Applied Economics

ISSN: 0003-6846 (Print) 1466-4283 (Online) Journal homepage: https://www.tandfonline.com/loi/raec20

Capital stock estimates for major sectors and

disaggregated manufacturing in selected OECD
countries

Verughese Jacob , Subhash C. Sharma & Richard Grabowski

To cite this article: Verughese Jacob , Subhash C. Sharma & Richard Grabowski (1997) Capital
stock estimates for major sectors and disaggregated manufacturing in selected OECD countries,
Applied Economics, 29:5, 563-579, DOI: 10.1080/000368497326778

To link to this article: https://doi.org/10.1080/000368497326778

Published online: 01 Oct 2010.

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Applied Economics, 1997, 29, 563Ð 579

Capital stock estimates for major sectors

and disaggregated manufacturing in
selected OECD countries
VE R U G H E S E J A C O B , S U B H A S H C . S H A R M A and
RI C H AR D G R A B O W S K I
Department of Economics, Southern Illinois University, Carbondale, Illinois 62901 ,
USA

Di€ erent countries use di€ erent methods of estimating net capital stock at the
aggregated as well as at the disaggregated levels. While analysing cross-country data,
for consistency it is important that capital stock series be estimated by the same
method across all the countries in the model. Out of this necessity, this paper produces
consistent (in the sense that the same method is used across all countries) estimates of
yearly net capital stock from 1970 to 1992 for selected major sectors and dis-
aggregated manufacturing sectors in 15 OECD countries, namely: Australia, Belgium,
Canada, Denmark, Finland, France, Germany, Iceland, Italy, Japan, Luxembourg,
Norway, Sweden, United Kingdom and the United States. The major sectors con-
sidered are: agriculture, hunting, forestry and ® shing; communications; construction;
® nance, insurance and real estate; government service providers; mining and quarry-
ing; retail, wholesale and hospitality industry; transportation and storage, and total
manufacturing. The disaggregate d sectors considered are: food industries, beverage
and tobacco; textile, apparel and leather; wood products and furniture; paper, printing
and publishing; chemical products; non-metallic mineral products; basic metal indus-
tries; fabricated metal products, and other manufacturing sectors.

I. INTRODUCTION similarly be required to estimate the production relations

It is impossible to conceive of any economic enterprise that
does not utilize the aid of machines and equipment in its
production activity, whether it be in agriculture, manufac-
turing or services. Physical capital, which includes mach-
inery, equipment and structures, works in conjunction with
labour and materials to produce useful output. Given the
economic truism that it is good to be able to produce more
using less, it is not surprising that scholars and business
leaders alike are very interested in the relationship between
output and labour, capital, and material inputs.
For instance, to study the distribution of income between
capital and labour would require estimates of the technolo-
gical relationships between output and capital, between
output and labour, and between capital and labour. If one
wishes to account for the contribution made by various
inputs to the growth of aggregate output, one would
0003Ð 6846 Ó 1997 Routledge
implied in observed outputs and usage of various inputs.
Analysis of production e ciency which is directly interested
in the question of whether certain production units perform
better than others in producing more output with the same
or less inputs is another example of the importance of
estimating production relationships. In order to estimate
production relationships we must of necessity develop ap-
propriate measures for the two major inputs into produc-
tion activity, namely labour and capital. Given the nature of
the markets in which they are exchanged and the sound
accounting practice that keeps record of these transactions,
it is not surprising that there are good o cial statistics for
output and labour at a quite disaggregate d level. Unfortu-
nately, the same is not the case for capital inputs.
The estimation of production functions representing the
relationship between output and inputs requires the estima-
tion of capital stocks from investment ¯ ows. A physical
563
564 V . Jacob et al.
asset once installed is capable of contributing to several deterioration, is
years of outputs for the ® rm that invests in it. This implies L L
that we must aggregate over investments made in the pre- Kt = + K t, t ± = + (1 - d ) j It ± (3)
j j
vious years in order to produce a measure of the producti- j= 0 j=0
vity value of capital for any given year. Following Berndt
The capital stock obtained from Equation 3 is the net
(1991, pp. 227Ð 29), or Jorgenson (1989), let It ± j be the real
capital stock. An alternative way of rewriting Equation 3 is
investment of the ® rm in time t - j; and Kt, t ± j be the
called the perpetual inventory method and is given by
amount of real investment surviving to time t,1 then
K t = (1 - d ) Kt ± + It (4)
K t, t ± j º e t, j I t ± j , (1) 1

Berndt (1991, p. 231) notes that in current studies the ex-

where et, j is the survival rate, or also called the e ciency
rate for all j investment to time period t. Then the aggregate
capital stock at the end of the period t, denoted Kt , is
L L
Kt º + K t, t ± j = +
j= 0 j= 0
where L is the life of the durable good.
An important empirical issue concerns the life pattern of
the survival rates et, j . We normalize the survival rates (also
called relative e ciencies by some authors) of a new invest-
ment at unity and assume that relative e ciency is non-
decreasing, so that e0 = 1, and et - et ± 1 , > 0 (t = 0, 1,
2 ¼ ). We also assume that investment goods are eventually
retired or scrapped so that the relative e ciency eventually
drops to zero, lim et = 0, as t® ¥ . The commonly used
survival rates in the literature are one-hoss shay, the straight
line, and the declining balance patterns.
The one-hoss shay pattern is based on the assumption
that once an asset is put into place, it provides the same
amount of services during each time period, i.e. its e ciency
is constant over the lifetime, until it expires or is scrapped.
For this case, the relative e ciency is given by
ponential decay assumption is the most widely used deterio-
ration speci® cation.
In most cases, data available from the OECD covers
investment only and do not include stock estimates for
e t, j I t ± j , (2) capital. Further, where stock estimates are available, the
assumptions underlying their construction vary markedly
from one country to another. For comparative studies
across countries, it is important that capital stock series be
constructed by utilizing the same method for each sector in
each country.
Thus, in this paper, we produce consistent (in the sense
that the same method is used across all countries for each
sector) estimates of the yearly net capital stock for selected
major sectors and disaggregated manufacturing sectors in
15 OECD countries from 1970 to 1992. This paper is organ-
ized as follows. The methodology and the data used are
discussed in Section 2. The capital stock estimates are pre-
sented in Section 3. Finally some concluding remarks are
made in Section 4.
I I . M ET H O D O L O G Y A N D D A T A

5
1, t = 0, 1, 2, ¼ ,L - 1
et = Methodology
0, otherwise
For each sector we estimate the capital stock by using
where L is the lifetime. In the straight line pattern the Equation 2. Thus, the stock of capital in each sector is equal
e ciency declines linearly over the lifetime of the asset, i.e. to a weighted sum of all past investments in that sector. In

5
this study, following the US Bureau of Labor statistics
t
1- , t = 0, 1, 2 ¼ ,L - 1 (1983, 1985) and Ball et al. (1993), we assume that the
et = L survival rate (or e ciency) of an asset is approximated by
0 otherwise a rectangular hyperbole. This function is of the form

5
In the declining balance pattern, the e ciency declines at (L - t)
, 0< t< L
a constant exponential rate, say d %, i.e. et = (L - d t) (5)
et = (1 - d ), t
t = 0, 1, 2 ¼ 0, t> L

In other words, as the asset ages, it deteriorates at a constant where L is the service life of an asset, and d is the curvature
rate (d % per time period). When this survival rate expres- parameter. Hence, et measures the quantity of the asset
sion is substituted in Equation 2, the aggregate capital stock available for production t years from the year the asset was
at the end of time period t, based on constant exponential acquired, in proportion to initial investment. Note that

1
Since investment goods are durables they provide services over a multiperiod span.
Capital stock estimates and disaggregated manufacturing in OECD countries
Table 1. O¦ cial retirement functions used in PIM calculations2
Country Mortality function
Australia Bell-shaped.
Germany Bell-shaped. Left skewed gamma
distribution.
Japan Simultaneous exit.
United Kingdom Delayed linear retirements spread
6 20% of assumed average service lives.
United States Bell-shaped. Retirements spread over
6 55% of assumed average service lives.
d = 1 corresponds to the one-hoss shay depreciation where
the asset is fully productive until it reaches the end of service
life, and d = 0, corresponds to the straight line depreciation
method. Since most equipment and structures deteriorate
more rapidly towards the latter years of their lives, the
restriction of d to be between 0 and 1 seems reasonable. Our
preference for the hyperbolic over the geometric functional
form is based on its ¯ exibility. Moreover, Jorgenson (1989)
pointed out in his survey article that the hyperbolic function
produces a pattern of e ciency logs that is close to that
produced by the geometric decay. Further, since the data on
mean service lives of ® xed assets are available, the hyper-
bolic function incorporates this information into the com-
putation of e ciency values.
At time t, the current capital stock is composed of assets
of various vintages or ages t. In keeping with the actuarial
literature, we will label these age-determined groups as
cohort groups. Now, between the date a cohort group was
® rst put in place and the current date at time t, a certain
percentage of the assets within the group is eliminated due
to accidents and damage. We assume that this percentage is
represented by a retirement function, such as one of those
given in Table 1.
Once an average life L and d parameter are ® xed, the
e ciency function et , produces e ciency values for ages
t = 0, 1, 2, ¼ . At the same time, the assumed retirement
function produces probabilities of survival for each age.
Finally, an average function called the cohort-e ciency
function is obtained as the weighted sum of the individual
e ciency function values with the weights provided by the
probability values from the retirement function.
In the case of retirement patterns there are essentially two
distributions that we have considered. The ® rst is the trun-
cated normal distribution for service lives assumed by the
US Bureau of Labor and the Bureau of Economic Analysis.
The second is the left-skewed gamma distribution assumed
by the German statistics o ce. The US system is based on
a study of durable goods during the 1940s, with particular
emphasis on railroad equipment (Bureau of Economic
Analysis, 1993). The German method is more current, based
2
This table is taken from Statistics Directorate (1991). The data for other countries are not available.
565
Fig. 1. T he left skewed gamma function
as it is on a large-scale study conducted during the 1970s.
Whatever the case, by choosing either method we will be
implicitly assuming that retirement patterns for durables in
one country apply for all the other countries as well. This is
not the best solution, but it seems reasonable given that our
sample represents countries that are at similar levels of
development and technology.
We chose the German left-skewed gamma distribution for
the retirement patterns since it is more current and is easily
implementable. An approximation to the function used by
the German statistics agency which appeared in Lutzel
(1977) is used here. This function is given by
fL (r) = 99 (8!)
± 1
L
± 9
r8 e
± 9 r/L
, t = 1, 2, 3, ¼
where r is the year of retirement. From Fig. 1 it can be seen
that the density of this function plots as a left-skewed bell
shaped curve. Note that in the majority of the empirical
literature on industrialized economies, regardless of the
country or the sector being studied (Ball et al., 1993), a cur-
vature parameter d = 0.50 for equipment and d = 0.75 for
structure is commonly used. The larger the value of d the
faster the loss in e ciency.
Data
In this study, like any other, the selection of the countries
and sectors is dictated by the availability of the investment
data in these sectors. The countries included in this study
are Australia, Belgium, Canada, Denmark, Finland, France,
Germany, Iceland, Italy, Japan, Luxembourg, Norway,
Sweden, UK and USA. The major sectors considered are:
agriculture; hunting; forestry and ® shing; communications;
construction; ® nance, insurance and real estate; government
service providers; mining and quarrying; retail, wholesale
and hospitality industry; transportatio n and storage, and
total manufacturing. The disaggregated sectors considered
are: food industries; beverage and tobacco; textile; apparel
566 V . Jacob et al.
Table 2. O¦ cial assumed length of service lives of assets

