Investment typically refers to gross fixed investment or, more precisely, gross fixed capital formation (GFCF). Gross fixed capital formation is a macroeconomic aggregate used in national accounting that measures the value of acquisitions of new or existing fixed assets with a life span of more than one year by the business sector (national accounting generally considers personal spending and most government spending as consumption).
Gross fixed capital formation includes spending on factories, machinery, equipment, buildings (including private residential dwellings) and infrastructure. Investment is called “gross” because it does not consider the consumption of fixed assets (depreciation); the term “fixed” is used because inventories (stocks) are not included; and the term “capital formation” is used because financial investments are not included.
The investment component of Gross Domestic Product (GDP) is much more cyclical than consumption. When businesses expect economic growth to be strong, they are more likely to invest. The level of capacity utilization and interest rates also determine investment decisions.
This chart displays for Major Economies, Euro Area, South Asia, Latin America, Middle East & North Africa from 2010 to 2023.
Investment (annual variation in %) Data
| 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|
| Albania | -2.2 | -0.9 | 19.6 | 1.6 | 1.0 |
| Algeria | -0.6 | -7.1 | 0.8 | 2.7 | 9.8 |
| Angola | 16.6 | -15.3 | 7.4 | 8.1 | 5.8 |
| Argentina | -16.0 | -13.1 | 34.0 | 11.2 | -2.0 |
| Armenia | 4.4 | -1.5 | 23.6 | 14.0 | 10.1 |
| Australia | -2.4 | -2.4 | 10.7 | 2.2 | 5.4 |
| Austria | 4.5 | -5.1 | 6.1 | 0.3 | -3.0 |
| Azerbaijan | 1.1 | -7.3 | -4.5 | 5.5 | - |
| Bahrain | 6.4 | -3.8 | -4.2 | 18.1 | - |
| Belarus | 6.2 | -6.9 | -5.1 | -17.7 | 13.4 |
| Belgium | 4.4 | -5.1 | 4.3 | 1.7 | 3.5 |
| Belize | 5.6 | -10.5 | 26.0 | 12.8 | 9.5 |
| Bolivia | -3.5 | -25.9 | 11.9 | 5.6 | 5.7 |
| Bosnia-Herz. | 5.8 | -4.1 | 5.1 | 0.3 | 12.1 |
| Botswana | 10.2 | -9.2 | 0.3 | -0.2 | 4.2 |
| Brazil | 4.0 | -1.7 | 12.9 | 1.1 | -3.0 |
| Brunei | -4.4 | -9.3 | -13.9 | -1.8 | 0.2 |
| Bulgaria | 4.5 | 0.6 | -8.3 | 6.5 | 10.2 |
| Cambodia | 14.3 | -2.7 | 4.5 | 0.0 | -24.7 |
| Cameroon | 3.3 | -4.2 | 4.9 | 6.1 | 2.2 |
| Canada | 0.8 | -3.8 | 9.3 | -2.4 | -3.2 |
| CdI | 7.1 | 3.8 | 15.1 | 14.1 | 9.0 |
