1. Gross fixed capital formation supplementary tables

Gross fixed capital formation (GFCF) is the estimate of net capital expenditure (acquisitions less the proceeds from disposals) on fixed assets by both the public and private sectors. Fixed assets are produced assets used in production processes for more than one year. Examples of capital expenditure include spending on machinery and equipment, transport equipment, software, artistic originals, new dwellings and major improvements to dwellings, other buildings and major improvements to buildings, and structures such as roads. The additional assets research and development and military weapons systems were introduced into the definition of GFCF in the Q2 2014 Revised Results release, consistent with the European System of Accounts 2010, and are included in UK National Accounts: The Blue Book 2014.

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2. Business investment

Business investment is a component of GFCF. It includes investment by the private sector and public corporations, in transport, information, technology and communications (ICT) equipment and other machinery and equipment, cultivated assets, intellectual property products (IPP, formerly known as intangible assets), and buildings and other structures. It does not include investment by central or local government, or investment in dwellings or the costs associated with the transfer of non-produced assets (such as land). Business investment is not an international concept, and international comparisons cannot be made. Estimates of business investment are published in the Business Investment statistical bulletin.

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4 .Background notes

  1. Details of the policy governing the release of new data are available by visiting www.statisticsauthority.gov.uk/assessment/code-of-practice/index.html or from the Media Relations Office email: media.relations@ons.gov.uk

    These National Statistics are produced to high professional standards and released according to the arrangements approved by the UK Statistics Authority.

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Catherine Marks
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