United United
Australia France Germany Kingdom Japan States

Agriculture 13 (43) 10 (40) 15 (69) 13 (30) 6 17 (38)

Communication 19 (50) 13 (40) 12 (41) 20 (65) 8 16 (37)
Construction 16 (38) 13 (30) 10 (47) 10 (80) 5 12 (34)
Government 15 17 (30) 15 (77) 20 (75) na 15
Manufacturing 18 (39) 18 (37) 15 (41) 26 (60) 19 17 (31)
Mining and quarrying 25 (31) 17 (35) 15 (41) 15 (16) 7 13 (25)
Services excluding government 13 (58) 17 (30) 13 (68) 21 (80) na 12
Transportation 20 (45) 13 (40) 17 (42) 30 (70) na 22 (47)

Note: The numbers in brackets refer to structures and unbracketed numbers refer to equipment and machinery.

Table 3. Assumed mean service lives of assets

Sectors (SIC code) Equipment Structure

Agriculture, hunting, forestry 17 (40)

Communications 16 (45)
Construction 13 (40)
Finance, insurance & real estate 12 (50)
Providers of government services 18 (55)
Manfacturing (SIC 3000) 17 (40)
Mining & quarrying 15 (20)
Wholesale, retail trade, hotels, restaurants 12 (35)
Transportation & storage 15 (40)
Basic metal industries (SIC 3700) 23 (40)
Chemical products (SIC 3500) 17 (40)
Fabricated metal products (SIC 3800) 20 (40)
Food, beverage, tobacco (SIC 3100) 20 (40)
Non-metallic mineral products (SIC 3600) 20 (40)
Other manufacturing (SIC 3900) 17 (40)
Paper, paper products printing (SIC 3400) 16 (40)
Textiles, apparel, leather (SIC 3200) 16 (40)
Wood products & furniture (SIC 3300) 13 (40)

and leather; wood products and furniture; paper, printing
and publishing; chemical products; non-metallic mineral
products; basic metal industries; fabricated metal products.
The yearly data from 1970 to 1992 for the major sectors
were extracted from OECD, National Accounts, Vol. II,
Detailed Tables: 1960Ð 1992 3 Statistics Directorate (1994a).
The gross ® xed investment series are extracted from
`Gross Fixed Capital Formation by Kind of Activity of
Owner’; production was extracted from `Gross Domestic
Product by Kind of Activity of Owner’; employment
was extracted from `Employment by Kind of Activity
of Owner’ and the gross ® xed investments by providers
of government services was extracted from the series
by the same name. Note that in the case of Japan for
providers of government services the numbers refer to gross
investments rather than gross ® xed investments. The data
for all the intramanufacturing , i.e. SIC 3000Ð 3900, was
extracted from the OECD, DSTI(STAN/Industrial base),
1994, in diskette format Statistics Directorate (1994).
All these series are in local currencies at current prices.
First, we de¯ ated each investment series to 1985 prices
using sector speci® c price indexes. However, data on sector
speci® c investment goods prices are unavailable. Hence, we
substitute price indexes for the sector speci® c value added in
their place.
I I I . C A PI T A L S T O CK E S T I M A T E S
We seek to construct the estimated stock series in each
sector for the years 1970Ð 1992. In order to do this we need
a benchmark ® gure for the stock in the year just prior to the
year when our investment series begins and we do not have
that data. The problem is obviously expected in practice and

3
Data on investment series are not available after 1992. Thus our capital stock estimates also end in 1992.
Capital stock estimates and disaggregated manufacturing in OECD countries 567
As discussed previously, the e ciency function re-
quires us to input the assumed service life. The investment
series includes both investments in structure and in equip-
ment and, as related in the previous section, these are
assumed to have di€ erent lifespans. The break-up into struc-
ture and equipment investments is available for total
manufacturing and other major sectors. However, it is not
available for subsectors of manufacturing. In this circum-
stance, we assume that the composition of manufacturing
investments apply equally well to all subsectors of manufac-
turing. We assume that the mean service life is linear combi-
nation of mean life for structures and mean life for equip-
ment with weights provided by the ratios of structure and
equipment investments to total investments for each year. In
Table 2 we present the mean service lives assumed by
statistical agencies (where data is available) of di€ erent
countries.
From Table 2 it is obvious that these service lives
widely di€ er from each other. Thus, we make an educated
guess from this range of values (taking care to avoid
outliers) and our assumed service lives are presented in
Table 3.
Next we need to ® x the curvature parameter, d in Equa-
tion 5. Following Ball et al. (1993) we consider d = 0.50 for
the equipments and d = 0.75 for structures. This was further
clari® ed with the US Bureau of Economic Analysis, which is
the agency responsible for computing capital stock esti-
mates for the United States.
At any point in time, the stock of capital is composed
of durable goods of di€ erent ages. As mentioned earlier,
we will call all goods of the same age a cohort group.
For each of these groups, we want the percentage of the
original cohort group which has survived to the present
age. This is the cumulative probability given by the value
of the retirement distribution function at that particular
age. We note that we have truncated this distribution
at 6 55%, this being consistent with the method employed
by the US Bureau of Economic Analysis and the Bureau
of Labor statistics. The reason for the truncation is to
eliminate the possibility of in® nitely lived assets to
account for durables that are retired early due to damage.
Fig. 2 plots two curves representing average e ciency,
Fig. 2. Average e¦ ciencies under alternative assumptions
one where the points of truncation are at 6 55% and
the other when they are at 6 75%. It is clear from the
® gure that the location of the truncation points has a
we are not alone in having to look for a compromise substantial impact on the estimated average or cohort
solution. For instance, see Hofman (1992) who constructs e ciencies.
manufacturing capital stock estimates for several Latin Thus, by following the above discussion and meth-
American economies. Similar problems are faced by Ball et odology, we obtained the estimates of Capital Stock
al. (1993) in estimating agricultural capital stocks for several measured in constant local currencies. These are then
OECD countries. Utilizing the latter’s approach we arti® ci- converted to US dollar equivalents. We do so by de-
ally construct values for investments under the assumption ¯ ating the estimated series by their associated purchas-
that capital stock was zero in the year 1940 and that gross ing power parities. The ® nal estimates of net capital
investments grew linearly from that date to its observed stock series thus obtained are presented in Tables 4
level in 1970. through 21.
568 V . Jacob et al.
Table 4. Agriculture, hunting and Þ shing: net capital stock (billions of 1985 US$)

Year Bel Can Dnk Fin Frn Ger Icl Itl Lux Nrw Swd UK US

1970 3.201 44.780 9.282 18.053 76.675 28.011 87.723 185.048 0.859 8.611 12.789 142.333 195.670
1971 3.304 46.605 9.331 17.965 80.168 27.778 83.727 191.245 0.898 8.687 12.893 137.224 201.406
1972 3.375 47.293 9.287 17.601 82.707 27.801 75.642 197.043 0.883 8.890 12.945 133.277 205.363
1973 3.458 46.776 9.230 16.605 86.196 28.212 62.340 191.866 0.818 8.801 13.156 132.819 206.669
1974 3.454 44.768 9.393 14.843 88.367 29.123 49.489 181.563 0.750 8.906 13.383 125.014 209.272
1975 3.493 45.377 9.680 14.504 89.478 30.553 38.130 179.174 0.821 9.143 13.115 106.557 213.119
1976 3.590 45.690 9.884 13.749 89.089 31.578 29.739 168.644 0.774 9.345 12.744 96.857 218.817
1977 3.756 47.369 10.177 13.475 89.503 33.099 23.573 157.205 0.772 9.573 12.581 89.138 225.846
1978 4.156 49.255 10.458 13.510 90.236 35.003 16.862 152.702 0.767 10.065 12.637 84.604 231.072
1979 4.566 49.643 11.260 13.760 91.709 37.574 12.541 147.956 0.760 10.578 13.018 78.614 235.920
1980 5.033 49.940 11.620 14.055 92.084 39.941 8.698 141.114 0.747 10.460 13.027 69.897 240.115
1981 5.366 50.239 11.530 14.094 92.719 42.431 6.159 135.661 0.743 10.396 13.285 66.450 242.238
1982 5.470 49.486 11.035 14.018 89.797 43.721 4.146 127.108 0.696 10.268 13.319 63.737 240.167
1983 5.513 49.390 10.596 13.681 86.481 45.224 2.338 118.557 0.670 10.205 12.901 61.158 237.944
1984 5.610 49.707 10.503 13.231 84.378 47.090 1.844 114.112 0.651 10.090 12.756 59.152 234.404
1985 5.630 49.340 10.697 13.160 82.891 48.819 1.380 111.924 0.630 10.071 12.611 55.531 231.199
1986 5.733 48.539 10.650 12.964 80.484 49.619 1.101 109.514 0.584 10.624 12.222 52.915 226.687
1987 5.959 46.848 10.543 12.766 80.011 51.471 0.938 109.658 0.583 10.369 12.143 49.890 223.824
1988 6.249 45.138 10.605 12.423 80.530 54.007 0.792 111.221 0.567 10.468 12.023 47.009 225.615
1989 6.304 43.849 10.728 12.314 81.594 56.443 0.664 113.183 0.542 10.332 11.892 44.030 227.406
1990 6.549 43.095 11.153 12.197 82.783 59.133 0.558 112.451 0.538 10.180 11.599 41.228 229.196
1991 6.621 43.008 11.510 12.249 83.446 61.346 0.505 111.318 0.550 10.165 10.940 37.161 230.987
1992 7.086 42.922 11.878 12.033 84.727 65.864 0.398 116.031 0.539 10.246 11.278 34.894 232.777

Bel Ð Belgium; Can Ð Canada; Dnk Ð Denmark; Fin Ð Finland; Frn Ð France; Ger Ð West Germany; Icl Ð Iceland; Itl Ð Italy; Lux
Ð Luxembourg; Nrw Ð Norway; Swd Ð Sweden; UK Ð United Kingdom; US Ð United States.

