* indicates monthly or quarterly data series

Capital investment as percent of GDP, 2022:

The average for 2022 based on 154 countries was 24.83 percent. The highest value was in Vanuatu: 56.07 percent and the lowest value was in Lebanon: 1.23 percent. The indicator is available from 1960 to 2023. Below is a chart for all countries where data are available.

Measure: percent; Source: The World Bank
Select indicator
* indicates monthly or quarterly data series


Countries Capital investment, percent of GDP, 2022 Global rank Available data
Vanuatu 56.07 1 1983 - 2022
Bhutan 55.34 2 1980 - 2022
Senegal 45.59 3 1965 - 2023
China 43.15 4 1960 - 2022
Mongolia 42.33 5 1981 - 2023
Panama 41.23 6 1960 - 2022
Tanzania 41.07 7 1990 - 2023
Palau 39.88 8 2005 - 2022
Mozambique 38.58 9 1991 - 2022
Iran 38 10 1960 - 2023
Nepal 37.64 11 1965 - 2023
Uzbekistan 37.48 12 1992 - 2023
Benin 36.53 13 1960 - 2023
North Macedonia 36.02 14 1990 - 2023
Kyrgyzstan 35.64 15 1987 - 2022
Tajikistan 35.47 16 1993 - 2022
Turkey 35.04 17 1960 - 2023
Algeria 34.85 18 1960 - 2023
Samoa 34.81 19 2009 - 2023
Mauritania 34.27 20 1961 - 2023
Hungary 33.97 21 1991 - 2023
Domin. Rep. 33.28 22 1960 - 2023
South Korea 33.18 23 1960 - 2023
India 33.02 24 1960 - 2023
Gambia 33.01 25 1966 - 2023
Vietnam 32.57 26 1995 - 2022
Czechia 32.16 27 1990 - 2023
Bangladesh 32.05 28 1960 - 2023
DR Congo 31.47 29 1991 - 2023
Faroe Isl. 31.39 30 1998 - 2022
Estonia 30.71 31 1993 - 2023
Qatar 30.66 32 1994 - 2022
Montenegro 30.31 33 2000 - 2023
Morocco 30.3 34 1960 - 2023
Guinea 29.81 35 1986 - 2023
Indonesia 29.75 36 1960 - 2023
Niger 29.62 37 1960 - 2023
Sri Lanka 28.6 38 1960 - 2023
Sweden 28.49 39 1960 - 2023
Lesotho 28.36 40 1960 - 2022
Thailand 27.83 41 1960 - 2023
Paraguay 27.69 42 1962 - 2023
Austria 27.55 43 1970 - 2023
Bosnia & Herz. 27.42 44 1995 - 2023
Belgium 27.06 45 1970 - 2023
Romania 27.06 46 1990 - 2023
Zambia 26.98 47 2010 - 2022
Israel 26.95 48 1970 - 2023
Lithuania 26.91 49 1995 - 2023
Botswana 26.79 50 1960 - 2023
Finland 26.75 51 1970 - 2023
Japan 26.59 52 1970 - 2022
Palestine 26.52 53 1994 - 2023
Serbia 26.51 54 1995 - 2023
France 26.48 55 1960 - 2023
Saudi Arabia 26.43 56 1968 - 2023
Ivory Coast 26.35 57 1960 - 2023
Honduras 26.33 58 1960 - 2023
Angola 26.26 59 1985 - 2023
Croatia 26.17 60 1995 - 2023
Malta 26.02 61 1970 - 2023
Moldova 25.86 62 1995 - 2023
Brunei 25.85 63 1989 - 2023
New Zealand 25.79 64 1970 - 2022
Rwanda 25.74 65 1960 - 2023
Chile 25.59 66 1960 - 2023
Canada 25.36 67 1961 - 2023
Ethiopia 25.34 68 1981 - 2023
Latvia 25.04 69 1995 - 2023
Germany 25.03 70 1970 - 2023
Philippines 24.69 71 1981 - 2023
Switzerland 24.54 72 1970 - 2023
C.A. Republic 24.33 73 1960 - 2023
Iceland 24.28 74 1970 - 2023
Slovenia 24.28 75 1990 - 2023
Uganda 24.2 76 1960 - 2023
Kazakhstan 24.12 77 1992 - 2022
Georgia 24.07 78 1980 - 2023
Denmark 23.88 79 1966 - 2023
Ireland 23.72 80 1970 - 2023
Australia 23.57 81 1960 - 2023
Macao 23.57 82 1982 - 2023
Malaysia 23.51 83 1960 - 2023
Bulgaria 23.38 84 1980 - 2023
Solomon Isl. 23.36 85 1980 - 2022
El Salvador 23.21 86 1965 - 2023
Italy 23.09 87 1970 - 2023
Slovakia 23.05 88 1990 - 2023
Libya 22.99 89 1990 - 2023
Russia 22.79 90 1988 - 2023
Cambodia 22.75 91 1993 - 2023
Mexico 22.7 92 1960 - 2023
Singapore 22.32 93 1960 - 2023
Ecuador 22.29 94 1960 - 2023
Peru 22.2 95 1960 - 2023
Poland 22.1 96 1995 - 2023
Cape Verde 22.02 97 2007 - 2023
USA 21.88 98 1970 - 2022
Bahamas 21.83 99 1977 - 2023
Nicaragua 21.78 100 1960 - 2023
Norway 21.69 101 1970 - 2023
Armenia 21.63 102 1990 - 2023
Belarus 21.6 103 1990 - 2023
Belize 21.59 104 1980 - 2023
Spain 21.48 105 1970 - 2023
G.-Bissau 21.46 106 1970 - 2023
Togo 21.42 107 1963 - 2023
Cyprus 21.35 108 1975 - 2023
Netherlands 21.23 109 1969 - 2023
Greece 21.15 110 1960 - 2023
R. of Congo 20.98 111 1960 - 2023
Madagascar 20.67 112 1960 - 2023
Portugal 20.65 113 1970 - 2023
Aruba 20.55 114 1995 - 2022
Mauritius 20.42 115 1976 - 2023
Namibia 19.99 116 1980 - 2023
Colombia 19.74 117 1960 - 2023
Kenya 19.16 118 1964 - 2023
Fiji 19.13 119 1980 - 2023
Uruguay 18.92 120 1960 - 2023
Mali 18.86 121 1967 - 2023
UK 18.6 122 1970 - 2023
Costa Rica 18.27 123 1960 - 2023
Brazil 18.09 124 1960 - 2023
Cameroon 17.76 125 1965 - 2023
Luxembourg 17.75 126 1970 - 2023
Burkina Faso 17.71 127 1960 - 2023
Argentina 17.63 128 1960 - 2023
Egypt 17.02 129 1960 - 2023
Afghanistan 16.7 130 2020 - 2022
Barbados 16.66 131 1975 - 2022
Guatemala 16.66 132 1960 - 2023
Bolivia 16.62 133 1970 - 2022
Tunisia 16.61 134 1965 - 2023
Haiti 15.86 135 1988 - 2023
Gabon 15.57 136 1970 - 2023
Ghana 15.52 137 1960 - 2023
Pakistan 15.39 138 1960 - 2023
South Africa 15.38 139 1960 - 2023
Seychelles 15.27 140 1976 - 2023
Hong Kong 15.23 141 1960 - 2023
Chad 14.97 142 1960 - 2023
Zimbabwe 14.65 143 1960 - 2022
Puerto Rico 14.01 144 1960 - 2023
Burundi 13.39 145 1960 - 2023
Comoros 12.96 146 1980 - 2023
Djibouti 12.43 147 2013 - 2023
Ukraine 12.11 148 1991 - 2023
Bermuda 12.07 149 2010 - 2022
Azerbaijan 12 150 1990 - 2023
Swaziland 11.79 151 1960 - 2022
Sierra Leone 11.74 152 1980 - 2023
Sudan 2.18 153 1960 - 2023
Lebanon 1.23 154 1990 - 2022



