Gross fixed capital formation (constant 2015 US$), per unit of GDP by country
Gross fixed capital formation (constant 2015 US$) divided by GDP (current US$), matched on country and year. Neither publisher issues this ratio as a series; it is computed here from both.
What the numbers show
Gross fixed capital formation (constant 2015 US$), per unit of GDP is currently reported for 161 countries. The highest value is 0.5298 constant 2015 US$ per US$ of GDP in Uzbekistan; the lowest is 0.0034 constant 2015 US$ per US$ of GDP in Lebanon.
The median across all reporting countries is 0.1747 constant 2015 US$ per US$ of GDP, and the mean is 0.1934 constant 2015 US$ per US$ of GDP.
The gap between the highest and lowest reporting country is a factor of about 156.
Over the past decade 34 countries rose and 127 fell. The largest increase was in Syrian Arab Republic (up 549.4%), and the largest decrease in Lebanon (down 98.5%).
Gross fixed capital formation (constant 2015 US$), per unit of GDP: full country ranking
| # | Country | Latest | Year | 10-year change | Trend |
|---|---|---|---|---|---|
| 1 | Uzbekistan | 0.5298 constant 2015 US$ per US$ of GDP | 2025 | up 156.3% | rising |
| 2 | Gabon | 0.4566 constant 2015 US$ per US$ of GDP | 2025 | up 56.2% | falling |
| 3 | Bhutan | 0.4097 constant 2015 US$ per US$ of GDP | 2024 | down 21.1% | falling |
| 4 | Tanzania, United Republic of | 0.3844 constant 2015 US$ per US$ of GDP | 2025 | up 20.6% | flat |
| 5 | Algeria | 0.3811 constant 2015 US$ per US$ of GDP | 2025 | down 11.0% | volatile |
| 6 | Togo | 0.3437 constant 2015 US$ per US$ of GDP | 2023 | up 69.9% | falling |
| 7 | Ethiopia | 0.3295 constant 2015 US$ per US$ of GDP | 2025 | down 19.0% | falling |
| 8 | Lesotho | 0.3275 constant 2015 US$ per US$ of GDP | 2025 | up 15.6% | volatile |
| 9 | Gambia | 0.3259 constant 2015 US$ per US$ of GDP | 2025 | up 60.1% | rising |
| 10 | Rwanda | 0.3191 constant 2015 US$ per US$ of GDP | 2025 | up 31.6% | rising |
| 11 | Greenland | 0.3149 constant 2015 US$ per US$ of GDP | 2023 | up 20.6% | rising |
| 12 | Lao People's Democratic Republic | 0.3061 constant 2015 US$ per US$ of GDP | 2016 | down 47.9% | falling |
| 13 | Japan | 0.2985 constant 2015 US$ per US$ of GDP | 2024 | up 28.0% | volatile |
| 14 | Senegal | 0.2964 constant 2015 US$ per US$ of GDP | 2025 | up 28.8% | falling |
| 15 | Sierra Leone | 0.2921 constant 2015 US$ per US$ of GDP | 2025 | up 63.9% | volatile |
| 16 | India | 0.2907 constant 2015 US$ per US$ of GDP | 2025 | up 1.2% | falling |
| 17 | Indonesia | 0.2822 constant 2015 US$ per US$ of GDP | 2025 | down 14.0% | falling |
| 18 | Panama | 0.2776 constant 2015 US$ per US$ of GDP | 2024 | down 30.7% | flat |
| 19 | Republic of Korea | 0.2772 constant 2015 US$ per US$ of GDP | 2025 | down 5.0% | volatile |
| 20 | Bahrain | 0.2741 constant 2015 US$ per US$ of GDP | 2024 | up 9.7% | falling |
| 21 | Viet Nam | 0.274 constant 2015 US$ per US$ of GDP | 2025 | down 9.2% | falling |
| 22 | Palau | 0.2729 constant 2015 US$ per US$ of GDP | 2024 | down 15.9% | falling |
| 23 | Kiribati | 0.2652 constant 2015 US$ per US$ of GDP | 2024 | up 12.5% | rising |