Table 5. Communication: net capital stock (billions of 1985 US$)

Year Bel Can Dnk Fin Frn Ger Itl Lux Nrw Swd UK US

1970 7.106 37.849 9.149 12.960 37.992 36.207 48.158 0.600 4.350 10.689 146.256 273.806
1971 7.408 38.918 9.143 12.694 39.433 36.782 51.221 0.612 4.257 10.711 140.772 282.751
1972 7.635 38.877 8.923 12.177 40.317 38.058 55.796 0.580 4.268 10.691 135.676 291.333
1973 7.892 38.375 8.659 11.240 41.746 39.451 60.030 0.524 4.183 10.802 135.286 303.717
1974 7.948 37.456 8.379 9.893 43.185 41.130 61.897 0.474 4.164 10.927 127.105 315.876
1975 8.098 38.403 8.200 9.490 45.649 42.900 65.658 0.506 4.254 10.648 107.631 324.477
1976 8.251 38.427 8.046 8.721 47.928 43.839 66.556 0.466 4.371 10.291 96.998 333.295
1977 8.384 39.213 7.909 8.271 51.892 44.843 67.111 0.474 4.522 10.106 87.964 346.420
1978 8.783 40.266 7.751 8.001 55.894 46.380 69.528 0.477 4.814 10.100 81.878 360.196
1979 9.229 40.282 7.843 7.726 59.976 49.110 70.506 0.472 5.156 10.353 74.979 375.070
1980 9.847 40.470 7.929 7.405 62.546 52.428 68.608 0.462 5.111 10.311 66.286 389.409
1981 10.404 40.835 7.850 7.048 64.468 56.956 66.307 0.455 5.062 10.553 62.657 402.016
1982 10.401 40.260 7.448 6.592 63.427 59.700 63.244 0.426 5.028 10.687 59.231 410.802
1983 10.317 39.671 7.049 6.082 61.945 61.808 60.127 0.389 5.079 10.326 56.192 414.587
1984 10.276 39.742 6.800 5.542 61.772 65.326 58.526 0.361 5.115 10.180 53.966 418.177
1985 10.017 39.851 6.632 5.257 62.056 69.402 58.032 0.349 5.225 10.316 51.466 423.706
1986 9.810 39.884 6.456 4.993 61.239 72.017 56.577 0.342 5.612 10.361 50.300 430.041
1987 9.761 39.820 6.380 4.820 61.997 76.207 56.722 0.350 5.615 10.735 49.060 436.321
1988 9.757 40.627 6.475 4.631 62.860 81.610 57.110 0.491 5.802 10.863 49.906 448.538
1989 9.658 42.075 6.526 4.550 64.108 87.130 58.572 0.484 5.817 10.869 51.635 460.755
1990 9.715 44.330 6.565 4.508 65.379 92.125 60.104 0.494 5.784 10.870 52.749 472.972
1991 9.685 44.685 6.181 4.542 67.230 94.761 60.826 0.545 5.852 10.475 50.628 485.189
1992 10.017 45.040 5.757 4.508 69.756 91.664 61.547 0.545 5.939 10.902 48.147 497.406

Bel Ð Belgium; Can Ð Canada; Dnk Ð Denmark; Fin Ð Finland; Frn Ð France; Ger Ð West Germany; Icl Ð Iceland; Itl Ð Italy; Lux
Ð Luxembourg; Nrw Ð Norway; Swd Ð Sweden; UK Ð United Kingdom; US Ð United States.
Capital stock estimates and disaggregated manufacturing in OECD countries 569
Table 6. Construction: net capital stock (billions of 1985 US$)

Year Bel Can Dnk Fin Frn Ger Icl Itl Lux Nrw Swd UK US

1970 2.905 27.208 8.102 7.310 55.230 25.307 25.201 80.983 0.071 4.943 7.492 58.604 136.061
1971 3.071 27.473 8.196 7.144 57.559 27.165 23.998 83.023 0.071 4.969 7.532 56.607 138.571
1972 3.522 27.231 8.676 6.997 65.338 30.422 22.717 91.075 0.080 5.259 8.047 55.209 140.662
1973 4.109 26.090 9.867 7.373 76.483 36.550 21.054 93.900 0.086 6.290 8.725 51.909 145.506
1974 4.248 25.713 9.601 7.291 72.915 36.772 18.097 87.598 0.078 6.814 8.535 47.290 150.290
1975 4.647 23.842 9.952 7.222 83.539 37.750 11.191 89.274 0.072 7.507 9.074 42.442 151.875
1976 4.662 23.905 9.311 6.492 76.966 36.057 8.806 72.529 0.067 7.777 8.603 32.337 152.694
1977 5.292 21.533 9.260 5.969 76.352 38.381 7.462 70.675 0.070 8.525 8.319 29.231 154.107
1978 6.284 19.476 9.957 5.537 84.465 43.840 5.048 76.160 0.083 8.936 8.213 29.879 156.308
1979 7.024 18.409 10.265 5.542 91.283 47.885 3.532 80.512 0.074 9.264 8.621 30.782 154.117
1980 7.195 17.886 9.326 5.579 93.471 47.656 2.408 80.851 0.068 9.435 8.708 30.864 149.920
1981 5.800 16.966 7.079 4.656 73.168 37.132 1.478 62.324 0.066 7.984 7.215 24.214 145.231
1982 4.712 16.004 5.789 4.019 60.701 33.188 0.813 52.785 0.055 7.212 5.745 19.228 138.721
1983 4.136 15.555 5.061 3.456 52.112 30.474 0.375 46.969 0.054 6.482 4.716 15.332 132.029
1984 3.625 14.359 4.351 3.130 44.934 26.338 0.279 40.492 0.051 5.754 4.398 12.310 126.122
1985 3.497 13.283 4.296 2.872 43.155 24.486 0.200 37.303 0.047 5.534 4.256 10.968 121.037
1986 4.650 12.794 5.676 3.350 55.050 32.117 0.190 47.240 0.065 6.620 5.201 11.616 115.756
1987 5.555 13.187 6.623 3.774 62.484 37.658 0.195 53.561 0.073 7.239 6.002 12.312 111.094
1988 5.806 14.103 6.542 4.004 62.591 37.614 0.172 52.334 0.083 7.334 6.393 13.454 109.872
1989 5.567 14.643 5.851 4.010 58.636 34.797 0.127 48.983 0.080 6.658 6.444 12.401 108.650
1990 6.765 14.868 6.727 4.595 68.013 40.616 0.124 54.741 0.079 7.600 7.427 13.216 107.428
1991 6.738 14.437 6.269 4.272 64.816 39.871 0.126 54.085 0.088 7.131 7.469 12.483 106.206
1992 7.241 14.006 6.381 3.622 67.849 42.814 0.100 53.428 0.090 7.288 7.713 11.659 104.984

Bel Ð Belgium; Can Ð Canada; Dnk Ð Denmark; Fin Ð Finland; Frn Ð France; Ger Ð West Germany; Icl Ð Iceland; Itl Ð Italy; Lux
Ð Luxembourg; Nrw Ð Norway; Swd Ð Sweden; UK Ð United Kingdom; US Ð United States.

Table 7. Finance, insurance, real estate: net capital stock (billions of 1985 US$)

Year Bel Can Dnk Fin Frn Ger Icl Itl Lux Nrw Swd UK US

1970 5.783 205.935 86.365 61.025 872.325 429.206 102.357 1983.581 0.812 23.504 105.280 717.355 1926.076
1971 6.062 222.967 88.623 62.647 913.106 443.254 98.942 2067.730 0.856 24.034 109.901 724.937 2049.699
1972 6.282 236.361 90.115 63.658 943.483 467.816 90.460 2138.822 0.838 24.910 114.149 734.884 2201.297
1973 6.525 248.150 91.741 62.772 979.687 492.005 75.389 2117.666 0.819 25.084 119.883 763.310 2359.729
1974 6.601 253.898 91.916 58.988 1004.064 516.265 60.930 2022.783 0.780 25.597 125.878 750.734 2473.693
1975 6.752 269.655 92.254 60.227 1017.851 546.352 48.186 1984.340 0.872 26.525 127.170 670.143 2559.075
1976 6.968 281.717 92.633 58.689 1013.611 572.449 39.325 1854.011 0.832 27.276 127.235 639.437 2670.809
1977 7.218 299.768 92.305 59.475 1026.678 601.355 32.171 1731.794 0.877 27.924 129.173 616.905 2824.402
1978 7.706 320.928 92.319 61.397 1038.566 633.996 24.088 1693.570 0.884 29.417 133.270 613.280 3008.109
1979 8.331 333.672 95.071 63.580 1059.434 681.890 18.952 1657.479 0.930 31.118 140.826 601.905 3196.084
1980 9.202 344.744 97.060 65.893 1069.664 730.446 13.861 1566.461 1.037 30.734 144.371 566.265 3326.241
1981 9.933 357.945 96.671 67.327 1082.078 785.561 10.333 1495.716 1.153 30.434 149.820 568.903 3434.722
1982 10.144 358.550 92.300 67.874 1047.947 808.903 7.272 1398.243 1.154 30.243 151.778 575.093 3504.425
1983 10.268 365.708 88.790 67.558 1011.346 823.899 4.321 1299.436 1.133 30.533 148.071 581.313 3612.597
1984 10.458 379.153 87.449 66.974 993.596 847.021 3.638 1240.195 1.154 30.929 147.650 594.803 3756.386
1985 10.531 395.328 86.621 68.318 983.329 859.867 2.882 1205.901 1.198 31.866 147.351 597.703 3888.677
1986 10.777 412.753 85.287 69.191 970.297 854.368 2.366 1166.542 1.288 34.914 144.654 611.243 4024.032
1987 11.246 428.508 84.198 70.310 985.610 863.993 2.046 1153.087 1.526 35.618 146.087 622.984 4143.749
1988 11.955 448.395 84.411 72.089 1011.777 883.816 1.737 1141.653 1.798 37.328 146.655 634.601 4334.362
1989 12.480 469.961 83.766 75.237 1042.891 901.956 1.520 1138.435 2.223 37.519 146.533 646.369 4524.974
1990 13.154 493.616 83.809 77.516 1076.229 917.971 1.366 1117.871 2.795 37.407 145.320 656.366 4715.587
1991 13.578 515.829 83.725 79.847 1112.029 921.176 1.320 1086.570 3.395 37.168 140.210 653.740 4906.199
1992 14.582 538.041 83.641 80.033 1163.021 955.817 1.079 1055.270 3.646 37.986 147.354 651.115 5096.812