| Chile | 4.5 | -10.8 | 16.0 | 3.9 | -1.1 |
| Colombia | 2.2 | -23.6 | 16.7 | 11.5 | -9.5 |
| Costa Rica | -8.2 | -3.4 | 7.8 | 1.5 | 8.6 |
| Croatia | 12.8 | -6.3 | 4.8 | 10.4 | 10.1 |
| Cuba | -0.4 | -3.9 | 0.1 | -5.8 | - |
| Cyprus | 6.9 | 6.0 | 1.9 | 9.0 | 11.1 |
| Czech Republic | 7.4 | -4.8 | 6.7 | 6.3 | 2.7 |
| Denmark | -0.8 | 4.3 | 9.8 | 2.8 | -6.6 |
| Dominican Republic | 8.1 | -12.1 | 22.1 | 4.0 | 2.0 |
| DR Congo | -18.7 | 15.0 | 50.0 | 27.7 | 98.0 |
| Ecuador | -2.3 | -21.8 | 13.2 | 8.5 | 0.5 |
| El Salvador | 6.3 | -7.2 | 25.3 | 4.3 | 8.9 |
| Estonia | 6.2 | 17.8 | 0.3 | -8.1 | 7.5 |
| Ethiopia | -3.3 | -0.3 | 9.1 | 5.4 | - |
| Euro Area | 7.1 | -6.0 | 3.6 | 2.2 | 1.8 |
| Finland | -1.0 | -1.1 | 1.7 | 2.6 | -9.0 |
| France | 4.2 | -6.2 | 9.6 | 0.1 | 0.7 |
| Georgia | -0.3 | -13.1 | -4.8 | 9.9 | 29.4 |
| Germany | 2.0 | -3.0 | 0.6 | -0.2 | -1.2 |
| Ghana | -10.0 | 1.8 | 5.8 | 0.8 | -14.7 |
| Greece | -2.2 | 2.0 | 19.1 | 11.7 | 4.0 |
| Guatemala | 8.8 | -4.5 | 19.8 | 4.3 | 7.4 |
| Haiti | 7.7 | -20.6 | -21.8 | -9.9 | -7.4 |
| Honduras | -3.0 | -26.7 | 41.5 | 2.6 | 12.9 |
| Hong Kong | -14.9 | -11.1 | 8.3 | -7.4 | 11.1 |
| Hungary | 12.7 | -7.3 | 5.7 | 0.9 | -7.8 |
| Iceland | -4.1 | -7.4 | 14.3 | 15.7 | 1.6 |
| India | 1.1 | -7.1 | 17.5 | 6.6 | 9.0 |
| Indonesia | 4.5 | -5.0 | 3.8 | 3.9 | 4.4 |
| Iran | -6.5 | 3.2 | 0.0 | 6.7 | 6.0 |
| Iraq | 47.2 | -65.4 | 32.2 | - | - |
| Ireland | 99.7 | -16.5 | -39.4 | 3.7 | 2.8 |
| Israel | 3.7 | -3.2 | 14.0 | 10.7 | -1.3 |
| Italy | 1.5 | -7.3 | 21.5 | 7.9 | 8.7 |
| Jamaica | 1.9 | - | - | - | - |
| Japan | 0.5 | -3.7 | 0.4 | -0.5 | 1.8 |
| Jordan | -6.4 | -4.9 | 9.6 | - | - |
| Kazakhstan | 13.8 | -0.2 | 2.6 | 3.6 | 17.1 |
| Kenya | 4.5 | 2.3 | 10.8 | -1.1 | 0.1 |
| Korea | -2.1 | 2.8 | 4.3 | -0.2 | 1.4 |
| Kosovo | 2.9 | -7.6 | 13.0 | -3.2 | 4.5 |
| Kyrgyzstan | 8.0 | -14.6 | 8.8 | 12.7 | 20.5 |
| Latvia | 1.3 | -2.4 | 6.8 | -1.6 | 9.9 |
| Lebanon | -45.5 | -53.0 | -67.6 | -88.6 | -57.9 |
| Lithuania | 6.4 | 1.0 | 13.0 | 5.2 | 9.3 |
| Luxembourg | 13.5 | -6.7 | 16.9 | -7.7 | -1.0 |
| Malaysia | -2.1 | -14.4 | -0.7 | 6.8 | 5.5 |
| Malta | 9.5 | 1.0 | 20.5 | 9.7 | -18.2 |
| Mexico | -4.4 | -17.2 | 10.5 | 7.4 | 17.9 |
| Moldova | 12.9 | -1.5 | 3.2 | -6.6 | -1.3 |
| Mongolia | 14.0 | -21.1 | 17.7 | 13.2 | 5.3 |
| Montenegro | -1.7 | -12.0 | -12.3 | 0.1 | 6.9 |
