,853,395,762 | $11,299,813,273 | - | $7,131,082,791 |
| 1990 | $12,308,624,418 | $11,722,376,107 | $2,629,395,066 | $7,088,296,320 |
| 1991 | $12,981,833,333 | $12,621,068,342 | $2,536,585,366 | $6,585,027,346 |
| 1992 | $13,253,565,861 | $14,258,373,042 | $1,908,554,572 | $4,675,369,346 |
| 1993 | $13,695,962,055 | $15,135,390,679 | $1,646,623,195 | $3,908,608,781 |
| 1994 | $10,122,020,000 | $16,227,110,829 | $1,522,001,206 | $3,076,075,188 |
| 1995 | $11,396,706,587 | $17,367,323,301 | $1,231,561,860 | $2,694,139,780 |
| 1996 | $13,789,560,878 | $19,073,761,706 | $1,043,654,822 | $2,244,218,479 |
| 1997 | $14,505,233,463 | $20,031,990,206 | $921,518,033 | $2,281,936,479 |
| 1998 | $15,200,846,154 | $21,391,221,744 | $1,320,199,582 | $2,403,172,744 |
| 1999 | $15,873,875,969 | $20,631,095,403 | $1,086,612,290 | $2,492,079,339 |
| 2000 | $18,937,052,543 | $20,770,487,870 | $860,541,842 | $2,699,528,109 |
| 2001 | $20,237,024,725 | $20,988,014,510 | $1,080,772,551 | $2,958,165,475 |
| 2002 | $20,669,357,462 | $21,818,055,209 | $1,221,106,220 | $3,277,647,458 |
| 2003 | $21,828,144,686 | $23,389,922,826 | $1,555,318,261 | $3,638,188,648 |
| 2004 | $25,086,950,495 | $25,004,519,711 | $2,076,176,869 | $4,012,922,040 |
| 2005 | $28,858,965,517 | $26,558,570,073 | $2,312,352,021 | $4,281,787,757 |
| 2006 | $33,751,788,856 | $27,898,767,456 | $2,830,213,849 | $4,581,513,037 |
| 2007 | $40,465,318,382 | $29,481,908,620 | $3,719,524,541 | $4,938,871,060 |
| 2008 | $52,557,913,569 | $30,801,717,185 | $5,161,299,725 | $5,329,041,788 |
| 2009 | $54,111,735,629 | $32,622,727,886 | $4,979,472,364 | $5,536,874,479 |
| 2010 | $61,390,830,875 | $34,316,469,201 | $5,642,221,099 | $5,896,771,270 |
| 2011 | $67,539,428,159 | $35,294,489,549 | $6,522,756,255 | $6,333,132,379 |
| 2012 | $43,190,318,033 | $25,998,267,919 | $7,633,036,903 | $6,808,117,273 |
| 2013 | $21,361,254,635 | $19,160,700,666 | $8,448,411,318 | $7,311,917,934 |
| 2014 | $21,502,061,466 | $17,185,167,298 | $9,112,605,459 | $7,801,816,486 |
| 2015 | $16,466,863,117 | $16,466,863,117 | $8,271,431,485 | $8,271,431,485 |
| 2016 | $12,597,854,877 | $15,412,063,258 | $6,992,416,097 | $8,842,160,258 |
| 2017 | $16,369,843,352 | $15,300,590,613 | $7,536,402,853 | $9,469,953,673 |
| 2018 | $21,497,782,868 | $15,513,754,781 | $7,764,999,999 | $10,189,670,047 |
| 2019 | $22,583,045,060 | $15,703,131,996 | $8,300,813,599 | $10,943,705,647 |
| 2020 | $12,047,752,036 | $15,593,656,904 | $8,133,963,551 | $11,425,228,817 |
| 2021 | $14,353,205,678 | $15,882,796,970 | $8,937,805,347 | $12,499,200,275 |
| 2022 | $23,622,827,080 | $15,999,183,136 | $10,713,525,200 | $13,499,136,339 |
| 2023 | $19,993,439,950 | $15,806,030,725 | $12,244,169,293 | $14,619,564,550 |
| 2024 | - | - | $14,204,575,549 | $15,847,607,944 |