Bel Ð Belgium; Can Ð Canada; Dnk Ð Denmark; Fin Ð Finland; Frn Ð France; Ger Ð West Germany; Icl Ð Iceland; Itl Ð Italy; Lux
Ð Luxembourg; Nrw Ð Norway; Swd Ð Sweden; UK Ð United Kingdom; US Ð United States.
 570
Table 8. Government service providers: net capital stock (billions of 1985 US$)

Year Aus Bel Can Dnk Fin Frn Ger Icl Itl Jpn Lux Nrw Swd UK US

1970 119.95 44.53 185.16 50.51 39.97 325.02 330.45 81.19 668.36 636.06 3.37 26.61 47.09 314.70 1143.11
1971 126.41 47.34 200.41 52.25 41.05 342.02 341.74 78.60 693.67 678.00 3.78 27.76 49.04 315.38 1208.83
1972 130.19 49.72 209.68 52.73 41.91 353.46 357.15 72.01 716.94 718.33 3.97 29.34 50.83 316.99 1265.50
1973 129.99 52.34 214.86 52.72 40.97 365.80 371.98 60.16 704.57 720.29 3.99 30.06 53.29 327.43 1317.79
1974 125.55 53.64 215.04 52.60 38.18 373.77 393.57 49.02 669.02 686.79 3.93 31.17 55.87 320.78 1374.57
1975 124.64 55.58 225.23 53.02 38.78 383.24 423.20 39.08 660.77 733.77 4.58 32.61 56.38 284.87 1425.20
1976 121.64 58.13 228.79 53.30 37.82 387.30 447.90 32.27 623.35 756.71 4.56 33.81 56.36 269.70 1470.04
1977 123.38 60.74 237.97 53.64 38.18 396.42 473.45 26.59 585.88 795.44 5.01 34.92 57.18 256.29 1510.35
1978 127.37 65.54 249.57 54.24 39.38 403.51 502.29 19.89 575.66 860.12 5.33 37.06 58.97 249.51 1552.44
1979 129.18 71.35 253.66 56.65 40.82 414.26 541.81 15.58 563.91 961.91 5.67 39.44 62.31 239.14 1597.80
1980 130.15 78.50 257.69 58.79 42.27 421.86 580.90 11.36 532.33 1057.76 5.99 39.21 63.87 220.03 1641.85
1981 133.11 85.33 261.95 59.77 43.21 431.78 626.34 8.51 505.29 1174.96 6.36 39.08 66.73 217.16 1679.09
1982 129.70 87.35 262.11 58.28 43.63 425.18 648.47 6.02 468.93 1282.03 6.32 38.76 67.92 216.19 1712.84
1983 127.62 88.49 265.26 56.88 43.22 417.23 662.42 3.63 432.63 1367.61 6.35 39.05 66.43 214.77 1744.70
1984 128.40 89.46 272.98 56.56 42.48 417.64 683.87 3.07 411.50 1439.12 6.50 39.15 66.29 215.29 1777.65
1985 129.31 88.82 281.52 56.85 42.87 422.42 701.89 2.47 400.25 1513.37 6.68 39.49 66.22 211.85 1815.76
1986 127.67 88.97 287.25 56.37 43.04 425.38 706.26 2.05 387.69 1571.52 6.63 42.16 65.13 212.22 1852.60
1987 125.47 90.70 287.80 56.13 43.55 440.43 723.08 1.79 384.46 1672.57 6.96 41.75 65.68 209.81 1890.08
1988 123.00 93.70 290.29 57.00 43.44 461.07 747.94 1.54 379.99 1787.51 7.06 42.81 65.76 206.63 1858.63
1989 122.57 94.15 293.88 57.54 43.59 483.62 770.74 1.37 378.91 1888.47 6.97 43.36 65.33 203.66 1825.68
1990 125.04 96.01 302.06 58.66 43.88 507.30 786.71 1.25 371.07 1983.48 7.06 44.15 64.00 203.02 1791.19
1991 129.32 97.30 299.66 60.04 45.12 533.58 790.67 1.23 362.87 2074.98 7.25 45.76 61.10 195.71 1755.13
1992 130.00 102.97 295.47 61.29 45.75 568.97 819.72 1.26 370.42 2220.75 7.33 48.93 63.83 199.49 1717.45

Aus Ð Australia; Bel Ð Belgium; Can Ð Canada; Dnk Ð Denmark; Fin Ð Finland; Frn Ð France; Ger Ð West Germany; Icl Ð Iceland; Itl Ð Italy; Jpn Ð Japan; Lux
Ð Luxembourg; Nrw Ð Norway; Swd Ð Sweden; UK Ð United Kingdom; US Ð United States.

V . Jacob et al.
Capital stock estimates and disaggregated manufacturing in OECD countries 571
Table 9. Mining and quarrying: net capital stock (billions of 1985 US$)

Year Can Dnk Fin Frn Lux Nrw UK US

1970 94.334 2.434 4.632 5.347 0.470 5.618 81.872 282.840

1971 101.548 2.221 4.199 5.066 0.477 5.886 75.902 291.520
1972 104.307 1.989 3.741 4.660 0.439 6.868 70.684 300.668
1973 103.219 1.738 3.145 4.203 0.380 7.437 66.977 309.662
1974 97.667 1.512 2.513 3.719 0.319 8.720 63.180 310.915
1975 96.644 1.345 2.200 3.343 0.311 10.231 58.885 315.895
1976 94.746 1.208 1.816 3.005 0.256 12.609 61.071 320.867
1977 94.452 1.052 1.520 2.767 0.229 16.266 62.524 332.184
1978 94.072 0.906 1.286 2.566 0.194 19.050 65.306 354.885
1979 92.037 0.865 1.107 2.406 0.161 20.642 65.636 374.321
1980 90.938 0.851 0.925 2.338 0.129 19.985 63.353 389.430
1981 90.120 0.882 0.780 2.258 0.100 20.837 65.991 411.106
1982 87.959 1.215 0.685 2.169 0.070 20.406 68.573 433.516
1983 85.774 1.521 0.580 2.124 0.049 20.632 70.164 439.229
1984 84.936 1.557 0.489 2.139 0.033 21.945 71.359 447.794
1985 84.863 1.680 0.471 2.122 0.023 22.179 70.720 453.315
1986 84.372 1.926 0.472 2.065 0.017 28.522 70.252 445.536
1987 81.347 2.104 0.465 2.042 0.013 32.197 67.386 432.374
1988 81.761 2.310 0.442 2.049 0.010 38.778 64.038 443.616
1989 80.837 2.507 0.441 2.030 0.011 44.969 60.265 454.857
1990 81.131 2.801 0.433 1.964 0.011 44.877 57.491 466.099
1991 80.563 3.321 0.418 1.855 0.013 47.799 54.781 477.341
1992 79.995 3.880 0.396 1.755 0.011 53.105 53.795 488.583

Can Ð Canada; Dnk Ð Denmark; Fin Ð Finland; Frn Ð France; Lux Ð Luxembourg; Nrw Ð Norway; UK Ð United Kingdom; US Ð United
States.

Table 10. Retail, wholesale and hospitality industries: net capital stock (billions of 1985 US$)

Year Bel Can Dnk Fin Frn Ger Icl Itl Lux Nrw Swd UK US

1970 18.080 36.248 10.845 22.309 125.042 71.727 42.465 289.658 1.121 4.982 16.861 195.781 307.948
1971 18.917 36.927 10.848 22.313 130.443 72.689 39.372 303.143 1.197 4.923 17.181 191.833 319.773
1972 19.567 36.762 10.555 22.046 134.256 74.825 34.517 314.118 1.177 4.967 17.428 189.823 336.257
1973 20.291 36.087 10.446 21.304 138.649 77.011 27.581 313.429 1.108 4.858 17.886 192.257 357.581
1974 20.498 34.540 10.227 19.074 140.462 79.152 22.077 303.235 1.040 4.843 18.363 184.517 374.019
1975 20.946 34.361 9.944 18.624 140.618 82.553 16.901 298.775 1.139 4.898 18.152 159.083 384.918
1976 21.574 33.409 9.864 17.325 139.692 85.855 13.343 279.994 1.064 4.952 17.783 146.000 396.471
1977 22.167 33.239 9.823 16.571 141.384 89.722 10.600 262.724 1.114 5.048 17.692 137.205 408.953
1978 23.597 33.487 9.770 16.150 141.694 93.716 7.756 257.392 1.136 5.249 17.902 133.672 425.157
1979 25.522 33.020 10.010 16.032 143.899 99.223 5.906 252.832 1.161 5.511 18.567 129.419 450.110
1980 27.697 32.510 10.124 15.892 144.718 104.178 4.149 240.192 1.183 5.350 18.698 119.280 469.483
1981 29.547 32.102 9.914 15.582 146.405 109.453 2.996 230.107 1.216 5.234 19.138 117.468 490.968
1982 29.889 30.637 9.385 15.084 142.174 110.238 2.102 214.870 1.176 5.130 19.191 116.575 513.436
1983 29.978 30.043 8.992 14.571 137.368 109.979 1.239 198.258 1.159 5.130 18.606 115.491 546.343
1984 30.252 30.216 8.902 14.028 135.744 110.834 1.032 189.142 1.206 5.109 18.501 116.838 591.019
1985 30.066 30.311 8.940 13.911 135.179 111.381 0.837 184.017 1.236 5.272 18.947 116.703 631.529
1986 30.254 30.200 9.095 13.811 135.148 110.209 0.707 178.973 1.227 5.826 19.200 118.751 668.820
1987 31.202 29.710 9.265 13.926 140.527 111.931 0.652 177.073 1.310 5.845 20.091 121.135 689.285
1988 33.009 29.488 9.668 13.673 146.415 116.518 0.576 176.702 1.368 5.809 20.874 125.248 723.060
1989 34.154 29.459 9.961 14.307 153.703 121.543 0.509 178.515 1.377 5.612 21.550 127.310 756.835
1990 35.768 29.720 10.372 14.781 160.800 126.201 0.454 177.059 1.413 5.508 21.972 128.288 790.609
1991 37.167 29.423 10.351 15.217 167.751 131.441 0.435 172.809 1.473 5.501 21.487 124.513 824.384
1992 40.139 29.126 10.331 15.212 176.451 135.253 0.352 168.560 1.493 5.528 22.809 122.023 858.159

