SlideShare a Scribd company logo
Malaga, November 17, 2021
THE HISTORY OF CAPITALISM IS THE HISTORY OF THE INTRODUCTION OF DIFFERENT FORMS OF CAPITAL
Physical capital Human capital Technological capital Social capital Intangible capital
• They all began their industrial development at a late stage…


• … and have experienced a slow productivity growth over the last two
decades


• They have showed slower adaptation to recent technological changes in
general…


• ... and to intangibles in particular, as the Covid-19 pandemic has proven in
all its rawness
Italy
Portugal
Spain
ALL THREE COUNTRIES ARE EQUIVALENT WITH EUROPE IN TANGIBLES… BUT NOT INTANGIBLES
Ireland
Sweden
France
Netherlands
Denmark
Finland
Austria
Average
United Kingdom
Luxembourg
Portugal
Italy
Germany
Spain
Greece
0 4.5 9 13.5 18
10.5
14.0
12.4
11.4
13.0
12.4
10.3
12.1
15.7
13.1
12.5
12.1
11.8
14.0
13.7
4.2
5.5
6.5
6.7
6.8
7.0
8.2
8.3
8.7
9.6
9.6
10.1
10.4
14.6
16.4
Intangible
Tangible
* Expanded.


Note: The investment in tangible assets does not include residential investment.


Average of European countries: former EU-15 (including UK), except Belgium.


Source: EU KLEMS and own elaboration.


Graphic 7. Tangible and
intangible investment over
GDP*. Total economy. 2018


(percentage)
ONLY ITALY IS CLOSE TO THE EUROPEAN AVERAGE IN THE WEIGHT OF INTANGIBLE CAPITAL OVER TOTAL INVESTMENT
Ireland
Sweden
France
Netherlands
United Kingdom
Denmark
Finland
Average
Italy
Luxembourg
Austria
Germany
Portugal
Greece
Spain
0 25 50 75 100
71.6
71.5
65.6
65.4
64.4
63.8
62.8
59.4
57.7
56.5
55.8
54.6
53.3
48.9
45.5
28.4
28.5
34.4
34.6
35.6
36.2
37.2
40.6
42.3
43.5
44.2
45.4
46.7
51.1
54.5
Intangible
Tangible
* Expanded.


Note: The investment in tangible assets does not include residential investment


Average of European countries: former EU-15 (including UK), except Belgium.


Source: EU KLEMS and own elaboration.


Graph 8. Composition of non-residential investment*. Total economy. 2018 (percentage)
SPAIN AND PORTUGAL HAVE MAINTAINED A PATH OF CONVERGENCE WITH EUROPE
OVER THE PAST TWO DECADES IN INTANGIBLE INVESTMENT
0
4
8
12
16
Ireland
Luxembourg
Denmark
Austria
Sweden
Netherlands
Spain
France
Portugal
Average
Finland
Germany
United Kingdom
Italy
Greece
0.5
1.5
2.3
2.8
2.9
3.1
3.5
3.6
4.1
4.3
4.4
4.5
4.7
6.9
11.4
Average of European countries: former EU-15 (including UK), except Belgium.


Source: EU KLEMS and own elaboration.


Graph 11. Average annual rate of variation in real investment in intangible assets. Total economy. 1995-2018 (percentage)
INTANGIBLE INVESTMENT PROVED MORE RESILIENT DURING THE CRISIS
50
100
150
200
250
1995 1998 2001 2004 2007 2010 2013 2016 2018
a. Italy
139.3
107.6
* Expanded.


Note: The investment in tangible assets does not include residential investment.


Average of European countries: former EU-15 (including UK), except Belgium.


Source: EU KLEMS and own elaboration.
115.0
50
100
150
200
250
1995 1998 2001 2004 2007 2010 2013 2016 2018
b. Portugal
215.1
124.3
136.0
50
100
150
200
250
1995 1998 2001 2004 2007 2010 2013 2016 2018
c. Spain
248.5
163.4
164.0
50
100
150
200
250
1995 1998 2001 2004 2007 2010 2013 2016 2018
Expanded GDP
Tangible assets (without residential investment)
Intangible assets
d. Average of European countries
201.3
144.2
148.1
Graph 9. Dynamic of GDP. intangible and
tangible investment*. Total economy.
1995-2018 1995 =100
THE SLOW PACE OF INVESTMENT IN INTANGIBLES IS RESPONSIBLE FOR THE SLOW PROGRESS OF PRODUCTIVITY
Table 4. Contribution of sources of economic growth to the growth in labour productivity (GDP per hour worked). Italy, Portugal, Spain and EU-12 2009-2017. (percentage points and horizontal percentage).
Productivity per hour
worked


1


(=2+3+4+5)
TFP


2
Capital in intangible
assets per hour worked


3
Capital in tangible assets
per hour worked


4
Changes in the
composition of labour


5
2009-2016
Italy 0.51 0.24 0.02 0.05 0.20
Portugal 0.72 -0.61 0.02 -0.41 1.72
Spain 1.17 0.21 0.11 0.21 0.65
EU-12 0.96 1.18 0.07 -0.72 0.42
Note: EU-12: Austria, Belgium, Czech Republic, Germany, Denmark, Spain, Finland, France, Italy, Netherlands, Sweden and United Kingdom.


Source: EU KLEMS
• If Italy and Portugal had seen the same contribution from intangible assets as the EU, its productivity growth would
have been 8 basis points higher for Portugal, and 5 points higher for Italy
• Spain has suffered because it has failed to match its strong growth in tangible assets with parallel growth in intangibles
to compensate the initial backwardness, undermining the growth of TFP, which is a measure of efficiency
CONCLUSIONS
Although they are similar economies, Italy, Portugal and Spain have different
strengths and weaknesses. Their identification enables us to orient the policies
(public and private) financed with the Next Generation EU funds in the most
appropriate direction in order to emerge stronger from Covid-19.
La economía intangible en Italia, Portugal y España. Matilde Mas 17112021

More Related Content

What's hot

EU: Acyclic Hydrocarbons – Market Report. Analysis and Forecast to 2020
EU: Acyclic Hydrocarbons – Market Report. Analysis and Forecast to 2020EU: Acyclic Hydrocarbons – Market Report. Analysis and Forecast to 2020
EU: Acyclic Hydrocarbons – Market Report. Analysis and Forecast to 2020
IndexBox Marketing
 
Retail Property in France : Q1 2018
Retail Property in France : Q1 2018Retail Property in France : Q1 2018
Retail Property in France : Q1 2018
Knight Frank France
 
Business at a glance July-August 2020 Círculo de Empresarios
Business at a glance July-August 2020 Círculo de EmpresariosBusiness at a glance July-August 2020 Círculo de Empresarios
Business at a glance July-August 2020 Círculo de Empresarios
Círculo de Empresarios
 
