Tonga has a GDP of $591M compared to $552B for the United Arab Emirates, ranking 191/197 and 27/197 by economy size, respectively.
Tonga has $256M in government debt (37% of GDP), compared to $193B (34.9% of GDP) in the United Arab Emirates.
Tonga vs United Arab Emirates GDP by year
| Year | GDP, current $ | |
|---|---|---|
Tonga
|
UAE
|
|
| 2024 | - | $552,324,846,835 |
| 2023 | $591,139,749 | $522,622,191,967 |
| 2022 | $556,514,555 | $511,403,403,676 |
| 2021 | $519,306,353 | $422,441,388,700 |
| 2020 | $506,571,468 | $357,161,878,829 |
| 2019 | $506,031,239 | $433,926,208,305 |
| 2018 | $493,530,783 | $440,560,108,918 |
| 2017 | $459,976,850 | $403,365,010,211 |
| 2016 | $420,828,262 | $381,717,086,453 |
| 2015 | $437,525,514 | $381,973,042,886 |
| 2014 | $440,997,738 | $424,935,874,745 |
| 2013 | $451,788,498 | $409,632,675,289 |
| 2012 | $471,122,971 | $392,793,464,942 |
| 2011 | $414,143,828 | $368,881,143,635 |
| 2010 | $366,887,375 | $307,736,419,333 |
| 2009 | $312,415,028 | $253,547,358,747 |
| 2008 | $344,438,844 | $315,474,615,739 |
| 2007 | $298,519,623 | $257,916,133,424 |
| 2006 | $292,232,703 | $222,116,541,865 |
| 2005 | $261,823,805 | $180,617,467,965 |
| 2004 | $230,678,011 | $147,824,370,320 |
| 2003 | $202,246,591 | $124,346,358,067 |
| 2002 | $182,764,281 | $109,816,201,498 |
| 2001 | $181,117,230 | $103,311,640,572 |
| 2000 | $204,848,488 | $104,337,372,362 |
| 1999 | $199,208,718 | $84,445,473,111 |
| 1998 | $191,504,893 | $75,674,336,283 |
| 1997 | $214,991,452 | $78,839,008,445 |
| 1996 | $222,100,576 | $73,571,233,996 |
| 1995 | $208,871,666 | $65,743,666,576 |
| 1994 | $195,990,986 | $59,305,093,980 |
| 1993 | $138,489,884 | $55,625,170,253 |
| 1992 | $137,066,291 | $54,239,171,888 |
| 1991 | $132,201,141 | $51,552,165,622 |
| 1990 | $113,563,822 | $50,701,443,748 |
| 1989 | $106,344,855 | $41,464,995,914 |
| 1988 | $106,657,267 | $36,275,674,203 |
| 1987 | $81,667,133 | $36,384,908,744 |
| 1986 | $68,195,856 | $33,943,612,095 |
| 1985 | $60,058,663 | $40,603,650,232 |
| 1984 | $64,248,355 | $41,807,954,236 |
| 1983 | $60,863,964 | $42,803,323,345 |
| 1982 | $62,068,161 | $46,622,718,605 |
| 1981 | $62,242,013 | $49,333,424,135 |
| 1980 | $53,260,077 | $43,599,160,050 |
| 1979 | $44,667,002 | $31,225,659,621 |
| 1978 | $41,567,472 | $23,775,764,225 |
| 1977 | $34,139,388 | $24,871,775,165 |
| 1976 | $30,036,417 | $19,213,158,779 |
| 1975 | $32,506,742 | $14,720,728,249 |
| 1974 | - | $11,651,505,689 |
| 1973 | - | $4,231,243,616 |
| 1972 | - | $1,415,086,929 |
| 1971 | - | $939,893,600 |
| 1970 | - | $685,986,701 |
Data sources: World Bank | Economy & Growth (1970–2024, retrieved 2026-04-06).