Bel Ð Belgium; Can Ð Canada; Dnk Ð Denmark; Fin Ð Finland; Frn Ð France; Ger Ð West Germany; Icl Ð Iceland; Itl Ð Italy; Lux
Ð Luxembourg; Nrw Ð Norway; Swd Ð Sweden; UK Ð United Kingdom; US Ð United States.
572 V . Jacob et al.
Table 11. T ransportation and storage: net capital stock (billions of 1985 US$)

Year Bel Can Dnk Fin Frn Ger Itl Lux Nrw Swd UK US

1970 14.210 40.490 19.096 27.453 95.492 64.524 134.672 0.705 14.133 15.966 185.109 208.647
1971 14.835 41.611 19.580 27.469 99.572 65.801 139.996 0.727 14.779 16.141 179.040 214.928
1972 15.316 41.560 19.510 26.817 103.213 67.324 144.434 0.704 15.084 16.256 175.067 222.037
1973 15.857 41.111 19.026 25.209 108.240 68.426 144.803 0.669 15.424 16.576 175.460 234.069
1974 15.996 39.420 18.749 22.607 112.346 70.409 141.971 0.615 15.737 16.920 166.073 244.235
1975 16.326 39.915 18.527 22.108 114.767 73.345 141.967 0.671 17.114 16.640 142.419 252.988
1976 16.701 38.937 18.807 20.523 115.884 75.756 135.688 0.616 18.961 16.228 129.254 263.569
1977 17.123 38.929 18.985 19.606 119.052 78.606 128.029 0.649 19.996 16.081 119.750 274.366
1978 18.520 39.301 19.023 18.905 120.308 81.970 127.403 0.672 20.383 16.216 114.272 286.306
1979 20.063 39.068 19.262 18.302 121.836 86.559 125.417 0.683 20.985 16.770 106.907 300.055
1980 22.273 39.239 19.489 17.881 123.027 90.608 121.015 0.746 19.821 16.848 95.266 308.572
1981 24.782 40.729 19.438 17.356 124.472 95.717 117.919 0.747 19.281 17.039 89.453 312.162
1982 25.763 41.131 18.728 16.433 120.543 96.717 111.326 0.718 19.052 17.066 83.638 309.898
1983 25.895 41.282 17.824 15.282 115.589 97.646 104.341 0.691 19.564 16.196 78.450 310.430
1984 26.071 42.004 17.381 14.068 112.594 99.191 101.767 0.669 19.630 16.186 75.227 310.878
1985 25.568 42.488 17.216 13.180 111.033 101.126 100.032 0.692 18.729 16.046 70.618 308.505
1986 25.118 41.766 17.284 12.371 108.729 101.163 97.517 0.659 18.695 15.930 66.826 310.752
1987 25.218 40.514 17.215 11.665 109.736 102.795 98.796 0.745 17.263 16.367 62.962 307.423
1988 25.445 40.929 17.467 10.926 112.986 105.694 100.304 0.746 17.513 16.635 60.486 314.494
1989 25.085 41.511 18.064 10.729 116.701 108.792 102.724 0.829 18.393 17.080 58.408 321.565
1990 25.074 42.384 19.030 10.431 120.720 112.070 103.514 0.837 18.378 17.397 56.619 328.635
1991 24.638 42.469 19.068 10.033 125.477 113.663 102.168 0.855 18.730 17.021 54.415 335.706
1992 25.204 42.554 19.068 9.714 131.689 118.455 100.822 0.865 18.992 17.905 51.368 342.777

Bel Ð Belgium; Can Ð Canada; Dnk Ð Denmark; Fin Ð Finland; Frn Ð France; Ger Ð West Germany; Itl Ð Italy; Lux Ð Luxembourg; Nrw
Ð Norway; Swd Ð Sweden; UK Ð United Kingdom; US Ð United States.

Table 12. T otal manufacturing (SIC 3000 ): net capital stock (billions of 1985 US$)

Year Aus Bel Can Dnk Fin Frn Ger Itl Jpn Nrw Swd UK US

1970 93.574 41.362 51.894 22.134 35.156 317.481 256.991 704.158 488.278 19.219 49.870 435.200 643.851
1971 95.546 43.003 53.380 22.281 35.787 330.146 261.707 725.400 504.514 19.794 51.104 427.600 664.887
1972 92.707 43.992 53.592 21.692 35.822 337.284 267.480 744.766 512.643 20.295 52.094 416.609 690.500
1973 88.335 45.232 52.754 21.818 34.106 345.929 271.300 742.311 499.441 20.222 54.043 418.301 718.825
1974 81.158 45.629 50.989 21.972 31.413 349.325 277.422 717.113 469.969 20.807 56.246 404.387 761.416
1975 75.743 45.822 52.022 21.827 31.535 345.893 288.134 698.397 488.202 21.561 56.143 351.382 792.663
1976 70.525 45.859 52.549 21.827 30.158 339.115 296.546 647.865 488.151 22.032 55.608 325.561 824.559
1977 68.416 45.630 53.504 21.714 29.488 341.007 306.070 601.180 493.361 22.670 55.063 306.006 859.992
1978 68.511 46.869 54.225 21.603 28.937 340.813 316.372 581.041 505.380 23.623 54.653 297.883 901.713
1979 67.563 48.561 53.469 22.202 28.681 343.482 334.133 562.671 543.423 24.343 55.639 286.033 949.228
1980 67.078 51.538 52.919 22.804 28.885 345.698 352.426 532.956 585.681 23.638 55.520 260.620 993.981
1981 68.850 54.067 51.926 22.845 28.982 347.598 373.590 504.287 639.466 23.278 56.295 251.214 1044.367
1982 66.097 53.949 49.948 21.930 28.711 334.394 378.639 464.779 688.304 22.543 55.287 242.213 1084.342
1983 62.829 53.477 49.127 21.181 27.651 320.335 380.197 423.778 724.801 21.937 52.391 233.139 1100.352
1984 60.715 53.342 49.975 21.099 26.533 313.068 385.685 399.820 765.570 21.306 51.082 228.765 1126.340
1985 58.815 52.567 51.118 21.563 26.391 309.642 392.796 381.980 819.514 21.076 50.761 222.433 1160.954
1986 56.759 52.656 51.615 21.885 26.202 304.456 393.273 364.434 854.938 22.302 49.567 218.052 1179.392
1987 55.291 54.078 51.436 21.988 26.513 308.166 402.206 357.887 912.242 22.008 49.977 212.773 1206.407
1988 54.110 57.215 51.336 22.390 25.889 316.087 416.475 354.050 992.290 22.058 50.025 208.754 1238.364
1989 52.508 60.020 52.104 22.684 26.364 326.259 433.165 350.691 1087.814 21.463 49.860 205.992 1282.338
1990 50.907 64.542 55.089 23.128 26.788 338.336 451.004 341.758 1193.064 21.172 48.844 203.090 1325.413
1991 49.305 66.452 55.267 23.748 27.342 348.610 463.796 330.847 1329.268 21.069 45.967 190.602 1360.558
1992 47.703 68.363 55.446 24.018 27.405 359.880 487.654 318.970 1395.386 21.169 47.034 183.344 1396.439

Aus Ð Australia; Bel Ð Belgium; Can Ð Canada; Dnk Ð Denmark; Fin Ð Finland; Frn Ð France; Ger Ð West Germany; Itl Ð Italy; Jpn Ð Japan;
Nrw Ð Norway; Swd Ð Sweden; UK Ð United Kingdom; US Ð United States.
Capital stock estimates and disaggregated manufacturing in OECD countries 573
Table 13. Food industries, beverage, tobacco (SIC 3100 ): net capital stock (billions of 1985 US$)

Year Aus Bel Can Dnk Fin Frn Ger Itl Jpn Nrw Swd UK US

1970 39.786 4.812 24.473 7.099 10.386 45.739 32.375 44.886 47.617 6.963 9.513 114.257 70.936
1971 38.722 4.999 24.466 7.029 10.019 46.911 32.670 46.344 49.417 6.966 9.391 108.157 72.330
1972 36.696 5.212 23.707 6.833 9.551 47.469 33.254 47.553 51.851 7.016 9.197 102.766 74.727
1973 33.851 5.473 22.470 6.582 8.835 47.855 33.544 48.205 52.455 6.905 9.121 100.489 76.302
1974 30.437 5.630 20.682 6.473 7.769 48.180 34.121 47.932 51.702 6.968 9.095 94.083 78.590
1975 27.764 5.674 19.925 6.351 7.348 47.738 35.388 47.410 54.769 7.037 8.661 79.557 80.509
1976 25.216 5.679 18.796 6.238 6.658 46.557 36.439 45.006 55.673 7.053 8.243 71.166 82.911
1977 24.028 5.733 18.141 6.117 6.294 47.217 37.602 42.690 56.978 7.161 7.976 64.967 85.819
1978 23.348 6.084 17.592 6.038 6.080 47.424 38.743 42.609 59.480 7.468 7.829 61.294 89.177
1979 22.213 6.493 16.517 6.159 5.973 48.365 40.755 43.249 65.652 7.835 7.913 56.884 92.804
1980 21.148 7.025 15.471 6.239 5.840 48.659 42.644 42.496 71.394 7.611 7.785 50.648 96.780
1981 20.499 7.472 14.413 6.170 5.603 49.171 45.192 41.709 76.954 7.373 7.715 48.059 101.432
1982 18.609 7.514 13.152 5.832 5.360 47.641 45.689 39.609 81.876 7.058 7.430 45.802 106.480
1983 16.919 7.595 12.190 5.551 5.005 46.027 45.847 37.008 84.698 6.801 6.929 43.533 108.814
1984 15.728 7.630 11.499 5.446 4.601 45.739 46.435 35.799 87.022 6.511 6.608 42.236 110.725
1985 14.632 7.542 10.802 5.406 4.362 45.702 46.546 34.860 89.394 6.269 6.337 40.450 113.375
1986 13.510 7.612 10.042 5.352 4.127 45.222 45.634 33.873 90.159 6.358 5.965 38.870 114.889
1987 12.559 7.872 9.236 5.314 4.006 46.070 45.802 33.885 93.460 5.988 5.767 37.073 117.794
1988 11.716 8.404 8.571 5.425 3.761 47.773 46.711 34.171 99.297 5.829 5.588 35.711 120.999
1989 10.955 8.774 8.085 5.476 3.662 50.040 47.726 34.323 105.188 5.578 5.304 34.208 124.615
1990 10.193 9.345 7.920 5.579 3.600 52.099 48.752 33.896 110.077 5.367 4.955 33.078 128.555
1991 9.432 9.663 7.484 5.761 3.621 54.052 49.912 33.325 116.087 5.218 4.551 30.955 133.295
1992 8.670 9.981 7.049 5.703 3.738 56.062 50.960 32.859 121.195 5.150 4.549 29.097 138.271

Aus Ð Australia; Bel Ð Belgium; Can Ð Canada; Dnk Ð Denmark; Fin Ð Finland; Frn Ð France; Ger Ð West Germany; Itl Ð Italy; Jpn Ð Japan;
Nrw Ð Norway; Swd Ð Sweden; UK Ð United Kingdom; US Ð United States.

