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EU industrial structure 2011 — Trends and Performance iii33 gross fixed capital formation Capital formation increases production capacity and can contribute to the competitiveness of firms and sectors by increasing labour productivity. Capital goods inject technology, innovation and intangibles (e.g. software) into the production process, and facilitate change and reorganisation. In addition, investment decisions are forward‑looking and, therefore, closely linked to the medium‑ and long‑term expectations of the sector. This section presents three indicators related to investment. The first is an indicator which relates investment to value added, the second refers to investment growth, and the third is a proxy for capital intensity based on investment flows. TAbLE III.4: EU-22 investment ratios in 2005-2009 74 The investment ratio is defined as the ratio of gross fixed capital formation (GFCF) to value added. 48 There is a relationship between the sectors where large companies dominate (Figure II.7) and the sectors with the largest investment ratios. Apart from the real estate and business activities sectors, those with the highest investment intensities are also the top sectors as far as large companies are concerned (above 250 employees): electricity, gas and water supply, transport and communication, mining and quarrying and refined petroleum. With the exception of a few sectors, the investment ratios have been quite stable over time. The crisis is evident as investment ratios drop in almost all sectors during 2009, cf. Table III.4. code sector 2005 2006 2007 2008 2009 a Agriculture and forestry 0.33 0.34 0.34 0.40 0.35 B Fishing 0.14 0.15 0.18 0.18 0.17 c Mining and quarrying 0.24 0.31 0.36 0.35 0.31 d Manufacturing 0.16 0.16 0.17 0.16 0.14 da Food, drinks and tobacco 0.17 0.18 0.19 0.19 0.15 dB Textiles and clothing 0.11 0.12 0.13 0.12 0.10 dc Leather and footwear 0.09 0.10 0.10 0.10 0.08 dd Wood and wood products 0.18 0.19 0.20 0.21 0.16 dE Pulp, paper and publishing 0.16 0.16 0.16 0.14 0.12 dF Refined petroleum 0.24 0.27 0.35 0.30 0.39 dg Chemicals 0.15 0.16 0.18 0.18 0.16 dh Rubber and plastics 0.16 0.16 0.18 0.17 0.12 di Non‑metallic mineral products 0.20 0.21 0.22 0.24 0.24 dJ Basic metals and metal products 0.14 0.15 0.16 0.16 0.16 dK Machinery n.e.c. 0.11 0.11 0.11 0.12 0.11 dl Electrical and optical equipment 0.13 0.13 0.14 0.12 0.11 dm Transport equipment 0.22 0.20 0.20 0.19 0.19 dn Other manufacturing 0.12 0.13 0.14 0.12 0.08 E Electricity, gas and water supply 0.32 0.35 0.37 0.36 0.32 F Construction 0.09 0.09 0.09 0.09 0.07 >>> 48 The aggregate consists of BE, CZ, DK, DE, IE, ES, FR, IT, CY, LT, LU, MT, HU, NL, AT, PL, PT, SI, SK, FI, SE and UK. Netherlands is not included in the manufacturing sector DC: Textiles and Lithuania is not included in DF: Refined petroleum.
Chapter III — Drivers of Sector Growth and Competitiveness code sector 2005 2006 2007 2008 2009 g Wholesale and retail trade 0.13 0.13 0.13 0.12 0.10 h Hotels and restaurants 0.12 0.13 0.12 0.12 0.09 i Transport and communication 0.34 0.35 0.37 0.38 0.34 J Financial intermediation 0.10 0.11 0.10 0.12 0.10 K Real estate and business activities 0.42 0.43 0.44 0.40 0.33 l Public administration 0.27 0.27 0.28 0.27 0.26 m Education 0.09 0.09 0.09 0.09 0.08 n Health and social work 0.10 0.10 0.11 0.10 0.08 O Other services 0.25 0.27 0.28 0.28 0.25 total 023 023 024 024 024 Note: The investment ratio is defined as the ratio of gross fixed capital formation (GFCF) to value added. Source: own calculations using Eurostat data. The second investment indicator is growth in gross fixed capital formation (GFCF). When analysing the development over time, it should be kept in mind that capital intensive sectors need to invest more than other sectors to maintain production and that significant investments are necessary FIgURE III.16: EU gFCF growth rates based on selected countries in 1995-2009 Mining and quarrying Rened petroleum Construction Real estate and business activities Transport and communication Other services Health and social work All Branches Wood and wood products Wholesale and retail trade Basic metals and metal products Public administration Hotels and restaurants Education Agriculture and forestry Chemicals Electrical and optical equipment Machinery n.e.c. Other manufacturing Transport equipment Rubber and plastics Electricity, gas and water supply Financial intermediation Manufacturing Non-metallic mineral products Food, drinks and tobacco Fishing Pulp, paper and publishing Leather and footwear Textiles and clothing Source: own calculations using Eurostat data. to replace old buildings, machinery and equipment. The evolution between 1995 and 2009 shows that services sectors in general have invested more than manufacturing sectors, cf. Figure III.16. -4 -2 0 2 4 6 8 75
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EU industrial structure 2011 Trends
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ENTERPRISE & INDUSTRY MAGAZINE The
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EU industrial structure 2011 — Tr
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In many sectors, outward EU‑27 FD
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iv62 internationalisation of r&d An
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The US is the most important locati
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