Economy... at a glance October 2019
Economy... at a glance October 2019Economy... at a glance October 2019
Economy... at a glance October 2019
Círculo de Empresarios
 
Economy... at a glance September 2020
Economy... at a glance September 2020Economy... at a glance September 2020
Economy... at a glance September 2020
Círculo de Empresarios
 
Business... at a glance January 2021
Business... at a glance January 2021Business... at a glance January 2021
Business... at a glance January 2021
Círculo de Empresarios
 
Economy... at a glance January 2021
Economy... at a glance January 2021Economy... at a glance January 2021
Economy... at a glance January 2021
Círculo de Empresarios
 
Así está the company... Septiember 2016 Circulo de Empresarios
Así está the company... Septiember 2016 Circulo de EmpresariosAsí está the company... Septiember 2016 Circulo de Empresarios
Así está the company... Septiember 2016 Circulo de Empresarios
Círculo de Empresarios
 
World: Provitamins And Vitamins - Market Report. Analysis and Forecast to 2025
World: Provitamins And Vitamins - Market Report. Analysis and Forecast to 2025World: Provitamins And Vitamins - Market Report. Analysis and Forecast to 2025
World: Provitamins And Vitamins - Market Report. Analysis and Forecast to 2025
IndexBox Marketing
 
Covid-19 - What are its mplications for the Greater Paris Region office market?
Covid-19 - What are its mplications for the Greater Paris Region office market?Covid-19 - What are its mplications for the Greater Paris Region office market?
Covid-19 - What are its mplications for the Greater Paris Region office market?
Knight Frank France
 
Professionisti oltre la crisi
Professionisti oltre la crisiProfessionisti oltre la crisi
World: Nutmeg, Mace And Cardamoms - Market Report. Analysis And Forecast To 2025
World: Nutmeg, Mace And Cardamoms - Market Report. Analysis And Forecast To 2025World: Nutmeg, Mace And Cardamoms - Market Report. Analysis And Forecast To 2025
World: Nutmeg, Mace And Cardamoms - Market Report. Analysis And Forecast To 2025
IndexBox Marketing
 
STUDY OF UK ECONOMY
STUDY OF UK ECONOMYSTUDY OF UK ECONOMY
STUDY OF UK ECONOMY
SHUBHAM MORGAONKAR
 
The eurozone economy is slowing but some opportunities remain
The eurozone economy is slowing but some opportunities remainThe eurozone economy is slowing but some opportunities remain
The eurozone economy is slowing but some opportunities remain
Alicia Garcia-Herrero
 
OECD Regions and Cities at a Glance 2018 - Overview
OECD Regions and Cities at a Glance 2018 - OverviewOECD Regions and Cities at a Glance 2018 - Overview
OECD Regions and Cities at a Glance 2018 - Overview
OECD CFE
 
Interesting slides on social & macroeconomics
Interesting slides on social & macroeconomicsInteresting slides on social & macroeconomics
Interesting slides on social & macroeconomics
Bruno Gremez
 
Brexit and Trump: Tourism in Times of Political Disruptions
Brexit and Trump: Tourism in Times of Political DisruptionsBrexit and Trump: Tourism in Times of Political Disruptions
Brexit and Trump: Tourism in Times of Political Disruptions
Euromonitor International
 
France pw gw-budget
France pw gw-budgetFrance pw gw-budget
France pw gw-budget
maysam araee daronkola
 
Africa: Hops - Market Report. Analysis And Forecast to 2025
Africa: Hops - Market Report. Analysis And Forecast to 2025Africa: Hops - Market Report. Analysis And Forecast to 2025
Africa: Hops - Market Report. Analysis And Forecast to 2025
IndexBox Marketing
 
The big-fall-impact-of-covid-19-on-eu-and-us-apparel-market
The big-fall-impact-of-covid-19-on-eu-and-us-apparel-marketThe big-fall-impact-of-covid-19-on-eu-and-us-apparel-market
The big-fall-impact-of-covid-19-on-eu-and-us-apparel-market
wastra101
 

What's hot (20)

EU: Acyclic Hydrocarbons – Market Report. Analysis and Forecast to 2020
EU: Acyclic Hydrocarbons – Market Report. Analysis and Forecast to 2020EU: Acyclic Hydrocarbons – Market Report. Analysis and Forecast to 2020
EU: Acyclic Hydrocarbons – Market Report. Analysis and Forecast to 2020
 
Retail Property in France : Q1 2018
Retail Property in France : Q1 2018Retail Property in France : Q1 2018
Retail Property in France : Q1 2018
 
Business at a glance July-August 2020 Círculo de Empresarios
Business at a glance July-August 2020 Círculo de EmpresariosBusiness at a glance July-August 2020 Círculo de Empresarios
Business at a glance July-August 2020 Círculo de Empresarios
 
Economy... at a glance October 2019
Economy... at a glance October 2019Economy... at a glance October 2019
Economy... at a glance October 2019
 
Economy... at a glance September 2020
Economy... at a glance September 2020Economy... at a glance September 2020
Economy... at a glance September 2020
 
Business... at a glance January 2021
Business... at a glance January 2021Business... at a glance January 2021
Business... at a glance January 2021
 
Economy... at a glance January 2021
Economy... at a glance January 2021Economy... at a glance January 2021
Economy... at a glance January 2021
 
Así está the company... Septiember 2016 Circulo de Empresarios
Así está the company... Septiember 2016 Circulo de EmpresariosAsí está the company... Septiember 2016 Circulo de Empresarios
Así está the company... Septiember 2016 Circulo de Empresarios
 
World: Provitamins And Vitamins - Market Report. Analysis and Forecast to 2025
World: Provitamins And Vitamins - Market Report. Analysis and Forecast to 2025World: Provitamins And Vitamins - Market Report. Analysis and Forecast to 2025
World: Provitamins And Vitamins - Market Report. Analysis and Forecast to 2025
 
Covid-19 - What are its mplications for the Greater Paris Region office market?
Covid-19 - What are its mplications for the Greater Paris Region office market?Covid-19 - What are its mplications for the Greater Paris Region office market?
Covid-19 - What are its mplications for the Greater Paris Region office market?
 
