Description

As from issue number 50, the Series of Economic Studies of the Central Bank of Chile will be called Studies in Economic Statistics.

This study measures the capital services using the latest recommendations of the Manual of Capital (OECD, 2009) for the period 1996-2014. Besides, a consistent calculation of the net capital stock is done with geometric profiles, along with a calculation of the consumption of fixed capital, for the period 1985-2015, with a breakdown by assets and by industries. Capital services correspond to the Volume Indicator of the Capital Services that we call IVSC, being the adequate measure of capital in productivity studies. The results show that the IVSC has an average growth rate of 7,2%, and its evolution differs from the growth of the net non-residential capital stock, in special from 2004, due to the greater dynamism in the investment in machinery and equipment, and its higher efficiency regarding construction investment.