GeoRank.org/economy/tonga/united-arab-emirates | CC BY 
GDP per capita in Tonga vs United Arab Emirates by year
| Year | Current $ | |||
|---|---|---|---|---|
|
Tonga
|
UAE
|
|||
| GDP per capita | GDP per capita, PPP | GDP per capita | GDP per capita, PPP | |
| 2024 | - | - | $50,274 | $79,229 |
| 2023 | $5,652 | $7,803 | $49,851 | $77,955 |
| 2022 | $5,298 | $7,296 | $50,760 | $75,072 |
| 2021 | $4,923 | $6,929 | $44,119 | $68,580 |
| 2020 | $4,792 | $6,676 | $37,992 | $66,791 |
| 2019 | $4,789 | $6,473 | $45,939 | $79,816 |
| 2018 | $4,675 | $6,393 | $47,135 | $77,446 |
| 2017 | $4,366 | $6,229 | $43,734 | $70,282 |
| 2016 | $3,988 | $5,920 | $42,721 | $69,987 |
| 2015 | $4,124 | $5,472 | $44,910 | $73,986 |
| 2014 | $4,137 | $5,336 | $52,725 | $87,478 |
| 2013 | $4,219 | $5,120 | $53,247 | $87,526 |
| 2012 | $4,384 | $4,996 | $53,142 | $89,198 |
| 2011 | $3,850 | $4,855 | $51,922 | $89,665 |
| 2010 | $3,416 | $4,465 | $44,795 | $85,120 |
| 2009 | $2,914 | $4,384 | $37,803 | $84,780 |
| 2008 | $3,218 | $4,600 | $50,054 | $94,628 |
| 2007 | $2,797 | $4,316 | $45,855 | $100,813 |
| 2006 | $2,750 | $4,327 | $44,343 | $106,814 |
| 2005 | $2,478 | $4,315 | $38,719 | $101,301 |
| 2004 | $2,195 | $4,235 | $33,377 | $98,661 |
| 2003 | $1,936 | $4,231 | $29,660 | $92,636 |
| 2002 | $1,759 | $4,171 | $27,754 | $88,467 |
| 2001 | $1,754 | $3,955 | $27,745 | $90,370 |
| 2000 | $1,995 | $3,834 | $29,866 | $92,899 |
| 1999 | $1,952 | $3,636 | $25,856 | $87,658 |
| 1998 | $1,889 | $3,527 | $24,889 | $90,229 |
| 1997 | $2,136 | $3,434 | $27,983 | $96,009 |
| 1996 | $2,215 | $3,410 | $28,323 | $94,620 |
| 1995 | $2,084 | $3,347 | $27,003 | $93,702 |
| 1994 | $1,957 | $3,088 | $25,473 | $89,959 |
| 1993 | $1,383 | $2,882 | $25,033 | $86,330 |
| 1992 | $1,370 | $2,716 | $25,648 | $87,509 |
| 1991 | $1,323 | $2,652 | $25,691 | $87,250 |
| 1990 | $1,139 | $2,416 | $26,710 | $88,455 |
| 1989 | $1,070 | - | $23,167 | - |
| 1988 | $1,078 | - | $21,570 | - |
| 1987 | $830 | - | $23,113 | - |
| 1986 | $696 | - | $23,132 | - |
| 1985 | $613 | - | $29,468 | - |
| 1984 | $656 | - | $32,012 | - |
| 1983 | $621 | - | $34,650 | - |
| 1982 | $633 | - | $39,972 | - |
| 1981 | $636 | - | $44,854 | - |
| 1980 | $545 | - | $42,925 | - |
| 1979 | $458 | - | $34,238 | - |
| 1978 | $428 | - | $29,379 | - |
| 1977 | $353 | - | $35,020 | - |
| 1976 | $315 | - | $31,197 | - |
| 1975 | $349 | - | $27,117 | - |
| 1974 | - | - | $23,823 | - |
| 1973 | - | - | $9,696 | - |
| 1972 | - | - | $3,675 | - |
| 1971 | - | - | $2,805 | - |
| 1970 | - | - | $2,394 | - |
Data sources: World Bank | Economy & Growth (1970–2024, retrieved 2026-04-06).
