The covid-19 crisis has caused a decrease in gross investment in Spain of 11.4% during 2020, to stand at 222,654 million euros, which puts it back at the levels of a decade ago. The fall registered in investment has even exceeded that experienced in GDP (-10.8%) and employment (-4.2%), although the latter has been contained thanks to the protection provided by the Erte.

The investment effort, investment as a percentage of GDP, also fell slightly in 2020 to 19.8%, thus breaking with the six-year recovery of the 2014-2019 period. In addition, the distance with other countries with greater investment effort is widening, such as France (22.9%), Germany (22.1%) or the United States (21%).

Gross private investment, which accounts for 91% of the total, has plummeted 14% in 2020, breaking the recovery path that began in 2013. Gross public investment has increased by 6.7% in 2020. The central administration increased its gross investments by 30% in 2020 and the autonomous communities by 8.2%. On the other hand, local administrations reduced their investments by 17.4%.

However, the increase in public investment has not been enough to cover the depreciation, that is, to allow the maintenance of existing infrastructures and equipment. For this reason, the net investment (the one that allows to improve the provisions) remains in negative values ​​(-3,034 million euros in 2020).

The negative net investment figures have been dragging down since 2012, as documented in the report The Capital Stock in Spain and its Autonomous Communities, published by the BBVA Foundation and the Ivie.

Trajectory
The study, led by Ivie researchers Francisco Pérez and Matilde Mas, in collaboration with economists Eva Benages, Juan Carlos Robledo and Iván Vicente, analyzes the trajectory of investment and public and private capital endowments in Spain and its different territories from 1995 to 2020.

The publication accompanies the updating of the database The stock and services of capital in Spain and its territorial and sectoral distribution, also prepared by the BBVA Foundation and the Ivie and whose format has just been revised to show the information in a more attractive and dynamic way, with interactive graphics that improve its usability and with the possibility of downloading both the data and the different graphic materials. This database constitutes, since its creation in 1995,

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