This paper presents the main results of the latest estimates —relating to investment and capital endowments— for the Spanish economy, developed jointly by Ivie and the BBVA Foundation. First, it offers a very long-term overview and then it focuses on the last economic cycle Spain has gone through.

The data covers the period 1964-2013 using the most up-to-date methodology proposed by the OECD (2009) and is widely disaggregated by assets, sectors, regions and provinces. The richness of the database offered enables to study the characteristics of capitalization from many points of view and makes the estimates a basic tool for the study of the sources of growth in Spain.

The paper analyzes the impact of the crisis on the evolution of investment and capital stock in the period 2007-2013 putting it also in a longer-term context. The authors reflect on the prospects for capital stock in Spain and the changes needed so that capital accumulation, driven by productivity gains, can contribute to growth in the future.