Bruttoanlageinvestitionen

Bruttoanlageinvestitionen, in English gross fixed capital formation, are the expenditures on fixed assets by resident units during a period, intended to be used in production for more than one year. Fixed assets include buildings, infrastructure, machinery and equipment, transport equipment, and intangible assets such as software and research and development. Purchases and constructions of new fixed assets, improvements or additions to existing assets, and disposals minus retirements are included; land purchases are typically not part of Bruttoanlageinvestitionen because land is not depreciated. The concept is usually reported in current prices and can also be provided in constant prices for time-series analysis.

In national accounts, Bruttoanlageinvestitionen form a major component of gross capital formation and contribute to the growth of the economy’s capital stock. The level and growth rate of Bruttoanlageinvestitionen are commonly used as indicators of investment climate, productive capacity, and future potential output. They interact with net investment, since Nettoanlageinvestitionen (net fixed capital formation) equals Bruttoanlageinvestitionen minus depreciation of fixed assets, reflecting the net addition to the capital stock in a period.

Data on Bruttoanlageinvestitionen are compiled by national statistical authorities and international organizations. In Germany, Destatis publishes figures by sector (households, enterprises, and government) and by asset type, available on a quarterly and annual basis. Analysts use Bruttoanlageinvestitionen to assess cyclical dynamics, structural change, and the maturity of the economy’s capital stock. Examples of investments include constructing a new factory, purchasing new machinery or vehicles, and acquiring software or other intellectual property products.