Professionisti oltre la crisi
Professionisti oltre la crisiProfessionisti oltre la crisi
Professionisti oltre la crisi
 
World: Nutmeg, Mace And Cardamoms - Market Report. Analysis And Forecast To 2025
World: Nutmeg, Mace And Cardamoms - Market Report. Analysis And Forecast To 2025World: Nutmeg, Mace And Cardamoms - Market Report. Analysis And Forecast To 2025
World: Nutmeg, Mace And Cardamoms - Market Report. Analysis And Forecast To 2025
 
STUDY OF UK ECONOMY
STUDY OF UK ECONOMYSTUDY OF UK ECONOMY
STUDY OF UK ECONOMY
 
The eurozone economy is slowing but some opportunities remain
The eurozone economy is slowing but some opportunities remainThe eurozone economy is slowing but some opportunities remain
The eurozone economy is slowing but some opportunities remain
 
OECD Regions and Cities at a Glance 2018 - Overview
OECD Regions and Cities at a Glance 2018 - OverviewOECD Regions and Cities at a Glance 2018 - Overview
OECD Regions and Cities at a Glance 2018 - Overview
 
Interesting slides on social & macroeconomics
Interesting slides on social & macroeconomicsInteresting slides on social & macroeconomics
Interesting slides on social & macroeconomics
 
Brexit and Trump: Tourism in Times of Political Disruptions
Brexit and Trump: Tourism in Times of Political DisruptionsBrexit and Trump: Tourism in Times of Political Disruptions
Brexit and Trump: Tourism in Times of Political Disruptions
 
France pw gw-budget
France pw gw-budgetFrance pw gw-budget
France pw gw-budget
 
Africa: Hops - Market Report. Analysis And Forecast to 2025
Africa: Hops - Market Report. Analysis And Forecast to 2025Africa: Hops - Market Report. Analysis And Forecast to 2025
Africa: Hops - Market Report. Analysis And Forecast to 2025
 
The big-fall-impact-of-covid-19-on-eu-and-us-apparel-market
The big-fall-impact-of-covid-19-on-eu-and-us-apparel-marketThe big-fall-impact-of-covid-19-on-eu-and-us-apparel-market
The big-fall-impact-of-covid-19-on-eu-and-us-apparel-market
 

Similar to La economía intangible en Italia, Portugal y España. Matilde Mas 17112021

Italy: Opportunity Amid the Eurozone Crisis
Italy: Opportunity Amid the Eurozone CrisisItaly: Opportunity Amid the Eurozone Crisis
Italy: Opportunity Amid the Eurozone Crisis
Italian Business & Investment Initiative
 
Pw c 2012-06-23-issue-4-a-growing-non-core-asset-market
Pw c 2012-06-23-issue-4-a-growing-non-core-asset-marketPw c 2012-06-23-issue-4-a-growing-non-core-asset-market
Pw c 2012-06-23-issue-4-a-growing-non-core-asset-market
CONact Market Entry Management GmbH
 
The Italian NPL market - PWC - June 2016
The Italian NPL market - PWC - June 2016The Italian NPL market - PWC - June 2016
The Italian NPL market - PWC - June 2016
Roberto Di Domenico
 
Construction update april 2014 final
Construction update april 2014 finalConstruction update april 2014 final
Construction update april 2014 final
BIMopen
 
Why not italy
Why not italyWhy not italy
Why not italy
Linkiesta
 
Pontignano 2011_DemocracyPublic debt and private growth
Pontignano 2011_DemocracyPublic debt and private growthPontignano 2011_DemocracyPublic debt and private growth
Pontignano 2011_DemocracyPublic debt and private growth
IgnazioRocco
 
2018 ManuTech Report comparing EU-BE Start- & Scaleups
2018 ManuTech Report comparing EU-BE Start- & Scaleups2018 ManuTech Report comparing EU-BE Start- & Scaleups
2018 ManuTech Report comparing EU-BE Start- & Scaleups
Ben Van Roose
 
Spain your partner in europe
Spain your partner in europeSpain your partner in europe
Spain your partner in europe
CMR WORLD TECH
 
Enthe case-for-spain-ii-arcano-oct-2013
Enthe case-for-spain-ii-arcano-oct-2013Enthe case-for-spain-ii-arcano-oct-2013
Enthe case-for-spain-ii-arcano-oct-2013
Frank Ragol
 
Tip - Cosmetics and Luxury Day, Parigi
Tip - Cosmetics and Luxury Day, ParigiTip - Cosmetics and Luxury Day, Parigi
Tip - Cosmetics and Luxury Day, Parigi
Tamburi Investment Partners
 
Europe: Open for business?
Europe: Open for business?Europe: Open for business?
Europe: Open for business?
The Economist Media Businesses
 
Work unemploymentopt
Work unemploymentoptWork unemploymentopt
Work unemploymentopt
rockers7
 
Eurozone Crisis
Eurozone CrisisEurozone Crisis
Eurozone Crisis
Joel Daniel
 
Working Party on Industry Analysis (WPIA)
Working Party on Industry Analysis (WPIA)Working Party on Industry Analysis (WPIA)
Working Party on Industry Analysis (WPIA)
SPINTAN
 
TIP - Kepler-Chevreux Autumn Conference 2013
TIP - Kepler-Chevreux Autumn Conference 2013TIP - Kepler-Chevreux Autumn Conference 2013
TIP - Kepler-Chevreux Autumn Conference 2013
Tamburi Investment Partners
 
A. Agostinelli, N. Di Veroli, Addressing Measurement Challenges related to Mu...
A. Agostinelli, N. Di Veroli, Addressing Measurement Challenges related to Mu...A. Agostinelli, N. Di Veroli, Addressing Measurement Challenges related to Mu...
A. Agostinelli, N. Di Veroli, Addressing Measurement Challenges related to Mu...
Istituto nazionale di statistica
 
Observatorio europeo de salidas a bolsa 2T 2015
Observatorio europeo de salidas a bolsa 2T 2015Observatorio europeo de salidas a bolsa 2T 2015
Observatorio europeo de salidas a bolsa 2T 2015
PwC España
 
Industry 4.0 -- Roland berger t2014-04-03
Industry 4.0 -- Roland berger t2014-04-03Industry 4.0 -- Roland berger t2014-04-03
Industry 4.0 -- Roland berger t2014-04-03
Asia Pacific Intellectual Capital Centre Ltd
 
Etude PwC IPO Watch
Etude PwC IPO WatchEtude PwC IPO Watch
Etude PwC IPO Watch
PwC France
 
NERI Quarterly Economic Observer (QEO) - Summer, 2019
NERI Quarterly Economic Observer (QEO) - Summer, 2019NERI Quarterly Economic Observer (QEO) - Summer, 2019
NERI Quarterly Economic Observer (QEO) - Summer, 2019
NevinInstitute
 

Similar to La economía intangible en Italia, Portugal y España. Matilde Mas 17112021 (20)

Italy: Opportunity Amid the Eurozone Crisis
Italy: Opportunity Amid the Eurozone CrisisItaly: Opportunity Amid the Eurozone Crisis
Italy: Opportunity Amid the Eurozone Crisis
 
