National Accounts: Fixed Capital Stock
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National Accounts, Climate and Environment, Economic StatisticsJonas Johansen Næsby
+45 29 44 68 24
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The purpose of the statistics is to provide a detailed picture of the economy’s total production apparatus and the part of national wealth that is held in fixed assets. Fixed assets are compiled in accordance with the guidelines in the European System of Accounts, ESA 2010, and are based on the national accounts series for investment. Fixed assets according to ESA 2010 were published for the first time in September 2014.
Statistical presentation
The statistics on fixed assets comprise six variables that are compiled both at current prices and in chain-linked values. Exceptions are other changes in the volume of non-financial assets, which are not compiled in chain-linked values, and revaluations, which exist only in current prices. The six variables are: Gross capital stock of fixed assets, Net capital stock of fixed assets, Gross fixed capital formation, Consumption of fixed capital, Other changes in the volume of non-financial assets and Revaluations.
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Statistical processing
Fixed assets are compiled using gross fixed capital formation, historical stocks and assumptions on service lives and depreciation. Investment data stem from business statistics, administrative registers and sector-specific sources, supplemented by BBR, the Motor Register and R&D statistics. Service lives follow European recommendations. Data are validated against industry and sector series and through a final macro-assessment. From 2021, all asset types are compiled using PIM based on harmonised benchmark stocks.
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Relevance
As fundamental data for everyone dealing with socioeconomic conditions like economic ministries, organizations, the press, the financial sector, larger companies, students and researchers. National accounts are used as the basis for analyzing the economic development.
National accounts continuously evaluate feedback from users via national and international forums.
Accuracy and reliability
A certain degree of uncertainty is linked to the data sources and the assumptions used in the compilation of fixed assets. Consistent methods and the integrated processing of sources help ensure stable results over time. Until 2020, buildings and transport equipment were compiled using direct stock methods, which generally provided a solid basis. The shift to a fully harmonised PIM approach from 2021 may introduce slightly higher uncertainty. Quality management and revisions follow the CoP, QAF and established procedures.
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Timeliness and punctuality
The first version of the annual national accounts, including fixed assets, is published at the end of June in the year following the reference year. Final annual national accounts figures are published annually approximately 2.5 years after the reference year.
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Comparability
Comparisons with other statistics at a detailed industry level will often show differences, partly because of differences in definitions of variables, and partly because of the calendar year delimitation of the national accounts and its requirement of total coverage of the economic activity.
Internationally there is a high degree of comparability with the national accounts of other countries because the Danish national accounts are compiled in accordance with the definitions in the European System of National Accounts ESA2010.
Accessibility and clarity
The statistics are published in StatBank under National accounts.