GeoRank.org/economy/tonga/united-arab-emirates | CC BY
Tonga's GDP per capita is $5,652, ranking 115/197, compared to $50,274 in the United Arab Emirates, ranking 24/197. Adjusted for purchasing power (GDP per capita PPP), Tonga ranks 144th at $7,803, while the United Arab Emirates ranks 16th at $79,229.
Economic indicators
|
Tonga
|
UAE
|
|
|---|---|---|
| Gross domestic product |
$591M
2023 |
$552B
2024 |
| GDP rank |
191/197
2023 |
27/197
2024 |
| GDP growth |
2.79%
2022-2023 |
3.99%
2023-2024 |
| GDP per capita |
$5,652
2023 |
$50,274
2024 |
| GDP per capita rank |
115/197
2023 |
24/197
2024 |
| GDP per capita, PPP |
$7,803
2023 |
$79,229
2024 |
| GDP per capita PPP rank |
144/197
2023 |
16/197
2024 |
| Government debt |
$256M
2023 |
$193B
2024 |
| Debt-to-GDP ratio |
37%
2024 |
34.9%
2024 |
| Government debt per person |
$2,445
2023 |
$17,568
2024 |
| Government debt per person rank |
111/185
2023 |
36/185
2024 |
| Average annual personal income after taxes |
$3,886
2026 |
$40,522
2026 |
| Market capitalization of domestic companies | n/a |
$1.05T
2024 |
| Number of millionaires | n/a |
339,000
2025 |
| Number of billionaires | n/a |
6
2025 |
| Income share by richest 10% |
22%
2021 |
20.5%
2018 |
| Income share by poorest 10% |
4%
2021 |
2.8%
2018 |
| Government expenditure, % of GDP |
51.3%
2024 |
21.4%
2024 |
| Consumer prices inflation |
3.18%
2023-2024 |
1.7%
2023-2024 |
| Central bank interest rate | n/a |
3.65%
2025 |
| Unemployment rate |
1.65%
2023 |
1.88%
2024 |
| Population |
103309
|
11686438
|
Spending and national debt comparison by year
| Year | % of GDP | |||
|---|---|---|---|---|
|
Tonga
|
UAE
|
|||
| Government spending | Government debt | Government spending | Government debt | |
| 2024 | 51.3% | 37% | 21.4% | 34.9% |
| 2023 | 48.2% | 43.3% | 22.7% | 31.9% |
| 2022 | 44.4% | 43.2% | 22.7% | 31.5% |
| 2021 | 44.6% | 43% | 25.9% | 35.7% |
| 2020 | 37.9% | 42.6% | 30.5% | 30.1% |
| 2019 | 39.9% | 42.8% | 27.4% | 25.8% |
| 2018 | 39.6% | 45.8% | 25.9% | 20.7% |
| 2017 | 39.7% | 44.7% | 27.2% | 21.2% |
| 2016 | 37.2% | 49.4% | 31.7% | 18.6% |
| 2015 | 37.4% | 51.1% | 26.4% | 15.6% |
| 2014 | 31.5% | 47.4% | 31.4% | 13.5% |
| 2013 | 34.3% | 48.9% | 28.9% | 15.3% |
| 2012 | 32% | 60% | 27.8% | 20.2% |
| 2011 | 32.6% | 51.9% | 29.6% | 20.4% |
| 2010 | 28.4% | 44.7% | 30.4% | 18.3% |
| 2009 | 23.9% | 39.7% | 35% | 21.1% |
| 2008 | 24% | 34% | 22% | 8.95% |
| 2007 | 23.2% | 37.8% | 17.7% | 8.89% |
| 2006 | 25.6% | 39.6% | 15.6% | 5.05% |
| 2005 | 19.8% | 43.3% | 15.7% | 4.48% |
| 2004 | 19.3% | 52.2% | 17.7% | 4.08% |
| 2003 | 20% | 56.2% | 20% | 3.33% |
| 2002 | 21.3% | 60.7% | 21.3% | 3.43% |
| 2001 | 19.1% | 53.4% | 25.2% | 2.69% |
| 2000 | 20% | 43.6% | 21.8% | 3.12% |
| 1999 | 18.8% | 38.4% | 24.3% | 4.73% |
| 1998 | - | - | 25.8% | 4.18% |
| 1997 | - | - | 22.6% | 2.86% |
| 1996 | - | - | 27.6% | 3.48% |
| 1995 | - | - | 26.1% | 5.06% |
| 1994 | - | - | 30.1% | 5.58% |
| 1993 | - | - | 31.5% | 6.01% |
| 1992 | - | - | 29.6% | 5.31% |
| 1991 | - | - | 36% | 4.97% |
Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1991–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1991–1998, retrieved 2026-02-20).