| 24 | Guinea | 0.2601 constant 2015 US$ per US$ of GDP | 2025 | up 8.5% | falling |
| 25 | Timor-Leste | 0.2573 constant 2015 US$ per US$ of GDP | 2024 | down 36.6% | falling |
| 26 | Mongolia | 0.2567 constant 2015 US$ per US$ of GDP | 2025 | up 40.4% | falling |
| 27 | Cambodia | 0.2554 constant 2015 US$ per US$ of GDP | 2025 | down 12.0% | rising |
| 28 | Mauritania | 0.2529 constant 2015 US$ per US$ of GDP | 2025 | down 26.3% | falling |
| 29 | Iran, Islamic Republic of | 0.2527 constant 2015 US$ per US$ of GDP | 2025 | down 0.4% | volatile |
| 30 | Kazakhstan | 0.2477 constant 2015 US$ per US$ of GDP | 2024 | up 35.5% | volatile |
| 31 | Samoa | 0.2458 constant 2015 US$ per US$ of GDP | 2025 | down 29.5% | falling |
| 32 | Brunei Darussalam | 0.2441 constant 2015 US$ per US$ of GDP | 2025 | down 30.3% | falling |
| 33 | Benin | 0.2405 constant 2015 US$ per US$ of GDP | 2025 | up 17.3% | falling |
| 34 | Oman | 0.2398 constant 2015 US$ per US$ of GDP | 2024 | down 15.9% | falling |
| 35 | Congo | 0.2388 constant 2015 US$ per US$ of GDP | 2025 | down 69.4% | volatile |
| 36 | Djibouti | 0.2365 constant 2015 US$ per US$ of GDP | 2025 | down 22.0% | falling |
| 37 | Sri Lanka | 0.2347 constant 2015 US$ per US$ of GDP | 2025 | down 16.9% | falling |
| 38 | Australia | 0.2322 constant 2015 US$ per US$ of GDP | 2025 | down 11.1% | volatile |
| 39 | Kosovo | 0.2315 constant 2015 US$ per US$ of GDP | 2024 | down 1.8% | flat |
| 39 | Kosovo (UNSCR 1244) | 0.2315 constant 2015 US$ per US$ of GDP | 2024 | down 1.8% | flat |
| 41 | Kyrgyzstan | 0.2313 constant 2015 US$ per US$ of GDP | 2025 | down 29.0% | falling |
| 42 | Tonga | 0.2313 constant 2015 US$ per US$ of GDP | 2024 | up 6.5% | falling |
| 43 | Morocco | 0.2286 constant 2015 US$ per US$ of GDP | 2024 | down 2.3% | falling |
| 44 | Bahamas | 0.2265 constant 2015 US$ per US$ of GDP | 2024 | down 26.6% | falling |
| 45 | Paraguay | 0.226 constant 2015 US$ per US$ of GDP | 2025 | up 16.5% | volatile |
| 46 | Bangladesh | 0.2257 constant 2015 US$ per US$ of GDP | 2025 | down 21.9% | flat |
| 47 | Türkiye | 0.2252 constant 2015 US$ per US$ of GDP | 2025 | down 25.0% | falling |
| 48 | Nicaragua | 0.2242 constant 2015 US$ per US$ of GDP | 2025 | down 23.4% | volatile |
| 49 | Côte d'Ivoire | 0.2235 constant 2015 US$ per US$ of GDP | 2025 | down 5.2% | rising |
| 50 | Syrian Arab Republic | 0.2229 constant 2015 US$ per US$ of GDP | 2022 | up 549.4% | volatile |
| 51 | Philippines | 0.2227 constant 2015 US$ per US$ of GDP | 2025 | up 0.2% | falling |
| 52 | Congo, Democratic Republic of the | 0.2203 constant 2015 US$ per US$ of GDP | 2025 | down 16.1% | falling |
| 53 | Botswana | 0.2192 constant 2015 US$ per US$ of GDP | 2025 | down 19.1% | falling |
| 54 | Solomon Islands | 0.2167 constant 2015 US$ per US$ of GDP | 2024 | up 66.1% | falling |
| 55 | Somalia | 0.2163 constant 2015 US$ per US$ of GDP | 2025 | up 64.5% | rising |
| 56 | Vanuatu | 0.216 constant 2015 US$ per US$ of GDP | 2024 | up 93.2% | rising |
| 57 | Uganda | 0.215 constant 2015 US$ per US$ of GDP | 2025 | down 7.6% | falling |
| 58 | Sweden | 0.215 constant 2015 US$ per US$ of GDP | 2025 | down 7.5% | volatile |
| 59 | Norway | 0.2147 constant 2015 US$ per US$ of GDP | 2025 | down 11.1% | volatile |
