Before the financial crisis 70% of money invested in Spain construction, after almost 15 years, this rate does not even reach 50%. And if investment in intellectual property was only 8% then, it’s about ten percentage points higher now. The first reflects the “significant adjustment”. real estate market since the financial crisis. Second, the rise of the phenomenon digitization“A technological transition that revolutionizes the economy’s transversal productive processes and enables more massive use of intangible investments. [‘software’, patentes y formación, entre otros]”.
This is noted in a study by Caixabank Research, which El Periódico de Catalunya has access to and analyzes how investments in Spain are developing. According to this report by The Economist, Oriol CarrerasIn absolute terms, investment building last year it was 41% lower than in 2007; financing intangible assets, 43% higher; and investment machine20% higher, in this case a sign of the recovery of the industrial sector.
“The greater weight of these categories reflects not only an impact from the sharp decline in construction investment, but also a result of a crucial investment effort,” the report explains. Specifically, during the years of the economic crisis, investments accounted for 17 percent of Gross Domestic Product (GDP), almost 15 percentage points lower than in times before the crisis broke out. housing bubble. Since then, investments have been climbing to date, close to 20% of GDP.
European trend
This trend is similar in the main European economies, but in these cases the oscillation is less severe. investment Germany It accounted for about 23% of GDP in 2000, dropped to 19% shortly before the financial crisis and now stands at 22%.
Document analysis states, “The weight of investment in construction in our economy is similar to that of others”. In fact, with a few exceptions, “the same can be said of investment and transportation in intangibles and capital goods.”
But the text continues, this was not the case 10 years ago when the weight of construction in investments was well above the average and financing of intangibles was much lower. The weight of investment in these categories in Spain required a longer period of time than other economies to complete convergence in terms of capital per worker, the report says. And european fundsthe author concludes that it will be an important element for this.