Pw c 2012-06-23-issue-4-a-growing-non-core-asset-market
Pw c 2012-06-23-issue-4-a-growing-non-core-asset-marketPw c 2012-06-23-issue-4-a-growing-non-core-asset-market
Pw c 2012-06-23-issue-4-a-growing-non-core-asset-market
 
The Italian NPL market - PWC - June 2016
The Italian NPL market - PWC - June 2016The Italian NPL market - PWC - June 2016
The Italian NPL market - PWC - June 2016
 
Construction update april 2014 final
Construction update april 2014 finalConstruction update april 2014 final
Construction update april 2014 final
 
Why not italy
Why not italyWhy not italy
Why not italy
 
Pontignano 2011_DemocracyPublic debt and private growth
Pontignano 2011_DemocracyPublic debt and private growthPontignano 2011_DemocracyPublic debt and private growth
Pontignano 2011_DemocracyPublic debt and private growth
 
2018 ManuTech Report comparing EU-BE Start- & Scaleups
2018 ManuTech Report comparing EU-BE Start- & Scaleups2018 ManuTech Report comparing EU-BE Start- & Scaleups
2018 ManuTech Report comparing EU-BE Start- & Scaleups
 
Spain your partner in europe
Spain your partner in europeSpain your partner in europe
Spain your partner in europe
 
Enthe case-for-spain-ii-arcano-oct-2013
Enthe case-for-spain-ii-arcano-oct-2013Enthe case-for-spain-ii-arcano-oct-2013
Enthe case-for-spain-ii-arcano-oct-2013
 
Tip - Cosmetics and Luxury Day, Parigi
Tip - Cosmetics and Luxury Day, ParigiTip - Cosmetics and Luxury Day, Parigi
Tip - Cosmetics and Luxury Day, Parigi
 
Europe: Open for business?
Europe: Open for business?Europe: Open for business?
Europe: Open for business?
 
Work unemploymentopt
Work unemploymentoptWork unemploymentopt
Work unemploymentopt
 
Eurozone Crisis
Eurozone CrisisEurozone Crisis
Eurozone Crisis
 
Working Party on Industry Analysis (WPIA)
Working Party on Industry Analysis (WPIA)Working Party on Industry Analysis (WPIA)
Working Party on Industry Analysis (WPIA)
 
TIP - Kepler-Chevreux Autumn Conference 2013
TIP - Kepler-Chevreux Autumn Conference 2013TIP - Kepler-Chevreux Autumn Conference 2013
TIP - Kepler-Chevreux Autumn Conference 2013
 
A. Agostinelli, N. Di Veroli, Addressing Measurement Challenges related to Mu...
A. Agostinelli, N. Di Veroli, Addressing Measurement Challenges related to Mu...A. Agostinelli, N. Di Veroli, Addressing Measurement Challenges related to Mu...
A. Agostinelli, N. Di Veroli, Addressing Measurement Challenges related to Mu...
 
Observatorio europeo de salidas a bolsa 2T 2015
Observatorio europeo de salidas a bolsa 2T 2015Observatorio europeo de salidas a bolsa 2T 2015
Observatorio europeo de salidas a bolsa 2T 2015
 
Industry 4.0 -- Roland berger t2014-04-03
Industry 4.0 -- Roland berger t2014-04-03Industry 4.0 -- Roland berger t2014-04-03
Industry 4.0 -- Roland berger t2014-04-03
 
Etude PwC IPO Watch
Etude PwC IPO WatchEtude PwC IPO Watch
Etude PwC IPO Watch
 
NERI Quarterly Economic Observer (QEO) - Summer, 2019
NERI Quarterly Economic Observer (QEO) - Summer, 2019NERI Quarterly Economic Observer (QEO) - Summer, 2019
NERI Quarterly Economic Observer (QEO) - Summer, 2019
 

More from Ivie

Presentación informe 'Fondos Next Generation European Union destinados a actu...
Presentación informe 'Fondos Next Generation European Union destinados a actu...Presentación informe 'Fondos Next Generation European Union destinados a actu...
Presentación informe 'Fondos Next Generation European Union destinados a actu...
Ivie
 
Presentación informe Impacto del sistema de financiación autonómica en la deu...
Presentación informe Impacto del sistema de financiación autonómica en la deu...Presentación informe Impacto del sistema de financiación autonómica en la deu...
Presentación informe Impacto del sistema de financiación autonómica en la deu...
Ivie
 
Presentación del Mapa del Talento Cotec-Ivie 2023
Presentación del Mapa del Talento Cotec-Ivie 2023Presentación del Mapa del Talento Cotec-Ivie 2023
Presentación del Mapa del Talento Cotec-Ivie 2023
Ivie
 
Presentación contribuciones socioeconómicas del SUPV 2023
Presentación contribuciones socioeconómicas del SUPV 2023Presentación contribuciones socioeconómicas del SUPV 2023
Presentación contribuciones socioeconómicas del SUPV 2023
Ivie
 
Presentación Impacto Económico de las Fallas de València 2023
Presentación Impacto Económico de las Fallas de València 2023Presentación Impacto Económico de las Fallas de València 2023
Presentación Impacto Económico de las Fallas de València 2023
Ivie
 
Presentación del informe de Impacto Económico del Maratón Valencia 2023
Presentación del informe de Impacto Económico del Maratón Valencia 2023Presentación del informe de Impacto Económico del Maratón Valencia 2023
Presentación del informe de Impacto Económico del Maratón Valencia 2023
Ivie
 
Jornada GECE - Presentación informe 2/2023
Jornada GECE - Presentación informe 2/2023Jornada GECE - Presentación informe 2/2023
Jornada GECE - Presentación informe 2/2023
Ivie
 
La calidad del empleo en España y sus comunidades autónomas
La calidad del empleo en España y sus comunidades autónomasLa calidad del empleo en España y sus comunidades autónomas
La calidad del empleo en España y sus comunidades autónomas
Ivie
 
La economía valenciana tras el COVID-19. Joaquín Maudos. V Congreso de Econom...
La economía valenciana tras el COVID-19. Joaquín Maudos. V Congreso de Econom...La economía valenciana tras el COVID-19. Joaquín Maudos. V Congreso de Econom...
La economía valenciana tras el COVID-19. Joaquín Maudos. V Congreso de Econom...
Ivie
 
La economía digital en España. Cotec - Ivie. Málaga 13092023
La economía digital en España. Cotec - Ivie. Málaga 13092023La economía digital en España. Cotec - Ivie. Málaga 13092023
La economía digital en España. Cotec - Ivie. Málaga 13092023
Ivie
 
La contribución del empresariado a la sociedad española, presentación de Joaq...
La contribución del empresariado a la sociedad española, presentación de Joaq...La contribución del empresariado a la sociedad española, presentación de Joaq...
La contribución del empresariado a la sociedad española, presentación de Joaq...
Ivie
 