| 60 | Marshall Islands | 0.2129 constant 2015 US$ per US$ of GDP | 2024 | up 5.1% | falling |
| 61 | El Salvador | 0.2127 constant 2015 US$ per US$ of GDP | 2025 | up 35.5% | falling |
| 62 | Malaysia | 0.2094 constant 2015 US$ per US$ of GDP | 2025 | down 19.0% | falling |
| 63 | Switzerland | 0.2087 constant 2015 US$ per US$ of GDP | 2025 | down 21.2% | volatile |
| 64 | Nepal | 0.2087 constant 2015 US$ per US$ of GDP | 2025 | down 24.3% | falling |
| 65 | Saudi Arabia | 0.2083 constant 2015 US$ per US$ of GDP | 2025 | down 28.7% | falling |
| 66 | Chile | 0.2073 constant 2015 US$ per US$ of GDP | 2025 | down 18.6% | volatile |
| 67 | Thailand | 0.2013 constant 2015 US$ per US$ of GDP | 2025 | down 17.9% | volatile |
| 68 | Dominican Republic | 0.1981 constant 2015 US$ per US$ of GDP | 2025 | down 12.2% | falling |
| 69 | Palestine, State of | 0.198 constant 2015 US$ per US$ of GDP | 2025 | down 16.3% | falling |
| 70 | Mali | 0.1949 constant 2015 US$ per US$ of GDP | 2025 | down 17.9% | falling |
| 71 | New Zealand | 0.1945 constant 2015 US$ per US$ of GDP | 2024 | down 1.2% | volatile |
| 72 | Namibia | 0.1943 constant 2015 US$ per US$ of GDP | 2025 | down 37.3% | rising |
| 73 | Bosnia and Herzegovina | 0.1933 constant 2015 US$ per US$ of GDP | 2024 | down 0.0% | falling |
| 74 | Niger | 0.1896 constant 2015 US$ per US$ of GDP | 2025 | down 41.8% | rising |
| 75 | Italy | 0.1861 constant 2015 US$ per US$ of GDP | 2025 | up 8.9% | volatile |
| 76 | Madagascar | 0.1828 constant 2015 US$ per US$ of GDP | 2025 | down 3.6% | rising |
| 77 | North Macedonia | 0.1788 constant 2015 US$ per US$ of GDP | 2024 | down 6.5% | falling |
| 78 | Belgium | 0.1786 constant 2015 US$ per US$ of GDP | 2025 | down 22.9% | volatile |
| 79 | Belarus | 0.1781 constant 2015 US$ per US$ of GDP | 2025 | down 37.9% | falling |
| 80 | France | 0.1761 constant 2015 US$ per US$ of GDP | 2025 | down 14.4% | volatile |
| 81 | Belize | 0.1747 constant 2015 US$ per US$ of GDP | 2024 | up 9.1% | falling |
| 82 | Singapore | 0.1741 constant 2015 US$ per US$ of GDP | 2025 | down 36.1% | volatile |
| 83 | Montenegro | 0.1733 constant 2015 US$ per US$ of GDP | 2025 | down 16.3% | falling |
| 84 | Croatia | 0.1729 constant 2015 US$ per US$ of GDP | 2025 | down 9.4% | falling |
| 85 | Canada | 0.1722 constant 2015 US$ per US$ of GDP | 2025 | down 27.8% | volatile |
| 86 | Estonia | 0.1721 constant 2015 US$ per US$ of GDP | 2025 | down 28.5% | falling |
| 87 | Denmark | 0.1721 constant 2015 US$ per US$ of GDP | 2025 | down 13.1% | volatile |
| 88 | United States of America | 0.1715 constant 2015 US$ per US$ of GDP | 2024 | down 16.6% | falling |
| 89 | Burkina Faso | 0.1711 constant 2015 US$ per US$ of GDP | 2025 | down 10.6% | falling |
| 90 | Austria | 0.1704 constant 2015 US$ per US$ of GDP | 2025 | down 25.6% | volatile |
| 91 | Finland | 0.1696 constant 2015 US$ per US$ of GDP | 2025 | down 20.8% | volatile |
| 92 | Guinea-Bissau | 0.1685 constant 2015 US$ per US$ of GDP | 2025 | up 4.0% | falling |
| 93 | Honduras | 0.1677 constant 2015 US$ per US$ of GDP | 2025 | down 29.2% | volatile |