Economic indicators
|
Syria
|
Tajikistan
|
|
|---|---|---|
| Gross domestic product |
$20B
2023 |
$14.2B
2024 |
| GDP rank |
129/197
2023 |
145/197
2024 |
| GDP growth |
-15.4%
2022-2023 |
16%
2023-2024 |
| GDP per capita |
$847
2023 |
$1,341
2024 |
| GDP per capita rank |
184/197
2023 |
167/197
2024 |
| GDP per capita, PPP |
$4,650
2023 |
$5,406
2024 |
| Government debt |
$18.4B
2010 |
$4.2B
2024 |
| Debt-to-GDP ratio |
30%
2010 |
28.4%
2025 |
| Government debt per person |
$820
2010 |
$396
2024 |
| Government debt per person rank |
148/185
2010 |
171/185
2024 |
| Average annual personal income after taxes |
$731
2025 |
$2,250
2025 |
| Income share by richest 10% |
21.1%
2022 |
28.2%
2024 |
| Income share by poorest 10% |
3.8%
2022 |
2.9%
2024 |
| Government expenditure, % of GDP |
28.6%
2010 |
30.3%
2025 |
| Consumer prices inflation |
13.4%
2018-2019 |
3.8%
2024-2025 |
| Central bank interest rate | n/a |
7.75%
2025 |
| Unemployment rate |
8.61%
2010 |
0.08%
2016 |
| Population |
26304877
|
10940854
|
GDP per capita in Syria vs Tajikistan
Syria's GDP per capita is $847, ranking 184/197, compared to $1,341 in Tajikistan, ranking 167/197. Adjusted for purchasing power (GDP per capita PPP), Syria ranks 160th at $4,650, while Tajikistan ranks 156th at $5,406.
| Year | Current $ | |||
|---|---|---|---|---|
|
Syria
|
Tajikistan
|
|||
| GDP per capita | GDP per capita, PPP | GDP per capita | GDP per capita, PPP | |
| 1960 | $183.5 | - | - | - |
| 1961 | $196.3 | - | - | - |
| 1962 | $223.9 | - | - | - |
| 1963 | $234.9 | - | - | - |
| 1964 | $254.2 | - | - | - |
| 1965 | $270.8 | - | - | - |
| 1966 | $239.3 | - | - | - |
| 1967 | $272.9 | - | - | - |
| 1968 | $293.3 | - | - | - |
| 1969 | $364 | - | - | - |
| 1970 | $335 | - | - | - |
| 1971 | $393 | - | - | - |
| 1972 | $448 | - | - | - |
| 1973 | $459 | - | - | - |
| 1974 | $707 | - | - | - |
| 1975 | $904 | - | - | - |
| 1976 | $976 | - | - | - |
| 1977 | $951 | - | - | - |
| 1978 | $1,108 | - | - | - |
| 1979 | $1,146 | - | - | - |
| 1980 | $1,458 | - | - | - |
| 1981 | $1,676 | - | - | - |
| 1982 | $1,703 | - | - | - |
| 1983 | $1,776 | - | - | - |
| 1984 | $1,706 | - | - | - |
| 1985 | $1,544 | - | - | - |
| 1986 | $1,208 | - | - | - |
| 1987 | $997 | - | - | - |
| 1988 | $898 | - | - | - |
| 1989 | $809 | - | - | - |
| 1990 | $978 | - | $487 | $2,583 |
| 1991 | $1,000 | - | $458 | $2,417 |
| 1992 | $990 | - | $338 | $1,721 |
| 1993 | $993 | - | $287.6 | $1,454 |
| 1994 | $712 | - | $261.3 | $1,148 |
| 1995 | $780 | - | $207 | $1,006 |
| 1996 | $918 | - | $172 | $836 |
| 1997 | $941 | - | $150.1 | $855 |
| 1998 | $961 | - | $213.7 | $905 |
| 1999 | $978 | - | $175 | $947 |
| 2000 | $1,138 | - | $136.9 | $1,036 |
| 2001 | $1,187 | - | $168.7 | $1,139 |
| 2002 | $1,183 | - | $187 | $1,257 |