Definition: Gross capital formation (formerly gross domestic investment) consists of outlays on additions to the fixed assets of the economy plus net changes in the level of inventories. Fixed assets include land improvements (fences, ditches, drains, and so on); plant, machinery, and equipment purchases; and the construction of roads, railways, and the like, including schools, offices, hospitals, private residential dwellings, and commercial and industrial buildings. Inventories are stocks of goods held by firms to meet temporary or unexpected fluctuations in production or sales, and "work in progress." According to the 1993 SNA, net acquisitions of valuables are also considered capital formation.
What explains the differences in capital investment across countries

Physical capital investment is typically higher in countries that have relatively low income and good economic growth prospects. The marginal return on investment in these countries is high and savings, both domestic and international, flow to them to take advantage of the high return. Hardly any country has achieved high rates of economic growth without a period of high capital investment as percent of GDP. Over time, investment levels rise, the marginal return declines and the share of capital investment in GDP also declines. It settles at about 15-20 percent of GDP.

Among the countries with high investment to GDP ratios one also finds more authoritarian countries as these governments often like to spend on large investment projects. Those, however, seldom bear much fruit in terms of faster economic growth in the long-run. At the other end are counties with very low capital investment. These are typically countries with domestic violence or other instability where investors do not want to commit funds.


Selected articles from our guide:

The unholy trinity of international finance

Most commonly used measures of corruption

All articles

56.07
55.34
45.59
43.15
42.33
41.23
41.07
39.88
38.58
38.00
37.64
37.48
36.53
36.02
35.64
35.47
35.04
34.85
34.81
34.27
33.97
33.28
33.18
33.02
33.01
32.57
32.16
32.05
31.47
31.39
30.71
30.66
30.31
30.30
29.81
29.75
29.62
28.60
28.49
28.36
27.83
27.69
27.55
27.42
27.06
27.06
26.98
26.95
26.91
26.79
26.75
26.59
26.52
26.51
26.48
26.43
26.35
26.33
26.26
26.17
26.02
25.86
25.85
25.79
25.74
25.59
25.36
25.34
25.04
25.03
24.69
24.54
24.33
24.28
24.28
24.20
24.12
24.07
23.88
23.72
23.57
23.57
23.51
23.38
23.36
23.21
23.09
23.05
22.99
22.79
22.75
22.70
22.32
22.29
22.20
22.10
22.02
21.88
21.83
21.78
21.69
21.63
21.60
21.59
21.48
21.46
21.42
21.35
21.23
21.15
20.98
20.67
20.65
20.55
20.42
19.99
19.74
19.16
19.13
18.92
18.86
18.60
18.27
18.09
17.76
17.75
17.71
17.63
17.02
16.70
16.66
16.66
16.62
16.61
15.86
15.57
15.52
15.39
15.38
15.27
15.23
14.97
14.65
14.01
13.39
12.96
12.43
12.11
12.07
12.00
11.79
11.74
2.18
1.23
0
14
28
42.1
56.07


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