Presentación Observatorio GECE - Análisis 1/2023 - Posicionamiento exterior d...
Presentación Observatorio GECE - Análisis 1/2023 - Posicionamiento exterior d...Presentación Observatorio GECE - Análisis 1/2023 - Posicionamiento exterior d...
Presentación Observatorio GECE - Análisis 1/2023 - Posicionamiento exterior d...
Ivie
 
Observatorio sobre el sector agroalimentario español en el contexto europeo. ...
Observatorio sobre el sector agroalimentario español en el contexto europeo. ...Observatorio sobre el sector agroalimentario español en el contexto europeo. ...
Observatorio sobre el sector agroalimentario español en el contexto europeo. ...
Ivie
 
Presentación informe IvieLAB La tecnología como motor de crecimiento. Alicant...
Presentación informe IvieLAB La tecnología como motor de crecimiento. Alicant...Presentación informe IvieLAB La tecnología como motor de crecimiento. Alicant...
Presentación informe IvieLAB La tecnología como motor de crecimiento. Alicant...
Ivie
 
Sostenibilidad: una responsabilidad de todas las Administraciones Públicas. C...
Sostenibilidad: una responsabilidad de todas las Administraciones Públicas. C...Sostenibilidad: una responsabilidad de todas las Administraciones Públicas. C...
Sostenibilidad: una responsabilidad de todas las Administraciones Públicas. C...
Ivie
 
La deuda pública autonómica: cuánto y hasta cuándo nos puede preocupar. Diego...
La deuda pública autonómica: cuánto y hasta cuándo nos puede preocupar. Diego...La deuda pública autonómica: cuánto y hasta cuándo nos puede preocupar. Diego...
La deuda pública autonómica: cuánto y hasta cuándo nos puede preocupar. Diego...
Ivie
 
El desigual punto de partida de las CC.AA. para enfrentarse a un entorno comp...
El desigual punto de partida de las CC.AA. para enfrentarse a un entorno comp...El desigual punto de partida de las CC.AA. para enfrentarse a un entorno comp...
El desigual punto de partida de las CC.AA. para enfrentarse a un entorno comp...
Ivie
 
Los mecanismos extraordinarios de financiación: recetas para metabolizarlos. ...
Los mecanismos extraordinarios de financiación: recetas para metabolizarlos. ...Los mecanismos extraordinarios de financiación: recetas para metabolizarlos. ...
Los mecanismos extraordinarios de financiación: recetas para metabolizarlos. ...
Ivie
 
Necesidades, recursos y endeudamiento de las comunidades autónomas. Antoni Za...
Necesidades, recursos y endeudamiento de las comunidades autónomas. Antoni Za...Necesidades, recursos y endeudamiento de las comunidades autónomas. Antoni Za...
Necesidades, recursos y endeudamiento de las comunidades autónomas. Antoni Za...
Ivie
 
La evaluación y la revisión de gasto en la Generalitat de Catalunya. Esther P...
La evaluación y la revisión de gasto en la Generalitat de Catalunya. Esther P...La evaluación y la revisión de gasto en la Generalitat de Catalunya. Esther P...
La evaluación y la revisión de gasto en la Generalitat de Catalunya. Esther P...
Ivie
 

More from Ivie (20)

Presentación informe 'Fondos Next Generation European Union destinados a actu...
Presentación informe 'Fondos Next Generation European Union destinados a actu...Presentación informe 'Fondos Next Generation European Union destinados a actu...
Presentación informe 'Fondos Next Generation European Union destinados a actu...
 
Presentación informe Impacto del sistema de financiación autonómica en la deu...
Presentación informe Impacto del sistema de financiación autonómica en la deu...Presentación informe Impacto del sistema de financiación autonómica en la deu...
Presentación informe Impacto del sistema de financiación autonómica en la deu...
 
Presentación del Mapa del Talento Cotec-Ivie 2023
Presentación del Mapa del Talento Cotec-Ivie 2023Presentación del Mapa del Talento Cotec-Ivie 2023
Presentación del Mapa del Talento Cotec-Ivie 2023
 
Presentación contribuciones socioeconómicas del SUPV 2023
Presentación contribuciones socioeconómicas del SUPV 2023Presentación contribuciones socioeconómicas del SUPV 2023
Presentación contribuciones socioeconómicas del SUPV 2023
 
Presentación Impacto Económico de las Fallas de València 2023
Presentación Impacto Económico de las Fallas de València 2023Presentación Impacto Económico de las Fallas de València 2023
Presentación Impacto Económico de las Fallas de València 2023
 
Presentación del informe de Impacto Económico del Maratón Valencia 2023
Presentación del informe de Impacto Económico del Maratón Valencia 2023Presentación del informe de Impacto Económico del Maratón Valencia 2023
Presentación del informe de Impacto Económico del Maratón Valencia 2023
 
Jornada GECE - Presentación informe 2/2023
Jornada GECE - Presentación informe 2/2023Jornada GECE - Presentación informe 2/2023
Jornada GECE - Presentación informe 2/2023
 
La calidad del empleo en España y sus comunidades autónomas
La calidad del empleo en España y sus comunidades autónomasLa calidad del empleo en España y sus comunidades autónomas
La calidad del empleo en España y sus comunidades autónomas
 
La economía valenciana tras el COVID-19. Joaquín Maudos. V Congreso de Econom...
La economía valenciana tras el COVID-19. Joaquín Maudos. V Congreso de Econom...La economía valenciana tras el COVID-19. Joaquín Maudos. V Congreso de Econom...
La economía valenciana tras el COVID-19. Joaquín Maudos. V Congreso de Econom...
 
La economía digital en España. Cotec - Ivie. Málaga 13092023
La economía digital en España. Cotec - Ivie. Málaga 13092023La economía digital en España. Cotec - Ivie. Málaga 13092023
La economía digital en España. Cotec - Ivie. Málaga 13092023
 
La contribución del empresariado a la sociedad española, presentación de Joaq...
La contribución del empresariado a la sociedad española, presentación de Joaq...La contribución del empresariado a la sociedad española, presentación de Joaq...
La contribución del empresariado a la sociedad española, presentación de Joaq...
 
Presentación Observatorio GECE - Análisis 1/2023 - Posicionamiento exterior d...
Presentación Observatorio GECE - Análisis 1/2023 - Posicionamiento exterior d...Presentación Observatorio GECE - Análisis 1/2023 - Posicionamiento exterior d...
Presentación Observatorio GECE - Análisis 1/2023 - Posicionamiento exterior d...
 
Observatorio sobre el sector agroalimentario español en el contexto europeo. ...
Observatorio sobre el sector agroalimentario español en el contexto europeo. ...Observatorio sobre el sector agroalimentario español en el contexto europeo. ...
Observatorio sobre el sector agroalimentario español en el contexto europeo. ...
 
