El stock de capital en España y sus comunidades autónomas

This paper presents the main results of the latest estimates – relating to investment and capital stock – for the Spanish economy, developed jointly by the Ivie and the BBVA Foundation. The data covers the period 1964-2016 with a broad breakdown by assets (including R&D), sectors, regions and provinces. The richness of the database enables the characteristics of capitalization to be studied from multiple angles, making these estimates an essential tool for the study of the sources of growth in Spain. The paper analyzes the evolution of investment and capital stock trajectories since 1995, both at national and regional level. It also discusses the effect of the last complete cycle of the Spanish economy, i.e., from the beginning of the crisis in 2008 through the subsequent recovery phase, on the average age of investments and the aging of the capital stock. The analysis is conducted from a sectoral point of view and in terms of the assets that make up total capital.