National accounts, domestic product 20.8 trillion euro capital stock on a gross basis at the end of 2019

At the end of 2019, the replacement value of fixed assets available for production in the national economy amounted to Euro 20.8 trillion.

In national wealth accounts, the Federal Statistical Office provides selected data on non-financial assets of the national economy, in particular on the stock of fixed assets and on the stock of consumer durables of households, while the financial assets are determined by Deutsche Bundesbank. The publication issued jointly with the Deutsche Bundesbank Balance sheets for institutional sectors and the total economy is available published in November 2020. For basic information on the methods of calculating the stock of fixed assets please refer to the document ‘Measuring capital stock in Germany'.

In price adjusted terms, there were 11.7 % more fixed assets than 2010 and 1.3 % more than in 2018. The capital productivity declined by 0.8 % in 2019 as the increase of the gross domestic product (0.6 %) was significantly lower than of the capital stock (1.3%).The index of capital productivity with reference year 2015 = 100 stood at 101.4 and is thus roughly at the level of 2008 (101.5).

Results - Capital intensity

The capital intensity shows how two production factors of capital and labor have developed in relation to each other. For that purpose the gross stock of fixed assets is put in relation to the number of persons in employment on an annual average. In 2019, on an average of the overall economy, fixed assets to a replacement value of about Euro 459,400 were available per person in employment. Compared to the previous year, the gross stock of fixed assets per person in employment increased by 0.4%.

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