Table 14. T extiles, apparel and leather (SIC 3200 ): net capital stock (billions of 1985 US$)

Year Aus Bel Can Dnk Fin Frn Ger Itl Jpn Nrw Swd UK US

1970 28.946 4.074 19.710 4.166 7.165 26.866 17.629 61.770 31.214 3.251 5.252 81.915 44.944
1971 27.340 4.142 19.300 3.954 6.737 27.371 17.291 62.259 32.072 3.104 5.040 75.454 45.066
1972 25.166 4.187 18.327 3.677 6.220 27.556 17.117 63.930 32.526 2.986 4.810 69.514 45.863
1973 22.429 4.260 17.062 3.425 5.551 27.820 16.827 64.778 31.570 2.787 4.663 65.825 46.308
1974 19.319 4.204 15.479 3.186 4.731 27.274 16.576 64.014 29.119 2.630 4.524 59.606 46.466
1975 16.927 4.107 14.681 2.959 4.339 26.292 16.648 62.760 29.382 2.492 4.220 48.272 46.038
1976 14.600 4.000 13.570 2.786 3.804 25.242 16.612 58.955 28.606 2.339 3.866 41.535 45.482
1977 13.035 3.911 12.742 2.591 3.427 24.353 16.541 54.730 28.041 2.184 3.562 36.023 45.261
1978 11.785 3.940 12.003 2.390 3.172 23.414 16.457 52.884 27.783 2.085 3.328 32.138 45.100
1979 10.420 4.001 10.949 2.264 2.930 22.692 16.725 51.642 28.909 1.995 3.190 28.058 44.882
1980 9.138 4.129 9.900 2.133 2.695 21.916 16.782 52.121 29.823 1.781 2.973 23.195 44.649
1981 8.045 4.214 8.877 1.967 2.436 20.990 16.824 52.169 31.017 1.586 2.807 20.362 44.632
1982 6.659 4.112 7.812 1.744 2.189 19.588 16.224 49.837 31.915 1.402 2.579 17.972 43.842
1983 5.457 4.093 6.942 1.554 1.903 18.325 15.651 46.740 31.914 1.243 2.263 15.778 41.108
1984 4.542 4.182 6.245 1.427 1.641 17.503 15.309 45.522 31.825 1.093 2.030 14.091 43.035
1985 3.835 4.104 5.602 1.330 1.439 16.881 15.014 44.615 31.702 0.967 1.823 12.461 42.694
1986 3.194 4.105 4.913 1.237 1.279 16.075 14.448 43.368 30.978 0.904 1.622 11.339 41.885
1987 2.669 4.299 4.185 1.141 1.160 15.782 14.240 43.204 31.247 0.776 1.495 10.399 41.778
1988 2.265 4.565 3.582 1.071 0.975 15.797 14.291 43.311 32.469 0.679 1.369 9.646 41.949
1989 1.968 4.693 3.088 1.019 0.885 15.840 14.481 43.099 33.636 0.591 1.250 8.912 42.481
1990 1.671 4.869 2.776 0.966 0.815 15.971 14.702 42.502 34.806 0.513 1.132 8.308 42.911
1991 1.375 4.908 2.517 0.914 0.754 15.986 14.685 40.816 36.576 0.452 0.983 7.442 42.984
1992 1.078 4.947 2.259 0.849 0.698 16.093 14.553 40.041 36.869 0.412 0.937 6.646 43.414

Aus Ð Australia; Bel Ð Belgium; Can Ð Canada; Dnk Ð Denmark; Fin Ð Finland; Frn Ð France; Ger Ð West Germany; Itl Ð Italy; Jpn Ð Japan;
Nrw Ð Norway; Swd Ð Sweden; UK Ð United Kingdom; US Ð United States.
574 V . Jacob et al.
Table 15. W ood products and furniture (SIC 3300 ): net capital stock (billions of 1985 US$)

Year Aus Bel Can Dnk Fin Frn Ger Itl Jpn Nrw Swd UK US

1970 25.982 1.947 18.850 4.148 7.470 13.584 13.710 28.372 9.707 3.759 6.473 65.649 39.976
1971 24.333 1.984 18.350 3.938 6.993 13.724 13.367 28.656 10.024 3.653 6.359 59.234 40.009
1972 22.261 1.981 17.282 3.685 6.487 13.840 13.287 30.235 10.118 3.577 6.245 53.554 40.442
1973 19.732 1.987 15.941 3.477 5.795 14.201 13.216 31.014 9.858 3.398 6.303 49.456 40.582
1974 16.837 1.987 14.264 3.242 4.962 14.569 13.020 31.083 9.166 3.311 6.410 43.079 41.225
1975 14.648 1.923 13.339 3.003 4.636 14.362 12.947 29.430 9.411 3.210 6.238 33.769 41.215
1976 12.598 1.895 12.135 2.803 4.120 14.196 12.830 27.124 9.202 3.078 5.983 27.999 40.854
1977 11.185 1.857 11.232 2.598 3.701 14.011 12.790 25.105 9.018 2.960 5.760 23.350 41.190
1978 9.958 1.888 10.431 2.412 3.412 13.736 12.787 23.758 9.047 2.899 5.547 19.857 41.475
1979 8.671 1.947 9.418 2.290 3.164 13.628 12.967 22.688 9.520 2.844 5.461 16.584 41.857
1980 7.480 2.021 8.410 2.175 2.947 13.501 12.999 22.210 9.997 2.591 5.266 13.132 42.045
1981 6.523 2.050 7.459 2.008 2.735 13.253 12.979 21.422 10.322 2.398 5.124 10.898 42.027
1982 5.301 1.977 6.486 1.775 2.487 12.499 12.369 19.834 10.552 2.196 4.842 8.990 41.234
1983 4.271 1.921 5.781 1.579 2.219 11.762 11.766 18.289 10.557 2.042 4.431 7.389 40.076
1984 3.483 1.863 5.240 1.463 1.966 11.420 11.378 17.316 10.444 1.896 4.177 6.192 39.592
1985 2.866 1.762 4.723 1.413 1.834 11.159 10.902 16.386 10.276 1.765 3.949 5.207 39.069
1986 2.379 1.726 4.211 1.335 1.706 10.836 10.262 15.552 10.059 1.743 3.707 4.545 38.393
1987 2.067 1.790 3.706 1.244 1.596 10.906 9.914 15.012 10.232 1.614 3.560 4.154 38.184
1988 1.853 1.901 3.356 1.180 1.464 11.172 9.883 14.572 10.599 1.525 3.469 4.051 37.941
1989 1.601 1.984 3.163 1.132 1.485 11.645 9.947 13.730 11.159 1.427 3.397 4.025 37.941
1990 1.349 2.117 3.132 1.112 1.474 12.121 10.088 12.685 11.592 1.356 3.274 3.924 37.632
1991 1.097 2.115 2.847 1.088 1.482 12.375 10.149 11.658 12.252 1.298 3.024 3.606 36.778
1992 0.845 2.113 2.562 1.015 1.436 12.644 9.966 11.239 12.313 1.235 3.043 3.094 33.926

Aus Ð Australia; Bel Ð Belgium; Can Ð Canada; Dnk Ð Denmark; Fin Ð Finland; Frn Ð France; Ger Ð West Germany; Itl Ð Italy; Jpn Ð Japan;
Nrw Ð Norway; Swd Ð Sweden; UK Ð United Kingdom; US Ð United States.

Table 16. Paper, paper products and printing (SIC 3400 ): net capital stock (billions of 1985 US$)

Year Aus Bel Can Dnk Fin Frn Ger Itl Jpn Nrw Swd UK US

1970 29.542 2.495 24.348 5.172 13.002 27.831 20.537 29.855 59.549 5.087 13.113 93.497 89.284
1971 28.000 2.579 24.230 4.991 13.155 28.225 20.057 30.250 61.126 5.041 13.205 86.618 90.576
1972 25.880 2.635 23.407 4.702 12.943 27.835 19.779 30.601 61.535 4.989 13.225 80.177 92.110
1973 23.212 2.673 22.218 4.459 12.031 27.727 19.474 30.080 59.372 4.764 13.209 76.271 93.593
1974 20.051 2.661 20.665 4.245 10.596 27.306 19.285 28.520 54.184 4.630 13.235 69.326 96.110
1975 17.647 2.562 20.197 4.018 10.385 26.431 19.402 27.494 55.130 4.623 12.778 56.666 98.430
1976 15.337 2.525 19.482 3.816 10.094 25.510 19.399 25.511 53.921 4.527 12.494 49.150 100.642
1977 13.868 2.482 19.049 3.619 10.171 24.878 19.513 23.768 53.044 4.436 12.295 43.229 103.460
1978 12.737 2.595 18.472 3.450 9.806 24.088 19.719 23.242 53.037 4.491 12.051 39.304 106.618
1979 11.555 2.746 17.430 3.374 9.546 23.759 20.326 22.970 55.857 4.547 12.041 35.468 110.763
1980 10.396 2.955 16.525 3.262 9.428 23.320 21.046 22.435 58.030 4.459 11.800 30.569 114.744
1981 9.482 3.139 15.611 3.119 9.305 22.653 21.775 21.881 60.322 4.344 11.939 27.929 117.815
1982 8.259 3.169 14.383 2.863 9.141 21.099 21.487 20.367 61.184 4.050 11.644 25.446 120.811
1983 7.088 3.172 13.375 2.669 8.718 19.717 21.177 18.737 61.295 3.820 10.908 23.239 122.528
1984 6.212 3.268 12.745 2.536 8.308 18.789 21.024 18.170 62.105 3.617 10.527 21.802 124.619
1985 5.573 3.260 12.161 2.497 8.283 18.285 21.103 17.884 63.386 3.470 10.540 20.366 128.127
1986 5.025 3.425 11.596 2.488 8.229 18.159 20.943 17.862 64.012 3.558 10.266 19.582 130.099
1987 4.625 3.683 10.923 2.461 8.302 18.618 21.338 18.347 66.939 3.393 10.382 19.262 132.840
1988 4.345 4.041 10.308 2.453 8.194 19.394 22.639 18.846 72.705 3.298 10.412 19.854 137.354
1989 3.906 4.390 9.918 2.424 8.482 20.435 24.095 19.102 79.578 3.109 10.344 20.227 144.632
1990 3.468 4.842 10.105 2.385 8.863 21.696 25.449 19.299 85.684 3.011 10.148 20.103 151.490
1991 3.029 4.978 na 2.415 9.313 22.698 26.527 18.993 93.606 2.972 9.523 19.085 154.760
1992 2.583 5.055 na 2.318 9.444 23.642 26.686 18.518 94.729 3.189 9.708 17.539 157.137

