Capital accumulation in Spain has stagnated during the crisis and investment has not covered the depreciation of some assets. This is one of the main messages flowing from the report Inversión y stock de capital en España (1964-2011). Evolución y perspectivas del patrón de acumulación and the BBVA Foundation-Ivie database El stock y los servicios del capital en España y su distribución territorial.
Data shows that the Spanish accumulation pattern needs several changes so that economic growth returns to trend: capital productivity should be improved by changing its composition and avoiding its current under-utilization.
Also, although different profiles in terms of capital endowments and productivity still persist, the report states that the capitalization process has been broad and widespread in all Spanish regions. In this sense, it pays particular attention to each autonomous region and city.
The capital stock estimates for Spain, its autonomous communities and provinces, which have been developed by the BBVA Foundation and the Ivie for over fifteen years, cover the 1964-2011 period and provide information disaggregated by 18 assets and 44 industries for the national territory, by 37 industries for its regions and by 25 industries in the case of the provinces.
This data allows to analyze the sources of economic growth and to assess relevant public policies, such as those related to infrastructures or to ICT (information and communication technologies). Also, the offered territorial information is useful to know the location of investment in the different assets and the differences in the structure of capital endowments of the autonomous communities and provinces; as well as to analyze the trends of accumulation of each asset and study the growth of capital services and the location of the activities, in the different regions and provinces.