Presentación informe IvieLAB La tecnología como motor de crecimiento. Alicant...
Presentación informe IvieLAB La tecnología como motor de crecimiento. Alicant...Presentación informe IvieLAB La tecnología como motor de crecimiento. Alicant...
Presentación informe IvieLAB La tecnología como motor de crecimiento. Alicant...
 
Sostenibilidad: una responsabilidad de todas las Administraciones Públicas. C...
Sostenibilidad: una responsabilidad de todas las Administraciones Públicas. C...Sostenibilidad: una responsabilidad de todas las Administraciones Públicas. C...
Sostenibilidad: una responsabilidad de todas las Administraciones Públicas. C...
 
La deuda pública autonómica: cuánto y hasta cuándo nos puede preocupar. Diego...
La deuda pública autonómica: cuánto y hasta cuándo nos puede preocupar. Diego...La deuda pública autonómica: cuánto y hasta cuándo nos puede preocupar. Diego...
La deuda pública autonómica: cuánto y hasta cuándo nos puede preocupar. Diego...
 
El desigual punto de partida de las CC.AA. para enfrentarse a un entorno comp...
El desigual punto de partida de las CC.AA. para enfrentarse a un entorno comp...El desigual punto de partida de las CC.AA. para enfrentarse a un entorno comp...
El desigual punto de partida de las CC.AA. para enfrentarse a un entorno comp...
 
Los mecanismos extraordinarios de financiación: recetas para metabolizarlos. ...
Los mecanismos extraordinarios de financiación: recetas para metabolizarlos. ...Los mecanismos extraordinarios de financiación: recetas para metabolizarlos. ...
Los mecanismos extraordinarios de financiación: recetas para metabolizarlos. ...
 
Necesidades, recursos y endeudamiento de las comunidades autónomas. Antoni Za...
Necesidades, recursos y endeudamiento de las comunidades autónomas. Antoni Za...Necesidades, recursos y endeudamiento de las comunidades autónomas. Antoni Za...
Necesidades, recursos y endeudamiento de las comunidades autónomas. Antoni Za...
 
La evaluación y la revisión de gasto en la Generalitat de Catalunya. Esther P...
La evaluación y la revisión de gasto en la Generalitat de Catalunya. Esther P...La evaluación y la revisión de gasto en la Generalitat de Catalunya. Esther P...
La evaluación y la revisión de gasto en la Generalitat de Catalunya. Esther P...
 

Recently uploaded

Who Is the Largest Producer of Soybean in India Now.pdf
Who Is the Largest Producer of Soybean in India Now.pdfWho Is the Largest Producer of Soybean in India Now.pdf
Who Is the Largest Producer of Soybean in India Now.pdf
Price Vision
 
Economic Risk Factor Update: June 2024 [SlideShare]
Economic Risk Factor Update: June 2024 [SlideShare]Economic Risk Factor Update: June 2024 [SlideShare]
Economic Risk Factor Update: June 2024 [SlideShare]
Commonwealth
 
1:1制作加拿大麦吉尔大学毕业证硕士学历证书原版一模一样
1:1制作加拿大麦吉尔大学毕业证硕士学历证书原版一模一样1:1制作加拿大麦吉尔大学毕业证硕士学历证书原版一模一样
1:1制作加拿大麦吉尔大学毕业证硕士学历证书原版一模一样
qntjwn68
 
What's a worker’s market? Job quality and labour market tightness
What's a worker’s market? Job quality and labour market tightnessWhat's a worker’s market? Job quality and labour market tightness
What's a worker’s market? Job quality and labour market tightness
Labour Market Information Council | Conseil de l’information sur le marché du travail
 
快速办理(SMU毕业证书)南卫理公会大学毕业证毕业完成信一模一样
快速办理(SMU毕业证书)南卫理公会大学毕业证毕业完成信一模一样快速办理(SMU毕业证书)南卫理公会大学毕业证毕业完成信一模一样
快速办理(SMU毕业证书)南卫理公会大学毕业证毕业完成信一模一样
5spllj1l
 
Does teamwork really matter? Looking beyond the job posting to understand lab...
Does teamwork really matter? Looking beyond the job posting to understand lab...Does teamwork really matter? Looking beyond the job posting to understand lab...
Does teamwork really matter? Looking beyond the job posting to understand lab...
Labour Market Information Council | Conseil de l’information sur le marché du travail
 
Bridging the gap: Online job postings, survey data and the assessment of job ...
Bridging the gap: Online job postings, survey data and the assessment of job ...Bridging the gap: Online job postings, survey data and the assessment of job ...
Bridging the gap: Online job postings, survey data and the assessment of job ...
Labour Market Information Council | Conseil de l’information sur le marché du travail
 
Optimizing Net Interest Margin (NIM) in the Financial Sector (With Examples).pdf
Optimizing Net Interest Margin (NIM) in the Financial Sector (With Examples).pdfOptimizing Net Interest Margin (NIM) in the Financial Sector (With Examples).pdf
Optimizing Net Interest Margin (NIM) in the Financial Sector (With Examples).pdf
shruti1menon2
 
falcon-invoice-discounting-a-premier-investment-platform-for-superior-returns...
falcon-invoice-discounting-a-premier-investment-platform-for-superior-returns...falcon-invoice-discounting-a-premier-investment-platform-for-superior-returns...
falcon-invoice-discounting-a-premier-investment-platform-for-superior-returns...
Falcon Invoice Discounting
 
Money20/20 and EU Networking Event of 20/24!
Money20/20 and EU Networking Event of 20/24!Money20/20 and EU Networking Event of 20/24!
Money20/20 and EU Networking Event of 20/24!
FinTech Belgium
 
在线办理(TAMU毕业证书)美国德州农工大学毕业证PDF成绩单一模一样
在线办理(TAMU毕业证书)美国德州农工大学毕业证PDF成绩单一模一样在线办理(TAMU毕业证书)美国德州农工大学毕业证PDF成绩单一模一样
在线办理(TAMU毕业证书)美国德州农工大学毕业证PDF成绩单一模一样
5spllj1l
 
Tdasx: Unveiling the Trillion-Dollar Potential of Bitcoin DeFi
Tdasx: Unveiling the Trillion-Dollar Potential of Bitcoin DeFiTdasx: Unveiling the Trillion-Dollar Potential of Bitcoin DeFi
Tdasx: Unveiling the Trillion-Dollar Potential of Bitcoin DeFi
nimaruinazawa258
 
Fabular Frames and the Four Ratio Problem
Fabular Frames and the Four Ratio ProblemFabular Frames and the Four Ratio Problem
Fabular Frames and the Four Ratio Problem
Majid Iqbal
 