| 2003 | $1,220 | - | $233.6 | $1,396 |
| 2004 | $1,368 | - | $306 | $1,550 |
| 2005 | $1,534 | - | $334 | $1,673 |
| 2006 | $1,719 | - | $401 | $1,810 |
| 2007 | $1,938 | - | $517 | $1,966 |
| 2008 | $2,429 | - | $703 | $2,120 |
| 2009 | $2,462 | - | $665 | $2,171 |
| 2010 | $2,731 | - | $737 | $2,291 |
| 2011 | $2,952 | - | $834 | $2,456 |
| 2012 | $1,898 | - | $952 | $2,679 |
| 2013 | $986 | - | $1,028 | $2,919 |
| 2014 | $1,061 | - | $1,082 | $3,152 |
| 2015 | $848 | - | $957 | $2,975 |
| 2016 | $656 | - | $789 | $2,914 |
| 2017 | $852 | $3,265 | $829 | $3,017 |
| 2018 | $1,098 | $3,456 | $834 | $3,069 |
| 2019 | $1,110 | $3,502 | $871 | $3,460 |
| 2020 | $572 | $3,738 | $834 | $3,654 |
| 2021 | $664 | $4,593 | $897 | $3,986 |
| 2022 | $1,052 | $4,772 | $1,052 | $4,514 |
| 2023 | $847 | $4,650 | $1,178 | $4,964 |
| 2024 | - | - | $1,341 | $5,406 |
Spending and national debt comparison
In 2024, Syria's government spending was $17.6B, accounting for 28.6% of its GDP, while Tajikistan's spent $4.27B, or 30.3% of GDP.
Debt-to-GDP ratio is 30% in Syria and 28.4% in Tajikistan, ranking 159/185 and 161/185, respectively.
| Year | % of GDP | |||
|---|---|---|---|---|
|
Syria
|
Tajikistan
|
|||
| Government spending | Government debt | Government spending | Government debt | |
| 1990 | 28.3% | 189.8% | - | - |
| 1991 | 34.3% | 182.4% | - | - |
| 1992 | 34.2% | 173.6% | - | - |
| 1993 | 29.4% | 171.9% | - | - |
| 1994 | 30.3% | 163% | - | - |
| 1995 | 29.8% | 152.6% | - | - |
| 1996 | 27.7% | 141.5% | - | - |
| 1997 | 29% | 147.6% | - | - |
| 1998 | 28.8% | 151.2% | 17.1% | 96.6% |
| 1999 | 28% | 147.7% | 17.5% | 107.8% |
| 2000 | 27.4% | 152.1% | 18.1% | 111.4% |
| 2001 | 28% | 144.5% | 17.3% | 99.4% |
| 2002 | 28.5% | 132.4% | 19.1% | 98.3% |
| 2003 | 32.6% | 133.4% | 19.1% | 69.8% |
| 2004 | 31.3% | 113% | 20.2% | 49.4% |
| 2005 | 28.2% | 50.7% | 22.9% | 45.8% |
| 2006 | 26.3% | 45% | 21.6% | 36.8% |
| 2007 | 25.7% | 42.7% | 20.3% | 34.3% |
| 2008 | 22.9% | 37.3% | 20.2% | 30.2% |
| 2009 | 26.7% | 31.2% | 23.6% | 36.9% |
| 2010 | 28.6% | 30% | 25.9% | 36.8% |
| 2011 | - | - | 24.3% | 35.5% |
| 2012 | - | - | 24.7% | 32.5% |
| 2013 | - | - | 27.7% | 29.3% |
| 2014 | - | - | 27.5% | 27.9% |
| 2015 | - | - | 31.9% | 35% |
| 2016 | - | - | 32.7% | 42.2% |
| 2017 | - | - | 33.8% | 46.3% |
| 2018 | - | - | 30.9% | 46.6% |
| 2019 | - | - | 28.8% | 43.5% |
| 2020 | - | - | 29.2% | 51.8% |
| 2021 | - | - | 27.6% | 42.1% |
| 2022 | - | - | 28% | 32.5% |
| 2023 | - | - | 31% | 30.9% |
| 2024 | - | - | 30% | 29.5% |
| 2025 | - | - | 30.3% | 28.4% |
Government deficit by year
In 2010, Syria's government deficit, the difference between spending and revenue, was -$4.78B, equivalent to -7.79% of GDP. This compares to Tajikistan's deficit of -$153M, or -2.71% of GDP.