GeoRank.org/economy/tonga/united-arab-emirates | CC BY
In 2024, Tonga's government spending was $285M, accounting for 51.3% of its GDP, while the United Arab Emirates spent $118B, or 21.4% of GDP.
Debt-to-GDP ratio is 37% in Tonga and 34.9% in the United Arab Emirates, ranking 142/185 and 146/185, respectively.
Government deficit by year
| Year | Deficit/surplus, % of GDP | |
|---|---|---|
|
Tonga
|
UAE
|
|
| 2024 | 4.17% | 6.41% |
| 2023 | 6.14% | 5.82% |
| 2022 | -0.1% | 9.8% |
| 2021 | -0.87% | 3.96% |
| 2020 | 5.25% | -2.42% |
| 2019 | 3.28% | 2.5% |
| 2018 | 2.92% | 3.65% |
| 2017 | 3.58% | -0.16% |
| 2016 | 1.47% | -2.95% |
| 2015 | -2.75% | -6.35% |
| 2014 | 6.38% | 1.74% |
| 2013 | -1.3% | 7.99% |
| 2012 | -1.74% | 8.59% |
| 2011 | -6.02% | 5.05% |
| 2010 | -1.22% | 0.52% |
| 2009 | 6.85% | -6.13% |
| 2008 | 2.14% | 17.6% |
| 2007 | 5.39% | 17.1% |
| 2006 | 1.34% | 20.2% |
| 2005 | 4.23% | 16% |
| 2004 | 4.23% | 6.4% |
| 2003 | 2.37% | 2.35% |
| 2002 | 2.59% | -1.24% |
| 2001 | 2.23% | 1.21% |
| 2000 | 1.35% | 10.7% |
| 1999 | 1.55% | 1.31% |
| 1998 | - | 1% |
| 1997 | - | 6.71% |
| 1996 | - | 0.92% |
| 1995 | - | 3.58% |
| 1994 | - | -1.78% |
| 1993 | - | -2.89% |
| 1992 | - | 3.34% |
| 1991 | - | 3.89% |
Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1991–2024, retrieved 2026-02-20).
GeoRank.org/economy/tonga/united-arab-emirates | CC BY
In 2023, Tonga's government surplus, the difference between spending and revenue, was $36.3M, equivalent to 6.14% of GDP. This compares to the United Arab Emirates' surplus of $30.4B, or 5.82% of GDP.
Over the past 25 years, Tonga recorded a fiscal deficit in 7 of those years, while the United Arab Emirates ran a deficit in 6 years. On average, Tonga posted an annual surplus equal to 1.97% of GDP, compared to surplus of 4.93% of GDP for the United Arab Emirates.