Aus Ð Australia; Bel Ð Belgium; Can Ð Canada; Dnk Ð Denmark; Fin Ð Finland; Frn Ð France; Ger Ð West Germany; Itl Ð Italy; Jpn Ð Japan;
Nrw Ð Norway; Swd Ð Sweden; UK Ð United Kingdom; US Ð United States.
Capital stock estimates and disaggregated manufacturing in OECD countries 575
Table 17. Chemical products (SIC 3500 ): net capital stock (billions of 1985 US$)

Year Aus Bel Can Dnk Fin Frn Ger Itl Jpn Nrw Swd UK US

1970 38.220 9.958 24.831 5.701 10.715 71.284 61.217 102.647 81.561 4.573 138.720 158.067 49.202
1971 36.926 10.418 24.722 5.558 10.526 73.932 61.656 105.182 83.884 4.489 142.550 151.565 49.383
1972 34.643 10.538 23.859 5.312 10.409 74.461 62.336 107.276 85.324 4.403 145.294 143.010 49.772
1973 31.643 10.602 22.538 5.078 9.528 75.070 62.460 105.240 82.085 4.252 149.350 137.595 51.578
1974 27.914 10.433 20.658 4.857 8.373 75.045 63.621 100.931 78.370 4.227 153.148 126.339 52.678
1975 25.082 10.584 20.035 4.682 7.984 73.974 65.854 99.682 83.630 4.297 150.818 105.493 52.775
1976 22.450 10.892 19.045 4.600 7.162 71.953 67.204 93.984 85.385 4.375 146.861 94.709 52.766
1977 20.909 10.965 18.491 4.487 6.594 71.922 68.969 88.543 86.516 4.480 144.919 85.933 52.707
1978 20.365 11.262 18.133 4.349 6.222 71.512 70.577 85.704 89.514 4.561 147.125 81.000 52.260
1979 19.557 11.636 17.095 4.359 5.892 71.679 73.077 81.760 95.772 4.501 151.755 74.895 52.361
1980 18.711 12.255 16.096 4.411 5.627 72.295 75.752 75.618 103.379 4.168 153.174 65.891 52.019
1981 17.970 12.731 15.114 4.301 5.406 73.113 79.055 70.395 113.415 3.921 155.655 61.576 51.478
1982 16.077 12.587 13.917 4.057 5.091 70.480 79.233 64.295 121.892 3.707 155.049 57.432 51.057
1983 14.398 12.333 13.096 3.867 4.680 67.452 78.571 58.287 127.831 3.540 144.436 53.635 51.647
1984 13.180 12.136 12.829 3.797 4.328 65.606 78.635 54.710 133.790 3.363 136.202 50.758 51.446
1985 12.048 11.856 12.886 3.796 4.108 64.571 78.847 52.343 143.337 3.275 126.581 47.937 51.713
1986 11.059 11.819 12.932 3.765 3.914 62.783 77.923 49.848 145.471 3.524 114.202 45.819 51.166
1987 10.389 12.048 12.851 3.733 3.954 63.115 79.170 49.175 154.057 3.773 105.297 43.874 51.393
1988 10.047 13.090 12.781 3.770 3.852 64.127 81.272 48.990 164.147 4.036 95.793 42.034 51.578
1989 9.334 14.238 12.773 3.816 3.827 65.725 83.715 48.554 174.629 3.987 85.912 40.840 51.750
1990 8.620 16.412 12.952 3.873 3.772 68.116 86.256 47.139 188.331 4.006 75.924 40.022 52.362
1991 7.907 16.839 12.537 3.994 3.759 70.065 87.261 45.709 204.654 4.022 65.209 37.995 52.544
1992 7.194 17.265 12.123 3.926 3.756 72.172 88.744 44.018 213.863 4.001 61.075 35.525 52.933

Aus Ð Australia; Bel Ð Belgium; Can Ð Canada; Dnk Ð Denmark; Fin Ð Finland; Frn Ð France; Ger Ð West Germany; Itl Ð Italy; Jpn Ð Japan;
Nrw Ð Norway; Swd Ð Sweden; UK Ð United Kingdom; US Ð United States.

Table 18. Non-metallic mineral products (SIC 3600): net capital stock (billions of 1985 US$)

Year Aus Bel Can Dnk Fin Frn Ger Itl Jpn Nrw Swd UK US

1970 31.342 3.479 21.014 6.208 7.652 38.229 20.941 77.071 34.551 3.929 28.644 102.637 32.958
1971 29.891 3.542 20.725 6.051 7.276 39.062 20.919 78.198 35.536 3.807 29.210 96.788 32.134
1972 27.816 3.563 19.823 5.763 6.790 39.356 21.159 77.939 36.344 3.726 29.565 91.434 31.298
1973 25.166 3.597 18.559 5.494 6.157 40.070 21.440 75.991 36.018 3.555 30.198 88.499 30.617
1974 22.142 3.593 16.913 5.225 5.324 40.579 21.661 72.491 33.857 3.427 30.784 81.925 30.214
1975 19.824 3.569 16.416 4.951 4.948 39.440 22.022 69.811 34.845 3.321 30.152 67.936 29.838
1976 17.642 3.500 15.111 4.688 4.376 37.977 22.318 64.122 34.232 3.174 29.212 59.892 28.914
1977 16.221 3.436 14.385 4.469 3.988 37.162 22.749 58.854 34.038 3.037 28.689 53.600 27.979
1978 15.209 3.535 13.723 4.266 3.718 36.067 23.326 56.194 34.578 2.982 28.788 49.371 27.497
1979 13.988 3.647 12.698 4.209 3.476 35.202 24.349 54.425 36.795 2.918 29.626 44.517 26.638
1980 12.942 3.801 11.691 4.145 3.251 34.294 25.216 51.457 38.985 2.664 29.782 38.338 25.627
1981 12.087 3.884 10.648 4.042 3.007 33.383 26.219 48.600 41.583 2.462 30.957 35.067 24.342
1982 10.522 3.741 9.527 3.711 2.746 31.044 25.953 44.410 43.346 2.267 33.507 32.055 22.897
1983 9.106 3.595 8.646 3.378 2.440 28.757 25.541 40.313 43.736 2.082 33.362 29.710 21.414
1984 8.039 3.489 7.917 3.152 2.169 27.169 25.494 37.908 44.360 1.912 33.062 26.978 20.046
1985 7.084 3.362 7.231 3.020 1.971 25.806 25.197 35.954 45.771 1.784 32.775 24.498 18.830
1986 6.198 3.304 6.553 2.855 1.800 24.482 24.338 33.729 45.896 1.766 29.972 22.353 17.770
1987 5.507 3.436 5.844 2.715 1.664 23.885 24.038 32.887 47.086 1.649 28.052 20.465 16.715
1988 5.037 3.612 5.233 2.622 1.504 23.717 24.263 32.421 49.021 1.556 25.949 18.955 15.977
1989 4.554 3.666 4.777 2.484 1.407 23.740 24.800 32.348 51.363 1.446 23.710 17.752 15.435
1990 4.070 3.733 4.403 2.398 1.363 23.732 25.305 31.412 53.964 1.375 21.396 16.524 15.057
1991 3.586 3.748 4.072 2.324 1.298 23.512 25.623 30.466 57.313 1.315 18.818 14.606 14.413
1992 3.103 3.763 3.742 2.217 1.223 23.365 25.879 29.156 58.746 1.248 18.107 13.320 13.554

Aus Ð Australia; Bel Ð Belgium; Can Ð Canada; Dnk Ð Denmark; Fin Ð Finland; Frn Ð France; Ger Ð West Germany; Itl Ð Italy; Jpn Ð Japan;
Nrw Ð Norway; Swd Ð Sweden; UK Ð United Kingdom; US Ð United States.
576 V . Jacob et al.
Table 19. Basic metal industries (SIC 3700 ): net capital stock (billions of 1985 US$)