Over the past 13 years, Syria recorded a fiscal deficit in 12 of those years, while Tajikistan ran a deficit in 10 years. On average, Syria posted an annual deficit equal to -2.64% of GDP, compared to deficit of -1.68% of GDP for Tajikistan.
| Year | Deficit/surplus, % of GDP | |
|---|---|---|
|
Syria
|
Tajikistan
|
|
| 1990 | -3.92% | - |
| 1991 | -6.57% | - |
| 1992 | -7.26% | - |
| 1993 | -4.96% | - |
| 1994 | -6% | - |
| 1995 | -3.81% | - |
| 1996 | -2.83% | - |
| 1997 | -1.78% | - |
| 1998 | -2.81% | -5.09% |
| 1999 | -1.47% | -4.03% |
| 2000 | -1.36% | -4.51% |
| 2001 | 2.3% | -2.11% |
| 2002 | -2.02% | -2.4% |
| 2003 | -2.7% | -1.74% |
| 2004 | -4.18% | -2.32% |
| 2005 | -4.41% | -2.83% |
| 2006 | -1.12% | 2% |
| 2007 | -2.99% | 2.13% |
| 2008 | -2.86% | 1.94% |
| 2009 | -2.89% | -0.2% |
| 2010 | -7.79% | -2.71% |
| 2011 | - | 0.6% |
| 2012 | - | 0.41% |
| 2013 | - | -0.73% |
| 2014 | - | 0.92% |
| 2015 | - | -1.96% |
| 2016 | - | -2.91% |
| 2017 | - | -5.65% |
| 2018 | - | -2.69% |
| 2019 | - | -2.04% |
| 2020 | - | -4.34% |
| 2021 | - | -0.67% |
| 2022 | - | -0.23% |
| 2023 | - | -1.27% |
| 2024 | - | -2.5% |
| 2025 | - | -2.5% |
Inflation comparison by year
Over the past 24 years, Syria has recorded an average annual inflation rate of 11.3%, compared with 33.7% in Tajikistan. In 2019, inflation was 13.4% in Syria and 3.8% in Tajikistan.
| Year | Inflation | ||
|---|---|---|---|
|
Syria
|
Tajikistan
|
Syria
|
Tajikistan
|
| 1996 | 8.25% | 419% | |
| 1997 | 1.89% | 88% | |
| 1998 | -0.8% | 43.2% | |
| 1999 | -3.7% | 27.5% | |
| 2000 | -3.85% | 32.9% | |
| 2001 | 3% | 38.6% | |
| 2002 | -0.13% | 12.2% | |
| 2003 | 5.8% | 16.4% | |
| 2004 | 4.43% | 7.2% | |
| 2005 | 7.24% | 7.3% | |
| 2006 | 10% | 10% | |
| 2007 | 3.91% | 13.2% | |
| 2008 | 15.7% | 20.4% | |
| 2009 | 2.92% | 6.4% | |
| 2010 | 4.4% | 6.5% | |
| 2011 | 4.75% | 12.4% | |
| 2012 | 36.7% | 5.8% | |
| 2013 | 40% | 5% | |
| 2014 | 10.9% | 6.1% | |
| 2015 | 38.5% | 5.8% | |
| 2016 | 47.7% | 5.9% | |
| 2017 | 18.1% | 7.3% | |
| 2018 | 0.94% | 3.8% | |
| 2019 | 13.4% | 7.8% | |
| 2020 | - | 8.6% | |
| 2021 | - | 9% | |
| 2022 | - | 6.6% | |
| 2023 | - | 3.7% | |
| 2024 | - | 3.5% | |
| 2025 | - | 3.8% | |
Top exports between countries
|
Syria
|
|
|---|---|
| Export category | Export value |
| Textiles & consumer goods | $450K |
| Raw agricultural goods | $5K |
|
Tajikistan
|
|
|---|---|
| Export category | Export value |
| Textiles & consumer goods | $363K |
| Processed food, beverages & tobacco | $28K |
Balance of trade
|
Syria
|
Tajikistan
|
|
|---|---|---|
Current account balance
|
-$367M
2010 |
$887M
2024 |
| Current account balance ranking |
100/189
2010 |
53/189
2024 |
| Current account balance, % of GDP |
-0.6%
2010 |
+6.24%
2024 |
| Goods imports |
$15.9B
2010 |
$5.94B
2024 |
| Goods exports |
$12.3B
2010 |
$1.42B
2024 |
| Service imports |
$3.53B
2010 |
$971M
2024 |
| Service exports |
$7.33B
2010 |
$195M
2024 |
| Imports of goods and services, % of GDP |
28.8%
2022 |
48.4%
2023 |
| Exports of goods and services, % of GDP |
6.81%
2022 |
17.2%
2023 |
Economic freedom indices
The indices of economic freedom below are issued by the Heritage Foundation. Higher scores indicate stronger economic health.