Inflation comparison by year
| Year | Consumer prices inflation | |
|---|---|---|
|
Tonga
|
UAE
|
|
| 2024 | 3.18% | 1.7% |
| 2023 | 6.35% | 1.6% |
| 2022 | 11% | 4.8% |
| 2021 | 5.64% | -0.1% |
| 2020 | -0.35% | -2.1% |
| 2019 | 1.18% | -1.9% |
| 2018 | 5.03% | 3.1% |
| 2017 | 7.52% | 2% |
| 2016 | 2.58% | 1.6% |
| 2015 | -1.05% | 4.1% |
| 2014 | 2.51% | 2.3% |
| 2013 | 0.78% | 1.1% |
| 2012 | 1.15% | 0.7% |
| 2011 | 6.27% | 0.9% |
| 2010 | 3.53% | 0.9% |
| 2009 | 1.43% | -4.7% |
| 2008 | 10.4% | 12.3% |
| 2007 | 5.84% | 11.1% |
| 2006 | 6.15% | 9.3% |
| 2005 | 8.67% | 6.2% |
| 2004 | 11% | 5% |
| 2003 | 11.6% | 3.1% |
| 2002 | 10.4% | 2.9% |
| 2001 | 8.29% | 2.8% |
| 2000 | 6.33% | 1.3% |
| 1999 | 4.46% | 2.1% |
| 1998 | 3.27% | 2% |
| 1997 | 2.12% | 3% |
Data sources: International Monetary Fund (IMF) | World Economic Outlook (1997–2024, retrieved 2026-02-20); World Bank | Economy & Growth (1997–2024, retrieved 2026-04-06).
GeoRank.org/economy/tonga/united-arab-emirates | CC BY
Over the past 28 years, Tonga has recorded an average annual inflation rate of 5.19%, compared with 2.75% in the United Arab Emirates. In 2024, inflation was 3.18% in Tonga and 1.7% in the United Arab Emirates.
Top exports between countries
|
Tonga
|
|
|---|---|
| Export category | Export value |
| Machinery & equipment | $154K |
|
UAE
|
|
|---|---|
| Export category | Export value |
| Textiles & consumer goods | $148K |
| Processed food, beverages & tobacco | $116K |
| Raw materials & minerals | $112K |
| Machinery & equipment | $96K |
| Chemicals & pharma | $32K |
| Miscellaneous | $18K |
| Raw agricultural goods | $7K |
| Wood & paper products | $3K |
| Metals | $1K |
Balance of trade
|
Tonga
|
UAE
|
|
|---|---|---|
|
Current account balance
|
-$43.5M
2024 |
$80B
2024 |
| Current account balance ranking |
83/190
2024 |
9/190
2024 |
| Current account balance, % of GDP |
-7.93%
2023 |
+14.5%
2024 |
| Goods imports |
$232M
2024 |
$400B
2024 |
| Goods exports |
$10.8M
2024 |
$467B
2024 |
| Service imports |
$161M
2024 |
$117B
2024 |
| Service exports |
$93.6M
2024 |
$181B
2024 |
| Imports of goods and services, % of GDP |
64.9%
2023 |
92.2%
2023 |
| Exports of goods and services, % of GDP |
14.7%
2023 |
106.8%
2023 |
Economic freedom indices
The indices of economic freedom below are issued by the Heritage Foundation. Higher scores indicate stronger economic health.