| 94 | Peru | 0.1675 constant 2015 US$ per US$ of GDP | 2025 | down 27.4% | volatile |
| 95 | Israel | 0.1671 constant 2015 US$ per US$ of GDP | 2025 | down 21.5% | volatile |
| 96 | Mauritius | 0.1671 constant 2015 US$ per US$ of GDP | 2025 | up 0.2% | falling |
| 97 | United Kingdom of Great Britain and Northern Ireland | 0.1659 constant 2015 US$ per US$ of GDP | 2025 | down 7.6% | volatile |
| 98 | Angola | 0.1659 constant 2015 US$ per US$ of GDP | 2024 | down 16.6% | falling |
| 99 | Libya | 0.1653 constant 2015 US$ per US$ of GDP | 2025 | down 3.3% | flat |
| 100 | Seychelles | 0.1652 constant 2015 US$ per US$ of GDP | 2025 | down 38.5% | falling |
| 101 | Czechia | 0.1645 constant 2015 US$ per US$ of GDP | 2025 | down 35.9% | falling |
| 102 | Ghana | 0.1626 constant 2015 US$ per US$ of GDP | 2024 | down 35.2% | falling |
| 103 | Iceland | 0.1618 constant 2015 US$ per US$ of GDP | 2025 | down 15.4% | volatile |
| 104 | Republic of Moldova | 0.1603 constant 2015 US$ per US$ of GDP | 2025 | down 33.3% | falling |
| 105 | Mexico | 0.1602 constant 2015 US$ per US$ of GDP | 2025 | down 30.9% | volatile |
| 106 | Ireland | 0.1597 constant 2015 US$ per US$ of GDP | 2025 | down 34.2% | volatile |
| 107 | Spain | 0.1593 constant 2015 US$ per US$ of GDP | 2025 | down 12.9% | volatile |
| 108 | Latvia | 0.1591 constant 2015 US$ per US$ of GDP | 2025 | down 28.7% | falling |
| 109 | Kenya | 0.1588 constant 2015 US$ per US$ of GDP | 2025 | down 28.1% | falling |
| 110 | Russian Federation | 0.1588 constant 2015 US$ per US$ of GDP | 2025 | down 23.0% | volatile |
| 111 | Lithuania | 0.1587 constant 2015 US$ per US$ of GDP | 2025 | down 19.0% | falling |
| 112 | Brazil | 0.1581 constant 2015 US$ per US$ of GDP | 2025 | down 11.3% | volatile |
| 113 | Cyprus | 0.1561 constant 2015 US$ per US$ of GDP | 2025 | up 21.6% | volatile |
| 114 | Central African Republic | 0.1552 constant 2015 US$ per US$ of GDP | 2025 | down 24.5% | rising |
| 115 | Chad | 0.1549 constant 2015 US$ per US$ of GDP | 2025 | down 30.4% | falling |
| 116 | Ecuador | 0.1546 constant 2015 US$ per US$ of GDP | 2025 | down 31.4% | volatile |
| 117 | Tunisia | 0.1543 constant 2015 US$ per US$ of GDP | 2025 | down 26.4% | volatile |
| 118 | Cameroon | 0.1542 constant 2015 US$ per US$ of GDP | 2025 | down 17.1% | volatile |
| 119 | Armenia | 0.1538 constant 2015 US$ per US$ of GDP | 2025 | down 25.4% | falling |
| 120 | Hong Kong, China | 0.1525 constant 2015 US$ per US$ of GDP | 2025 | down 31.9% | volatile |
| 121 | Maldives | 0.1501 constant 2015 US$ per US$ of GDP | 2024 | down 54.9% | falling |
| 122 | Albania | 0.1492 constant 2015 US$ per US$ of GDP | 2025 | down 42.8% | falling |
| 123 | Slovenia | 0.149 constant 2015 US$ per US$ of GDP | 2025 | down 21.2% | falling |
| 124 | Romania | 0.1487 constant 2015 US$ per US$ of GDP | 2025 | down 40.3% | falling |
| 125 | Serbia | 0.1482 constant 2015 US$ per US$ of GDP | 2025 | down 11.8% | flat |
| 126 | Slovakia | 0.1481 constant 2015 US$ per US$ of GDP | 2025 | down 39.1% | volatile |
| 127 | Greece | 0.148 constant 2015 US$ per US$ of GDP | 2025 | up 32.6% | volatile |
| 128 | San Marino | 0.1451 constant 2015 US$ per US$ of GDP | 2023 | down 16.1% | falling |
