Economy > Economic growth > Investment rates > Gross fixed capital formation > Housing: Countries Compared

DEFINITION: Gross fixed capital formation (GFCF) reflects the acquisition, less disposal, of fixed assets, i.e. products which are expected to be used in production for several years. Acquisitions include both purchases of assets (new or second-hand) and the construction of assets by producers for their own use. Disposals include sales of assets for scrap as well as sales of used assets in a working condition to other producers: New Zealand, Mexico and some Central European countries import substantial quantities of used assets.

Fixed assets consist of machinery and equipment; dwellings and other buildings; roads, bridges, airfields and dams; orchards and tree plantations; improvements to land such as fencing, leveling and draining; draught animals and other animals that are kept for the milk and wool that they produce; computer software and databases; entertainment, literary or artistic originals, and expenditures on mineral exploration. What all these things have in common is that they contribute to future production. This may not be obvious in the case of dwellings but, in the national accounts, flats and houses are considered to produce housing services which are consumed by owners or tenants over the life of the building.

In calculating the shares, gross fixed capital formation and GDP are both valued at current market prices.

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Totals

#	COUNTRY	AMOUNT	DATE
1	NorwayNorway	15.34%	2009
2	IrelandIreland	12.53%	2009
3	PortugalPortugal	11.08%	2009
4	IcelandIceland	9.72%	2009
5	SpainSpain	9.34%	2009
6	GreeceGreece	7.71%	2009
7	CanadaCanada	7.11%	2009
8	AustraliaAustralia	7.05%	2009
9	New ZealandNew Zealand	6.54%	2009
10	NetherlandsNetherlands	6.4%	2009
	High income OECD countries averageHigh income OECD countries average (profile)	6.23%	2009
11	DenmarkDenmark	5.87%	2009
12	United StatesUnited States	5.84%	2009
13	FinlandFinland	5.75%	2009
14	GermanyGermany	5.6%	2009
15	South KoreaSouth Korea	5.28%	2009
	Group of 7 countries (G7) averageGroup of 7 countries (G7) average (profile)	5.09%	2009
16	SwitzerlandSwitzerland	4.98%	2009
17	FranceFrance	4.84%	2009
18	AustriaAustria	4.69%	2009
19	HungaryHungary	4.59%	2009
20	ItalyItaly	4.4%	2009
21	United KingdomUnited Kingdom	4.05%	2009
22	JapanJapan	3.79%	2009
23	Czech RepublicCzech Republic	3.58%	2009
24	SwedenSweden	3.35%	2009
25	PolandPoland	2.79%	2009
26	SlovakiaSlovakia	2.35%	2009
27	LuxembourgLuxembourg	2.05%	2009

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