Spain - Gross capital formation (% of GDP)

Gross capital formation (% of GDP) in Spain was 20.69 as of 2020. Its highest value over the past 50 years was 31.85 in 1974, while its lowest value was 17.22 in 2013.

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
1970 28.36
1971 26.07
1972 27.31
1973 28.70
1974 31.85
1975 30.11
1976 28.42
1977 26.37
1978 24.17
1979 23.56
1980 24.37
1981 22.71
1982 22.58
1983 21.73
1984 20.60
1985 20.82
1986 21.73
1987 23.16
1988 25.35
1989 26.68
1990 26.84
1991 26.02
1992 24.07
1993 21.46
1994 21.65
1995 22.52
1996 22.23
1997 22.61
1998 23.93
1999 25.54
2000 26.64
2001 26.46
2002 26.68
2003 27.50
2004 28.29
2005 29.39
2006 30.57
2007 30.44
2008 28.45
2009 23.30
2010 22.30
2011 20.57
2012 18.44
2013 17.22
2014 17.90
2015 19.00
2016 18.75
2017 19.41
2018 20.48
2019 20.89
2020 20.69

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