| 129 | Portugal | 0.1437 constant 2015 US$ per US$ of GDP | 2025 | down 8.2% | volatile |
| 130 | Netherlands | 0.1428 constant 2015 US$ per US$ of GDP | 2025 | down 34.5% | volatile |
| 131 | Argentina | 0.1394 constant 2015 US$ per US$ of GDP | 2025 | down 10.5% | volatile |
| 132 | Germany | 0.1393 constant 2015 US$ per US$ of GDP | 2025 | down 29.5% | volatile |
| 133 | Eswatini | 0.1373 constant 2015 US$ per US$ of GDP | 2024 | down 2.8% | falling |
| 134 | Uruguay | 0.1371 constant 2015 US$ per US$ of GDP | 2025 | down 30.7% | volatile |
| 135 | Georgia | 0.137 constant 2015 US$ per US$ of GDP | 2025 | down 42.7% | falling |
| 136 | Costa Rica | 0.1369 constant 2015 US$ per US$ of GDP | 2025 | down 27.9% | volatile |
| 137 | Colombia | 0.1354 constant 2015 US$ per US$ of GDP | 2025 | down 42.1% | volatile |
| 138 | Hungary | 0.1292 constant 2015 US$ per US$ of GDP | 2025 | down 42.0% | falling |
| 139 | Malta | 0.1278 constant 2015 US$ per US$ of GDP | 2025 | down 46.0% | falling |
| 140 | Poland | 0.1263 constant 2015 US$ per US$ of GDP | 2025 | down 37.6% | falling |
| 141 | Guatemala | 0.1262 constant 2015 US$ per US$ of GDP | 2025 | down 13.1% | volatile |
| 142 | Egypt | 0.1255 constant 2015 US$ per US$ of GDP | 2025 | down 8.1% | falling |
| 143 | South Africa | 0.1187 constant 2015 US$ per US$ of GDP | 2025 | down 34.1% | volatile |
| 144 | Pakistan | 0.1138 constant 2015 US$ per US$ of GDP | 2025 | down 19.3% | volatile |
| 145 | Bulgaria | 0.1127 constant 2015 US$ per US$ of GDP | 2025 | down 46.0% | falling |
| 146 | Ukraine | 0.112 constant 2015 US$ per US$ of GDP | 2025 | down 17.3% | volatile |
| 147 | Bolivia, Plurinational State of | 0.1109 constant 2015 US$ per US$ of GDP | 2024 | down 45.5% | volatile |
| 148 | Puerto Rico | 0.1057 constant 2015 US$ per US$ of GDP | 2025 | up 24.1% | volatile |
| 149 | Macau, China | 0.1043 constant 2015 US$ per US$ of GDP | 2025 | down 58.0% | volatile |
| 150 | Luxembourg | 0.1017 constant 2015 US$ per US$ of GDP | 2025 | down 41.2% | volatile |
| 151 | Yemen | 0.1 constant 2015 US$ per US$ of GDP | 2018 | down 69.3% | volatile |
| 152 | Bermuda | 0.0949 constant 2015 US$ per US$ of GDP | 2024 | down 22.2% | falling |
| 153 | Comoros | 0.0899 constant 2015 US$ per US$ of GDP | 2025 | down 33.4% | falling |
| 154 | Cuba | 0.0786 constant 2015 US$ per US$ of GDP | 2020 | down 17.4% | volatile |
| 155 | Zimbabwe | 0.0669 constant 2015 US$ per US$ of GDP | 2024 | down 31.1% | falling |
| 156 | Equatorial Guinea | 0.0619 constant 2015 US$ per US$ of GDP | 2025 | down 74.8% | volatile |
| 157 | Sao Tome and Principe | 0.0474 constant 2015 US$ per US$ of GDP | 2025 | down 67.1% | falling |
| 158 | Iraq | 0.0329 constant 2015 US$ per US$ of GDP | 2024 | down 77.9% | falling |
| 159 | Venezuela, Bolivarian Republic of | 0.0216 constant 2015 US$ per US$ of GDP | 2025 | down 87.6% | volatile |
| 160 | Haiti | 0.0174 constant 2015 US$ per US$ of GDP | 2025 | down 87.6% | falling |
| 161 | Lebanon | 0.0034 constant 2015 US$ per US$ of GDP | 2024 | down 98.5% | volatile |
Regions and income groups
Aggregates are excluded from the country ranking above so that a region can never outrank a country.