|
Syria
|
Tajikistan
|
|
|---|---|---|
| Economic freedom | 51.2 | 51.5 |
| Economic freedom ranking | 155/197 | 152/197 |
| Property rights | 2.6 | 28.8 |
| Government integrity | 3.3 | 15.7 |
| Judicial effectiveness | 3.7 | 11.2 |
| Tax burden | 86.2 | 92.3 |
| Government spending | 78.5 | 75 |
| Fiscal health | 13.8 | 97.3 |
| Business freedom | 35 | 56.2 |
| Labor freedom | 46.5 | 43.6 |
| Monetary freedom | 60.6 | 71 |
| Trade freedom | 47 | 72.2 |
| Investment freedom | 0 | 25 |
| Financial freedom | 20 | 30 |
Economic freedom by year comparison
The Economic Freedom Index for Syria is 51.2, ranking 155/197, compared to 51.5 for Tajikistan, ranking 152/197. The chart below displays a comparison of annual changes in economic freedom indexes.
| Year | Economic freedom index | |
|---|---|---|
|
Syria
|
Tajikistan
|
|
| 1996 | 42.3 | - |
| 1997 | 43 | - |
| 1998 | 42.2 | 41.1 |
| 1999 | 39 | 41.2 |
| 2000 | 37.2 | 44.8 |
| 2001 | 36.6 | 46.8 |
| 2002 | 36.3 | 47.3 |
| 2003 | 41.3 | 46.5 |
| 2004 | 40.6 | 48.7 |
| 2005 | 46.3 | 50.4 |
| 2006 | 51.2 | 52.6 |
| 2007 | 48.3 | 53.6 |
| 2008 | 47.2 | 54.4 |
| 2009 | 51.3 | 54.6 |
| 2010 | 49.4 | 53 |
| 2011 | 51.3 | 53.5 |
| 2012 | 51.2 | 53.4 |
| 2013 | - | 53.4 |
| 2014 | - | 52 |
| 2015 | - | 52.7 |
| 2016 | - | 51.3 |
| 2017 | - | 58.2 |
| 2018 | - | 58.3 |
| 2019 | - | 55.6 |
| 2020 | - | 52.2 |
| 2021 | - | 55.2 |
| 2022 | - | 49.7 |
| 2023 | - | 50.6 |
| 2024 | - | 51.3 |
| 2025 | - | 51.5 |
More economic indicators
|
Syria
|
Tajikistan
|
|
|---|---|---|
| Services, % of GDP |
44.9%
2022 |
34.7%
2023 |
| Industry, % of GDP |
12%
2022 |
33.6%
2023 |
| Agriculture, forestry, and fishing, % of GDP |
43.1%
2022 |
22.9%
2023 |
|
GNI, Atlas method
|
$18.2B
2023 |
$17.5B
2024 |
| GNI per capita, PPP |
$4,480
2023 |
$7,100
2024 |
| Total reserves including gold |
$20.6B
2010 |
$3.3B
2023 |
| Total reserves ranking |
62/177
2010 |
117/177
2023 |
|
Net foreign direct investment
|
-$1.47B
2010 |
-$190M
2024 |
|
Net inflows of foreign direct investment
|
$804M
2011 |
$291M
2024 |
|
Net outflows of foreign direct investment
|
$0
1989 |
$101M
2024 |
|
Servicing debt to the IMF, % of GNI
|
0.15%
2023 |
3.78%
2023 |
| Poverty at national poverty lines |
35.2%
2007 |
19.8%
2024 |
|
Gross capital formation, % of GDP
|
16%
1969 |
31.7%
2023 |
GDP per capita map
GDP per capita
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comparisons:
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.