Greece - Gross capital formation (% of GDP)

Gross capital formation (% of GDP) in Greece was 15.00 as of 2020. Its highest value over the past 60 years was 48.28 in 1973, while its lowest value was 11.89 in 2014.

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.

Source: World Bank national accounts data, and OECD National Accounts data files.

See also:

Year Value
1960 16.49
1961 22.27
1962 23.43
1963 27.14
1964 31.75
1965 34.84
1966 31.43
1967 29.55
1968 32.08
1969 36.76
1970 36.46
1971 38.02
1972 41.75
1973 48.28
1974 38.25
1975 36.42
1976 38.21
1977 33.74
1978 32.78
1979 32.09
1980 30.61
1981 25.02
1982 29.79
1983 28.64
1984 29.81
1985 31.34
1986 30.33
1987 23.08
1988 26.59
1989 26.86
1990 27.56
1991 28.41
1992 25.41
1993 24.18
1994 22.79
1995 22.47
1996 23.35
1997 22.44
1998 25.18
1999 24.15
2000 25.83
2001 25.69
2002 24.75
2003 27.37
2004 25.31
2005 22.10
2006 26.15
2007 27.13
2008 24.51
2009 18.34
2010 17.99
2011 14.03
2012 12.10
2013 11.94
2014 11.89
2015 12.08
2016 12.84
2017 12.02
2018 13.15
2019 12.61
2020 15.00

Limitations and Exceptions: Because policymakers have tended to focus on fostering the growth of output, and because data on production are easier to collect than data on spending, many countries generate their primary estimate of GDP using the production approach. Moreover, many countries do not estimate all the components of national expenditures but instead derive some of the main aggregates indirectly using GDP (based on the production approach) as the control total. Data on capital formation may be estimated from direct surveys of enterprises and administrative records or based on the commodity flow method using data from production, trade, and construction activities. The quality of data on government fixed capital formation depends on the quality of government accounting systems (which tend to be weak in developing countries). Measures of fixed capital formation by households and corporations - particularly capital outlays by small, unincorporated enterprises - are usually unreliable. Estimates of changes in inventories are rarely complete but usually include the most important activities or commodities. In some countries these estimates are derived as a composite residual along with household final consumption expenditure. According to national accounts conventions, adjustments should be made for appreciation of the value of inventory holdings due to price changes, but this is not always done. In highly inflationary economies this element can be substantial.

Statistical Concept and Methodology: Gross domestic product (GDP) from the expenditure side is made up of household final consumption expenditure, general government final consumption expenditure, gross capital formation (private and public investment in fixed assets, changes in inventories, and net acquisitions of valuables), and net exports (exports minus imports) of goods and services. Such expenditures are recorded in purchaser prices and include net taxes on products.

Aggregation method: Weighted average

Periodicity: Annual

Classification

Topic: Economic Policy & Debt Indicators

Sub-Topic: National accounts