1. Elemental Economics - Introduction to mining.pdf
1. Elemental Economics - Introduction to mining.pdf1. Elemental Economics - Introduction to mining.pdf
1. Elemental Economics - Introduction to mining.pdf
Neal Brewster
 
International Sustainability Standards Board
International Sustainability Standards BoardInternational Sustainability Standards Board
International Sustainability Standards Board
Kumar Ramaiah
 
Independent Study - College of Wooster Research (2023-2024) FDI, Culture, Glo...
Independent Study - College of Wooster Research (2023-2024) FDI, Culture, Glo...Independent Study - College of Wooster Research (2023-2024) FDI, Culture, Glo...
Independent Study - College of Wooster Research (2023-2024) FDI, Culture, Glo...
AntoniaOwensDetwiler
 
在线办理(GU毕业证书)美国贡萨加大学毕业证学历证书一模一样
在线办理(GU毕业证书)美国贡萨加大学毕业证学历证书一模一样在线办理(GU毕业证书)美国贡萨加大学毕业证学历证书一模一样
在线办理(GU毕业证书)美国贡萨加大学毕业证学历证书一模一样
5spllj1l
 
Ending stagnation: How to boost prosperity across Scotland
Ending stagnation: How to boost prosperity across ScotlandEnding stagnation: How to boost prosperity across Scotland
Ending stagnation: How to boost prosperity across Scotland
ResolutionFoundation
 
Solution Manual For Financial Accounting, 8th Canadian Edition 2024, by Libby...
Solution Manual For Financial Accounting, 8th Canadian Edition 2024, by Libby...Solution Manual For Financial Accounting, 8th Canadian Edition 2024, by Libby...
Solution Manual For Financial Accounting, 8th Canadian Edition 2024, by Libby...
Donc Test
 
The Impact of GST Payments on Loan Approvals
The Impact of GST Payments on Loan ApprovalsThe Impact of GST Payments on Loan Approvals
The Impact of GST Payments on Loan Approvals
Vighnesh Shashtri
 

Recently uploaded (20)

Who Is the Largest Producer of Soybean in India Now.pdf
Who Is the Largest Producer of Soybean in India Now.pdfWho Is the Largest Producer of Soybean in India Now.pdf
Who Is the Largest Producer of Soybean in India Now.pdf
 
Economic Risk Factor Update: June 2024 [SlideShare]
Economic Risk Factor Update: June 2024 [SlideShare]Economic Risk Factor Update: June 2024 [SlideShare]
Economic Risk Factor Update: June 2024 [SlideShare]
 
1:1制作加拿大麦吉尔大学毕业证硕士学历证书原版一模一样
1:1制作加拿大麦吉尔大学毕业证硕士学历证书原版一模一样1:1制作加拿大麦吉尔大学毕业证硕士学历证书原版一模一样
1:1制作加拿大麦吉尔大学毕业证硕士学历证书原版一模一样
 
What's a worker’s market? Job quality and labour market tightness
What's a worker’s market? Job quality and labour market tightnessWhat's a worker’s market? Job quality and labour market tightness
What's a worker’s market? Job quality and labour market tightness
 
快速办理(SMU毕业证书)南卫理公会大学毕业证毕业完成信一模一样
快速办理(SMU毕业证书)南卫理公会大学毕业证毕业完成信一模一样快速办理(SMU毕业证书)南卫理公会大学毕业证毕业完成信一模一样
快速办理(SMU毕业证书)南卫理公会大学毕业证毕业完成信一模一样
 
Does teamwork really matter? Looking beyond the job posting to understand lab...
Does teamwork really matter? Looking beyond the job posting to understand lab...Does teamwork really matter? Looking beyond the job posting to understand lab...
Does teamwork really matter? Looking beyond the job posting to understand lab...
 
Bridging the gap: Online job postings, survey data and the assessment of job ...
Bridging the gap: Online job postings, survey data and the assessment of job ...Bridging the gap: Online job postings, survey data and the assessment of job ...
Bridging the gap: Online job postings, survey data and the assessment of job ...
 
Optimizing Net Interest Margin (NIM) in the Financial Sector (With Examples).pdf
Optimizing Net Interest Margin (NIM) in the Financial Sector (With Examples).pdfOptimizing Net Interest Margin (NIM) in the Financial Sector (With Examples).pdf
Optimizing Net Interest Margin (NIM) in the Financial Sector (With Examples).pdf
 
falcon-invoice-discounting-a-premier-investment-platform-for-superior-returns...
falcon-invoice-discounting-a-premier-investment-platform-for-superior-returns...falcon-invoice-discounting-a-premier-investment-platform-for-superior-returns...
falcon-invoice-discounting-a-premier-investment-platform-for-superior-returns...
 
Money20/20 and EU Networking Event of 20/24!
Money20/20 and EU Networking Event of 20/24!Money20/20 and EU Networking Event of 20/24!
Money20/20 and EU Networking Event of 20/24!
 
在线办理(TAMU毕业证书)美国德州农工大学毕业证PDF成绩单一模一样
在线办理(TAMU毕业证书)美国德州农工大学毕业证PDF成绩单一模一样在线办理(TAMU毕业证书)美国德州农工大学毕业证PDF成绩单一模一样
在线办理(TAMU毕业证书)美国德州农工大学毕业证PDF成绩单一模一样
 
Tdasx: Unveiling the Trillion-Dollar Potential of Bitcoin DeFi
Tdasx: Unveiling the Trillion-Dollar Potential of Bitcoin DeFiTdasx: Unveiling the Trillion-Dollar Potential of Bitcoin DeFi
Tdasx: Unveiling the Trillion-Dollar Potential of Bitcoin DeFi
 
Fabular Frames and the Four Ratio Problem
Fabular Frames and the Four Ratio ProblemFabular Frames and the Four Ratio Problem
Fabular Frames and the Four Ratio Problem
 
1. Elemental Economics - Introduction to mining.pdf
1. Elemental Economics - Introduction to mining.pdf1. Elemental Economics - Introduction to mining.pdf
1. Elemental Economics - Introduction to mining.pdf
 
International Sustainability Standards Board
International Sustainability Standards BoardInternational Sustainability Standards Board
International Sustainability Standards Board
 
Independent Study - College of Wooster Research (2023-2024) FDI, Culture, Glo...
Independent Study - College of Wooster Research (2023-2024) FDI, Culture, Glo...Independent Study - College of Wooster Research (2023-2024) FDI, Culture, Glo...
Independent Study - College of Wooster Research (2023-2024) FDI, Culture, Glo...
 