Year Aus Bel Can Dnk Fin Frn Ger Itl Jpn Nrw Swd UK US

1970 45.655 8.550 26.813 3.620 8.285 32.006 38.653 49.905 98.011 5.486 18.850 120.658 41.630
1971 45.284 8.830 26.794 3.437 7.990 33.485 39.517 54.363 104.006 5.497 19.138 116.169 41.601
1972 44.059 8.904 26.187 3.202 7.494 35.236 40.678 60.159 108.443 5.475 19.293 111.480 41.899
1973 41.277 8.966 24.974 2.978 6.717 36.700 41.046 63.202 104.842 5.244 19.632 108.439 42.119
1974 36.941 9.063 23.282 2.792 5.799 36.346 41.623 61.418 97.663 5.125 19.945 100.479 41.984
1975 33.780 9.229 22.653 2.665 5.536 35.868 43.262 61.628 103.421 5.070 19.472 85.181 42.437
1976 30.671 9.164 21.712 2.505 5.128 35.362 44.811 58.010 105.420 4.977 18.809 77.692 43.269
1977 28.917 8.940 21.115 2.326 4.779 36.320 45.801 54.420 108.085 4.880 18.420 71.175 42.948
1978 27.845 8.938 20.601 2.155 4.494 36.850 46.498 53.404 109.888 4.865 18.201 66.265 41.842
1979 26.318 8.979 19.527 2.067 4.226 37.364 48.237 51.729 116.903 4.835 18.316 60.558 41.017
1980 24.887 9.382 18.570 1.985 4.009 37.582 50.051 48.339 121.789 4.518 18.398 52.546 41.061
1981 25.254 9.769 17.579 1.858 3.815 37.938 52.314 45.424 129.069 4.411 18.651 48.693 40.721
1982 24.782 9.721 16.302 1.659 3.528 36.059 52.142 41.586 135.990 4.250 19.414 45.054 39.365
1983 24.201 9.530 15.305 1.485 3.166 34.270 51.207 37.928 141.856 4.039 18.874 41.256 37.824
1984 23.130 9.200 14.815 1.347 2.825 33.655 51.030 35.514 145.277 3.827 18.146 37.914 36.659
1985 21.787 8.858 14.415 1.230 2.639 33.304 51.277 34.228 148.875 3.752 17.541 34.252 35.936
1986 20.271 8.455 13.759 1.103 2.513 32.950 49.986 32.779 150.127 3.976 15.993 31.395 34.935
1987 18.890 8.269 12.948 0.987 2.461 33.377 49.554 31.934 154.172 3.787 14.920 28.560 34.260
1988 17.537 8.284 12.173 0.897 2.292 33.746 49.647 30.732 150.037 3.624 13.754 25.905 34.055
1989 16.643 8.204 11.598 0.817 2.175 34.052 49.648 29.851 163.438 3.435 12.520 23.435 33.810
1990 15.748 8.175 11.601 0.757 2.069 34.807 49.860 29.017 169.393 3.349 11.254 21.845 33.691
1991 14.854 8.159 11.126 0.719 2.057 35.868 49.663 28.437 176.721 3.334 9.856 18.944 33.481
1992 13.960 8.143 10.650 0.665 1.981 37.426 50.259 27.726 181.846 3.257 9.444 17.353 33.353

Aus Ð Australia; Bel Ð Belgium; Can Ð Canada; Dnk Ð Denmark; Fin Ð Finland; Frn Ð France; Ger Ð West Germany; Itl Ð Italy; Jpn Ð Japan;
Nrw Ð Norway; Swd Ð Sweden; UK Ð United Kingdom; US Ð United States.

Table 20. Fabricated metal products (SIC 3800 ): net capital stock (billions of 1985 US$)

Year Aus Bel Can Dnk Fin Frn Ger Itl Jpn Nrw Swd UK US

1970 45.548 8.031 24.303 8.477 11.342 100.516 105.964 234.959 119.423 7.023 69.366 199.808 104.020
1971 44.686 8.306 24.213 8.370 11.048 104.320 107.285 242.788 123.212 7.061 71.222 192.132 107.686
1972 42.737 8.533 23.443 8.057 10.677 106.288 108.861 248.327 124.121 7.124 72.547 183.580 110.704
1973 39.649 8.949 22.330 7.880 9.920 109.614 110.252 246.044 122.955 7.002 74.534 181.421 114.658
1974 35.606 9.057 20.808 7.862 9.011 111.509 113.171 238.238 117.456 7.110 76.401 172.526 119.957
1975 32.537 9.009 20.464 7.763 8.846 111.311 117.856 231.008 120.793 7.194 75.220 147.575 124.911
1976 29.468 8.940 19.796 7.649 8.250 109.719 121.075 212.507 120.445 7.128 73.234 134.279 129.125
1977 27.760 8.951 19.438 7.530 7.851 111.060 125.201 197.489 123.451 7.071 72.260 124.239 130.820
1978 26.863 9.282 19.056 7.418 7.589 112.089 130.370 192.594 129.537 7.141 72.375 119.307 130.605
1979 25.634 9.780 18.190 7.541 7.405 113.930 139.262 188.701 143.527 7.219 74.922 113.526 130.536
1980 24.474 10.651 17.378 7.685 7.351 116.041 148.635 179.452 163.565 6.824 75.724 102.745 131.925
1981 23.619 11.509 16.387 7.660 7.216 118.094 159.508 169.859 189.787 6.515 80.042 98.628 132.753
1982 21.453 11.811 15.151 7.369 7.026 115.229 164.007 157.687 216.294 6.178 84.878 94.652 132.531
1983 19.404 11.883 14.315 7.115 6.719 111.678 166.639 144.934 239.570 5.938 83.488 90.911 132.434
1984 17.994 12.190 13.885 7.082 6.435 109.840 171.067 137.582 269.687 5.698 82.684 89.246 134.073
1985 16.853 12.436 13.455 7.256 6.396 109.839 176.961 132.097 308.466 5.567 79.993 86.852 138.143
1986 15.678 12.831 12.849 7.364 6.301 109.245 180.571 127.144 342.842 5.759 73.126 85.344 142.978
1987 14.790 13.351 12.152 7.351 6.242 111.799 187.715 126.264 383.229 5.483 68.406 82.931 148.810
1988 14.062 14.112 11.627 7.416 5.998 115.787 196.527 126.609 436.834 5.349 63.232 80.733 153.815
1989 13.176 14.998 11.461 7.508 6.028 120.356 206.741 128.143 503.738 5.147 57.718 80.239 161.943
1990 12.290 16.144 12.110 7.679 6.059 125.735 217.834 127.094 577.818 4.988 52.020 79.674 167.727
1991 11.404 16.725 11.699 7.849 6.084 130.578 226.275 125.221 675.967 4.906 45.677 75.706 169.759
1992 10.518 17.306 11.287 7.826 5.977 136.173 234.647 121.589 735.452 4.822 43.864 72.299 169.772

Aus Ð Australia; Bel Ð Belgium; Can Ð Canada; Dnk Ð Denmark; Fin Ð Finland; Frn Ð France; Ger Ð West Germany; Itl Ð Italy; Jpn Ð Japan;
Nrw Ð Norway; Swd Ð Sweden; UK Ð United Kingdom; US Ð United States.
 Capital stock estimates and disaggregated manufacturing in OECD countries
Table 21. Other manufacturing (SIC 3900 ): net capital stock (billions of 1985 US$)

Year Aus Bel Can Dnk Fin Ger Itl Jpn Nrw Swd UK US

1970 26.984 3.105 19.073 3.398 5.884 7.924 24.096 4.361 3.032 9.437 69.847 21.659
1971 25.365 3.178 18.637 3.193 5.456 7.446 24.795 4.426 2.883 9.379 63.499 20.612
1972 23.272 3.243 17.645 2.947 4.974 7.091 24.093 4.504 2.767 9.262 57.855 19.517
1973 20.652 3.368 16.342 2.706 4.339 6.750 22.486 4.403 2.582 9.239 53.798 18.468
1974 17.701 3.371 14.681 2.478 3.602 6.492 20.221 4.014 2.431 9.206 47.463 17.440
1975 15.434 3.319 13.779 2.283 3.222 6.322 18.509 4.118 2.293 8.819 37.901 16.333
1976 13.271 3.242 12.612 2.103 2.763 6.065 16.154 4.226 2.139 8.362 32.195 15.214
1977 11.788 3.175 11.767 1.922 2.437 5.839 14.182 4.263 1.980 8.040 27.478 14.060
1978 10.584 3.143 11.018 1.754 2.171 5.610 13.088 4.426 1.870 7.935 23.950 12.887
1979 9.287 3.139 9.957 1.641 1.927 5.476 11.965 4.732 1.767 8.022 20.348 11.691
1980 8.009 3.174 8.916 1.527 1.682 5.233 10.827 5.038 1.549 7.951 16.390 10.552
1981 6.924 3.172 7.907 1.385 1.434 4.992 9.685 5.444 1.361 8.071 13.982 9.389
1982 5.597 2.999 6.825 1.196 1.190 4.564 8.536 5.844 1.178 7.881 11.869 8.260
1983 4.459 2.822 5.916 1.032 0.953 4.135 7.263 6.114 1.029 7.540 9.876 7.257
1984 3.549 2.683 5.150 0.904 0.747 3.777 6.343 6.372 0.885 7.227 8.160 6.295
1985 2.748 2.493 4.412 0.798 0.593 3.453 5.624 6.761 0.762 6.841 6.520 5.489
1986 2.036 2.349 3.697 0.715 0.462 3.103 5.008 7.045 0.684 6.138 5.231 4.678
1987 1.472 2.259 2.994 0.646 0.354 2.902 4.512 7.679 0.561 5.632 4.123 3.937
1988 1.037 2.143 2.410 0.592 0.267 2.792 4.075 8.407 0.469 5.104 3.255 3.347
1989 0.868 1.971 1.915 0.543 0.201 2.786 3.747 9.248 0.383 4.566 2.608 2.867
1990 0.699 1.833 1.546 0.523 0.158 2.771 3.366 10.001 0.311 4.031 2.194 2.454
1991 0.530 1.788 1.365 0.541 0.133 2.773 3.020 11.014 0.255 3.466 1.843 2.139
1992 0.361 1.742 1.184 0.496 0.120 2.640 2.739 11.521 0.227 3.257 1.552 1.935

Aus Ð Australia; Bel Ð Belgium; Can Ð Canada; Dnk Ð Denmark; Fin Ð Finland; Frn Ð France; Ger Ð West Germany; Itl Ð Italy; Jpn Ð Japan; Nrw Ð Norway; Swd Ð Sweden;
UK Ð United Kingdom; US Ð United States.

577
578
Fig. 3. Manufacturing net capital stock: (........) our estimates, (Ð Ð
I V . C O N C L U D I N G RE MA R K S
We compare our estimated series for manufacturing with
the o cial data for several countries, Statistics Directorate
(1994b). These comparisons are provided in Fig. 3. As can be
seen, in many cases our levels of capital stocks di€ er mark-
edly from the o cial data. However, this should not be
particularly surprising given the variety of assumptions
made in the calculations for the various countries, com-
pared to our use of a consistent method across all countries.
For example, not all countries truncate their retirement
distributions, while we followed the US method to truncate at
6 55%. From Fig. 2, we know that the point of truncation
has a signi® cant e€ ect on the measure of average e ciency.
A second source of variation certainly stems from the fact
that we had investment data for only the period 1970Ð 92
which led us to assume that investments grew from zero in
V . Jacob et al.
) o¦ cial estimates
1940 to the observed level in 1970. The linear growth as-
sumption may not be a true representation.
Despite these discrepancies between our estimates and
the o cial estimates of net capital stocks, we conclude that
it is very important to follow a consistent method across
countries as we did in our estimation process. This is espe-
cially important when these capital stock series are used as
inputs into production functions for the purpose of statist-
ical analysis across these countries.
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