This document presents the main results of the latest investment and capital stock estimates for the Spanish economy, developed jointly by the BBVA Foundation and the Ivie in 2019. The data has been updated to cover the period 1964-2017 with a broad breakdown by assets (intangible and tangible), sectors, regions and provinces. The richness of the database enables the characteristics of capitalization to be studied from multiple angles, making these estimates an essential tool for the stuy of the sources of growth in Spain.

The paper analyzes the evolution of public investment and capital stock at national level since the onset of the crisis. Although the sharp decline in public investment has significantly reduced the public deficit, it has also reduced infrastructure stock and increased its aging.

The study analyzes to what extent public infrastructure services have been adequately provided according to the evolution of their demand, as well as the consequences that a long-continued severe adjustment would have over the next decade.