| Morocco | 1.7 | -10.0 | 7.5 | -4.0 | 1.9 |
| Mozambique | -20.2 | 9.1 | 0.7 | 23.8 | -43.0 |
| Myanmar | 2.6 | 2.2 | -15.1 | 3.0 | - |
| Netherlands | 7.4 | -2.5 | 2.4 | 3.4 | 1.3 |
| New Zealand | 4.3 | -4.7 | 12.0 | 3.4 | -1.2 |
| Nicaragua | -27.5 | 10.7 | 34.0 | -4.2 | 12.1 |
| Nigeria | 8.3 | -14.7 | 4.7 | 3.3 | 6.6 |
| Norway | 9.5 | -4.1 | 0.7 | 5.2 | 0.0 |
| Oman | -10.4 | 1.8 | -15.7 | 1.8 | 2.2 |
| Pakistan | -11.1 | -6.7 | 3.7 | 4.6 | -14.9 |
| Panama | -1.4 | -47.8 | 31.2 | 20.6 | 18.8 |
| Paraguay | -6.1 | 5.3 | 18.2 | -1.8 | -3.5 |
| Peru | 3.3 | -16.2 | 34.6 | 0.7 | -5.4 |
| Philippines | 3.9 | -27.3 | 9.8 | 9.8 | 8.2 |
| Poland | 7.5 | -3.0 | 1.5 | 1.7 | 12.6 |
| Portugal | 5.5 | -2.3 | 7.8 | 3.3 | 3.6 |
| Puerto Rico | 1.6 | -34.4 | 19.7 | 5.7 | 2.8 |
| Romania | 14.9 | -0.5 | 4.0 | 5.4 | 14.5 |
| Russia | 1.0 | -4.0 | 9.3 | 6.7 | 8.8 |
| Rwanda | 32.0 | -4.5 | 16.3 | -4.0 | 11.9 |
| Saudi Arabia | 4.9 | -10.3 | 10.5 | 21.3 | 5.3 |
| Senegal | 10.3 | 7.2 | 15.8 | 11.0 | 12.5 |
| Serbia | 17.2 | -1.9 | 15.7 | 1.9 | 3.9 |
| Singapore | 2.5 | -14.2 | 23.6 | 2.5 | -0.2 |
| Slovakia | 5.0 | -9.6 | 5.1 | -1.9 | 16.6 |
| Slovenia | 4.9 | -7.2 | 12.3 | 4.2 | 3.9 |
| South Africa | -1.7 | -14.8 | -0.4 | 4.8 | 3.9 |
| Spain | 4.9 | -8.9 | 2.6 | 3.3 | 2.1 |
| Sri Lanka | -10.6 | -8.6 | 6.9 | -24.3 | -8.7 |
| Sudan | -0.2 | -2.0 | -2.1 | 1.2 | -20.0 |
| Sweden | -0.3 | 1.7 | 7.1 | 0.4 | -1.1 |
| Switzerland | 0.9 | -1.4 | 2.8 | -0.1 | 0.1 |
| Taiwan | 11.1 | 6.1 | 14.3 | 7.8 | -8.2 |
| Tanzania | 14.3 | 7.2 | 5.3 | 5.2 | - |
| Thailand | 2.0 | -4.7 | 3.1 | 2.3 | 1.2 |
| Trinidad and Tobago | 17.7 | 8.2 | -57.4 | -84.6 | - |
| Tunisia | 0.5 | -20.0 | 3.2 | 1.7 | -10.7 |
| Turkey | -12.5 | 7.3 | 7.2 | 1.3 | 8.4 |
| Turkmenistan | -3.2 | -3.0 | 4.6 | 1.7 | - |
| UAE | 3.7 | -20.4 | 21.2 | 56.7 | 4.2 |
| Uganda | 7.9 | -2.9 | 12.7 | 1.4 | 4.5 |
| Ukraine | 11.7 | -21.3 | 9.3 | -33.9 | 52.9 |
| United Kingdom | 2.1 | -9.7 | 7.6 | 5.1 | -0.1 |
| United States | 2.7 | -1.9 | 7.3 | 2.7 | 2.4 |
| Uruguay | -3.0 | -1.7 | 19.3 | 11.8 | -7.0 |
| Uzbekistan | 38.1 | -4.4 | 2.9 | 0.2 | 22.1 |
| Venezuela | -28.7 | -30.1 | -3.0 | 5.7 | - |
| Vietnam | 7.7 | 4.1 | 2.8 | 5.6 | 4.6 |
| Yemen | 4.4 | -15.0 | 1.0 | -2.0 | - |
| Zambia | 3.3 | -18.6 | 1.2 | -7.2 | - |
| Zimbabwe | -3.6 | -18.2 | 12.8 | 22.3 | - |