Australia | Gross capital formation (current US$)
Gross capital formation (formerly gross domestic investment) consists of outlays on additions to the fixed assets of the economy plus net changes in the level of inventories. Fixed assets include land improvements (fences, ditches, drains, and so on); plant, machinery, and equipment purchases; and the construction of roads, railways, and the like, including schools, offices, hospitals, private residential dwellings, and commercial and industrial buildings. Inventories are stocks of goods held by firms to meet temporary or unexpected fluctuations in production or sales, and "work in progress." According to the 1993 SNA, net acquisitions of valuables are also considered capital formation. Data are in current U.S. dollars. Limitations and exceptions: Because policymakers have tended to focus on fostering the growth of output, and because data on production are easier to collect than data on spending, many countries generate their primary estimate of GDP using the production approach. Moreover, many countries do not estimate all the components of national expenditures but instead derive some of the main aggregates indirectly using GDP (based on the production approach) as the control total. Data on capital formation may be estimated from direct surveys of enterprises and administrative records or based on the commodity flow method using data from production, trade, and construction activities. The quality of data on government fixed capital formation depends on the quality of government accounting systems (which tend to be weak in developing countries). Measures of fixed capital formation by households and corporations - particularly capital outlays by small, unincorporated enterprises - are usually unreliable. Estimates of changes in inventories are rarely complete but usually include the most important activities or commodities. In some countries these estimates are derived as a composite residual along with household final consumption expenditure. According to national accounts conventions, adjustments should be made for appreciation of the value of inventory holdings due to price changes, but this is not always done. In highly inflationary economies this element can be substantial. Statistical concept and methodology: Gross domestic product (GDP) from the expenditure side is made up of household final consumption expenditure, general government final consumption expenditure, gross capital formation (private and public investment in fixed assets, changes in inventories, and net acquisitions of valuables), and net exports (exports minus imports) of goods and services. Such expenditures are recorded in purchaser prices and include net taxes on products.
Publisher
The World Bank
Origin
Commonwealth of Australia
Records
63
Source
Australia | Gross capital formation (current US$)
5874400939.9042 1960
6522881043.661 1961
5662720906.0353 1962
6639361062.2978 1963
7304641168.7426 1964
8711361393.8178 1965
8906241424.9986 1966
10021761603.482 1967
10791201726.592 1968
12337921974.067 1969
13629282180.685 1970
14512962322.074 1971
15834112149.533 1972
18120435618.194 1973
27195283714.075 1974
26083572306.432 1975
27763562246.799 1976
29755677907.777 1977
30591183675.679 1978
37570146540.952 1979
40626183844.011 1980
50727969348.659 1981
57890323292.508 1982
44851673620.197 1983
51535393565.728 1984
50583305399.823 1985
51966284275.322 1986
51833642138.698 1987
66049528233.247 1988
88792679471.187 1989
90132995976.185 1990
78950115412.9 1991
72741017828.221 1992
73669898819.562 1993
78349360083.016 1994
95700920700.921 1995
99487026185.868 1996
108282816899.65 1997
102492708403.99 1998
101878054894.1 1999
109245982601.53 2000
88806924109.773 2001
96601834309.403 2002
121317414094.35 2003
166349409588.85 2004
191015188931.36 2005
205850862310.37 2006
235144068461.96 2007
302083165466.08 2008
254149621998.59 2009
307670829883.56 2010
370084484990.58 2011
428868114032.1 2012
439541781270.93 2013
392365691790.9 2014
354948828177.33 2015
306666045504.04 2016
319777759174.75 2017
350769695842.25 2018
324415019499.95 2019
296212973881.03 2020
354795132957.03 2021
399089242217.89 2022
Australia | Gross capital formation (current US$)
Gross capital formation (formerly gross domestic investment) consists of outlays on additions to the fixed assets of the economy plus net changes in the level of inventories. Fixed assets include land improvements (fences, ditches, drains, and so on); plant, machinery, and equipment purchases; and the construction of roads, railways, and the like, including schools, offices, hospitals, private residential dwellings, and commercial and industrial buildings. Inventories are stocks of goods held by firms to meet temporary or unexpected fluctuations in production or sales, and "work in progress." According to the 1993 SNA, net acquisitions of valuables are also considered capital formation. Data are in current U.S. dollars. Limitations and exceptions: Because policymakers have tended to focus on fostering the growth of output, and because data on production are easier to collect than data on spending, many countries generate their primary estimate of GDP using the production approach. Moreover, many countries do not estimate all the components of national expenditures but instead derive some of the main aggregates indirectly using GDP (based on the production approach) as the control total. Data on capital formation may be estimated from direct surveys of enterprises and administrative records or based on the commodity flow method using data from production, trade, and construction activities. The quality of data on government fixed capital formation depends on the quality of government accounting systems (which tend to be weak in developing countries). Measures of fixed capital formation by households and corporations - particularly capital outlays by small, unincorporated enterprises - are usually unreliable. Estimates of changes in inventories are rarely complete but usually include the most important activities or commodities. In some countries these estimates are derived as a composite residual along with household final consumption expenditure. According to national accounts conventions, adjustments should be made for appreciation of the value of inventory holdings due to price changes, but this is not always done. In highly inflationary economies this element can be substantial. Statistical concept and methodology: Gross domestic product (GDP) from the expenditure side is made up of household final consumption expenditure, general government final consumption expenditure, gross capital formation (private and public investment in fixed assets, changes in inventories, and net acquisitions of valuables), and net exports (exports minus imports) of goods and services. Such expenditures are recorded in purchaser prices and include net taxes on products.
Publisher
The World Bank
Origin
Commonwealth of Australia
Records
63
Source