在线办理(GU毕业证书)美国贡萨加大学毕业证学历证书一模一样
在线办理(GU毕业证书)美国贡萨加大学毕业证学历证书一模一样在线办理(GU毕业证书)美国贡萨加大学毕业证学历证书一模一样
在线办理(GU毕业证书)美国贡萨加大学毕业证学历证书一模一样
 
Ending stagnation: How to boost prosperity across Scotland
Ending stagnation: How to boost prosperity across ScotlandEnding stagnation: How to boost prosperity across Scotland
Ending stagnation: How to boost prosperity across Scotland
 
Solution Manual For Financial Accounting, 8th Canadian Edition 2024, by Libby...
Solution Manual For Financial Accounting, 8th Canadian Edition 2024, by Libby...Solution Manual For Financial Accounting, 8th Canadian Edition 2024, by Libby...
Solution Manual For Financial Accounting, 8th Canadian Edition 2024, by Libby...
 
The Impact of GST Payments on Loan Approvals
The Impact of GST Payments on Loan ApprovalsThe Impact of GST Payments on Loan Approvals
The Impact of GST Payments on Loan Approvals
 

La economía intangible en Italia, Portugal y España. Matilde Mas 17112021

  • 2. THE HISTORY OF CAPITALISM IS THE HISTORY OF THE INTRODUCTION OF DIFFERENT FORMS OF CAPITAL Physical capital Human capital Technological capital Social capital Intangible capital • They all began their industrial development at a late stage… • … and have experienced a slow productivity growth over the last two decades • They have showed slower adaptation to recent technological changes in general… • ... and to intangibles in particular, as the Covid-19 pandemic has proven in all its rawness Italy Portugal Spain
  • 3. ALL THREE COUNTRIES ARE EQUIVALENT WITH EUROPE IN TANGIBLES… BUT NOT INTANGIBLES Ireland Sweden France Netherlands Denmark Finland Austria Average United Kingdom Luxembourg Portugal Italy Germany Spain Greece 0 4.5 9 13.5 18 10.5 14.0 12.4 11.4 13.0 12.4 10.3 12.1 15.7 13.1 12.5 12.1 11.8 14.0 13.7 4.2 5.5 6.5 6.7 6.8 7.0 8.2 8.3 8.7 9.6 9.6 10.1 10.4 14.6 16.4 Intangible Tangible * Expanded. Note: The investment in tangible assets does not include residential investment. Average of European countries: former EU-15 (including UK), except Belgium. Source: EU KLEMS and own elaboration. Graphic 7. Tangible and intangible investment over GDP*. Total economy. 2018 (percentage)
  • 4. ONLY ITALY IS CLOSE TO THE EUROPEAN AVERAGE IN THE WEIGHT OF INTANGIBLE CAPITAL OVER TOTAL INVESTMENT Ireland Sweden France Netherlands United Kingdom Denmark Finland Average Italy Luxembourg Austria Germany Portugal Greece Spain 0 25 50 75 100 71.6 71.5 65.6 65.4 64.4 63.8 62.8 59.4 57.7 56.5 55.8 54.6 53.3 48.9 45.5 28.4 28.5 34.4 34.6 35.6 36.2 37.2 40.6 42.3 43.5 44.2 45.4 46.7 51.1 54.5 Intangible Tangible * Expanded. Note: The investment in tangible assets does not include residential investment Average of European countries: former EU-15 (including UK), except Belgium. Source: EU KLEMS and own elaboration. Graph 8. Composition of non-residential investment*. Total economy. 2018 (percentage)
  • 5. SPAIN AND PORTUGAL HAVE MAINTAINED A PATH OF CONVERGENCE WITH EUROPE OVER THE PAST TWO DECADES IN INTANGIBLE INVESTMENT 0 4 8 12 16 Ireland Luxembourg Denmark Austria Sweden Netherlands Spain France Portugal Average Finland Germany United Kingdom Italy Greece 0.5 1.5 2.3 2.8 2.9 3.1 3.5 3.6 4.1 4.3 4.4 4.5 4.7 6.9 11.4 Average of European countries: former EU-15 (including UK), except Belgium. Source: EU KLEMS and own elaboration. Graph 11. Average annual rate of variation in real investment in intangible assets. Total economy. 1995-2018 (percentage)
  • 6. INTANGIBLE INVESTMENT PROVED MORE RESILIENT DURING THE CRISIS 50 100 150 200 250 1995 1998 2001 2004 2007 2010 2013 2016 2018 a. Italy 139.3 107.6 * Expanded. Note: The investment in tangible assets does not include residential investment. Average of European countries: former EU-15 (including UK), except Belgium. Source: EU KLEMS and own elaboration. 115.0 50 100 150 200 250 1995 1998 2001 2004 2007 2010 2013 2016 2018 b. Portugal 215.1 124.3 136.0 50 100 150 200 250 1995 1998 2001 2004 2007 2010 2013 2016 2018 c. Spain 248.5 163.4 164.0 50 100 150 200 250 1995 1998 2001 2004 2007 2010 2013 2016 2018 Expanded GDP Tangible assets (without residential investment) Intangible assets d. Average of European countries 201.3 144.2 148.1 Graph 9. Dynamic of GDP. intangible and tangible investment*. Total economy. 1995-2018 1995 =100
  • 7. THE SLOW PACE OF INVESTMENT IN INTANGIBLES IS RESPONSIBLE FOR THE SLOW PROGRESS OF PRODUCTIVITY Table 4. Contribution of sources of economic growth to the growth in labour productivity (GDP per hour worked). Italy, Portugal, Spain and EU-12 2009-2017. (percentage points and horizontal percentage). Productivity per hour worked 1 
 (=2+3+4+5) TFP 
 2 Capital in intangible assets per hour worked 
 3 Capital in tangible assets per hour worked 
 4 Changes in the composition of labour 
 5 2009-2016 Italy 0.51 0.24 0.02 0.05 0.20 Portugal 0.72 -0.61 0.02 -0.41 1.72 Spain 1.17 0.21 0.11 0.21 0.65 EU-12 0.96 1.18 0.07 -0.72 0.42 Note: EU-12: Austria, Belgium, Czech Republic, Germany, Denmark, Spain, Finland, France, Italy, Netherlands, Sweden and United Kingdom. Source: EU KLEMS • If Italy and Portugal had seen the same contribution from intangible assets as the EU, its productivity growth would have been 8 basis points higher for Portugal, and 5 points higher for Italy • Spain has suffered because it has failed to match its strong growth in tangible assets with parallel growth in intangibles to compensate the initial backwardness, undermining the growth of TFP, which is a measure of efficiency
  • 8. CONCLUSIONS Although they are similar economies, Italy, Portugal and Spain have different strengths and weaknesses. Their identification enables us to orient the policies (public and private) financed with the Next Generation EU funds in the most appropriate direction in order to emerge stronger from Covid-19.