- South Asia 0.282 constant 2015 US$ per US$ of GDP
- South Asia (IDA & IBRD) 0.282 constant 2015 US$ per US$ of GDP
- IDA total 0.2758 constant 2015 US$ per US$ of GDP
- Lower middle income 0.2693 constant 2015 US$ per US$ of GDP
- Low income 0.2449 constant 2015 US$ per US$ of GDP
- Least developed countries 0.244 constant 2015 US$ per US$ of GDP
- IDA only 0.2418 constant 2015 US$ per US$ of GDP
- Sub-Saharan Africa (excluding high income) 0.2383 constant 2015 US$ per US$ of GDP
- Sub-Saharan Africa 0.2382 constant 2015 US$ per US$ of GDP
- Sub-Saharan Africa (IDA & IBRD countries) 0.2382 constant 2015 US$ per US$ of GDP
- Europe & Central Asia (excluding high income) 0.2356 constant 2015 US$ per US$ of GDP
- Early-demographic dividend 0.2265 constant 2015 US$ per US$ of GDP
- Heavily indebted poor countries (HIPC) 0.2263 constant 2015 US$ per US$ of GDP
- World 0.2145 constant 2015 US$ per US$ of GDP
- Arab World 0.1994 constant 2015 US$ per US$ of GDP
- Small states 0.1935 constant 2015 US$ per US$ of GDP
- Middle East, North Africa, Afghanistan & Pakistan 0.192 constant 2015 US$ per US$ of GDP
- High income 0.1864 constant 2015 US$ per US$ of GDP
- OECD members 0.1863 constant 2015 US$ per US$ of GDP
- Post-demographic dividend 0.1861 constant 2015 US$ per US$ of GDP
- Africa Eastern and Southern 0.1858 constant 2015 US$ per US$ of GDP
- Europe & Central Asia (IDA & IBRD countries) 0.1824 constant 2015 US$ per US$ of GDP
- Middle East, North Africa, Afghanistan & Pakistan (excluding high income) 0.1785 constant 2015 US$ per US$ of GDP
- Middle East, North Africa, Afghanistan & Pakistan (IDA & IBRD) 0.1783 constant 2015 US$ per US$ of GDP
- North America 0.1716 constant 2015 US$ per US$ of GDP
- Europe & Central Asia 0.1689 constant 2015 US$ per US$ of GDP
- Other small states 0.168 constant 2015 US$ per US$ of GDP
- Euro area 0.1595 constant 2015 US$ per US$ of GDP
- European Union 0.1594 constant 2015 US$ per US$ of GDP
- Latin America & the Caribbean (IDA & IBRD countries) 0.157 constant 2015 US$ per US$ of GDP
- Latin America & Caribbean 0.1536 constant 2015 US$ per US$ of GDP
- Latin America & Caribbean (excluding high income) 0.1504 constant 2015 US$ per US$ of GDP
- Central Europe and the Baltics 0.1409 constant 2015 US$ per US$ of GDP
How this figure is calculated
Gross fixed capital formation (constant 2015 US$) divided by GDP (current US$), matched on country and year. Neither publisher issues this ratio as a series; it is computed here from both.
Gross fixed capital formation (constant 2015 US$) ÷ GDP (current US$)
Computed from
- Gross fixed capital formation Country official statistics, National Statistical Organizations and/or Central Banks
- GDP Country official statistics, National Statistical Organizations and/or Central Banks
Statizoid computes this series; the underlying measurements belong to the publishers named above. The arithmetic is applied to every country and year where both inputs report, and nothing is estimated unless the page says so.
About this data
Gross fixed capital formation (constant 2015 US$) divided by GDP (current US$), matched on country and year. Neither publisher issues this ratio as a series; it is computed here from both.