|
Tonga
|
UAE
|
|
|---|---|---|
| Economic freedom | 58.9 | 71.9 |
| Economic freedom ranking | 107/197 | 29/197 |
| Property rights | 71.1 | 62.9 |
| Government integrity | 45.1 | 65.3 |
| Judicial effectiveness | 64.9 | 34.4 |
| Tax burden | 85.6 | 99.9 |
| Government spending | 31 | 85.1 |
| Fiscal health | 97.3 | 97.6 |
| Business freedom | 59.2 | 84.5 |
| Labor freedom | 55.9 | 63.2 |
| Monetary freedom | 61 | 81.2 |
| Trade freedom | 75.4 | 78.6 |
| Investment freedom | 40 | 50 |
| Financial freedom | 20 | 60 |
Economic freedom comparison by year
| Year | Economic freedom index | |
|---|---|---|
|
Tonga
|
UAE
|
|
| 2026 | 58.9 | 71.9 |
| 2025 | 58.5 | 71.6 |
| 2024 | 59.2 | 71.1 |
| 2023 | 60 | 70.9 |
| 2022 | 60.8 | 70.2 |
| 2021 | 57.5 | 76.9 |
| 2020 | 58.8 | 76.2 |
| 2019 | 57.7 | 77.6 |
| 2018 | 63.1 | 77.6 |
| 2017 | 63 | 76.9 |
| 2016 | 59.6 | 72.6 |
| 2015 | 59.3 | 72.4 |
| 2014 | 58.2 | 71.4 |
| 2013 | 56 | 71.1 |
| 2012 | 57 | 69.3 |
| 2011 | 55.8 | 67.8 |
| 2010 | 53.4 | 67.3 |
| 2009 | 54.1 | 64.7 |
| 2008 | - | 62.6 |
| 2007 | - | 62.6 |
| 2006 | - | 62.2 |
| 2005 | - | 65.2 |
| 2004 | - | 67.2 |
| 2003 | - | 73.4 |
| 2002 | - | 73.6 |
| 2001 | - | 74.9 |
| 2000 | - | 74.2 |
| 1999 | - | 71.5 |
| 1998 | - | 72.2 |
| 1997 | - | 71.9 |
| 1996 | - | 71.6 |
Data sources: The Heritage Foundation | Economic Freedom Index (1996–2026, retrieved 2026-03-09).
GeoRank.org/economy/tonga/united-arab-emirates | CC BY
The Economic Freedom Index for Tonga is 58.9, ranking 107/197, compared to 71.9 for the United Arab Emirates, ranking 29/197. The chart above displays a comparison of annual changes in economic freedom indexes.
Other economic metrics
|
Tonga
|
UAE
|
|
|---|---|---|
| Services, % of GDP |
50%
2023 |
54.9%
2024 |
| Industry, % of GDP |
14.9%
2023 |
44.3%
2024 |
| Agriculture, forestry, and fishing, % of GDP |
19%
2023 |
0.77%
2024 |
|
GNI, Atlas method
|
$619M
2023 |
$566B
2024 |
| GNI per capita, PPP |
$8,400
2023 |
$81,530
2024 |
| Total reserves including gold |
$377M
2024 |
$238B
2024 |
| Total reserves ranking |
163/177
2024 |
14/177
2024 |
|
Net foreign direct investment
|
$13.3M
2024 |
$31.5B
2024 |
|
Net inflows of foreign direct investment
|
-$12.1M
2024 |
$45.6B
2024 |
|
Net outflows of foreign direct investment
|
$1.25M
2024 |
$77.2B
2024 |
|
Servicing debt to the IMF, % of GNI
|
2.76%
2023 |
n/a |
| Poverty at national poverty lines |
20.6%
2021 |
19.5%
2020 |
|
Gross capital formation, % of GDP
|
25.9%
2023 |
26.6%
2023 |
GDP per capita map
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/tonga/united-arab-emirates | CC BY
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Data sources:
- World Bank | Economy & Growth (1970–2024, retrieved 2026-04-06)
- International Monetary Fund (IMF) | Fiscal Monitor (1991–2024, retrieved 2026-02-20)
- The Heritage Foundation | Economic Freedom Index (1996–2026, retrieved 2026-03-09)
- U.S. Census Bureau (1985–2024, retrieved 2026-02-08)
- TradeMap (2022–2023, retrieved 2026-02-08)
- International Monetary Fund (IMF) | Public Finances in Modern History (1991–1998, retrieved 2026-02-20)
- United Nations | World Population Prospects (2026, retrieved 2026-03-10)
- LivingCost (2026, retrieved 2025-10-14)
- Central Intelligence Agency (CIA) (2020, retrieved 2026-02-20)
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.
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.