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| CON113D - Cross classification of net fixed assets by industry and by asset, in previous year replacement costs |
| Definition |
According to ESA 2010, an economic asset is a store of value representing the benefits accruing to the economic owner by holding or using the entity over a period of time. It is a means of carrying forward value from one accounting period to another.
The economic assets are of two kinds: financial assets and non-financial assets. The published data are related only to non-financial assets. These are non-financial items over which ownership rights are enforced by institutional units, individually or collectively, and from which economic benefits may be derived by their owners by holding, using or allowing others to use them over a period of time.
The non-financial assets are grouped into:
- Produced non-financial assets, which are outputs from production processes, covering: Fixed assets, Inventories (of materials and supplies, work-in-progress, finished goods and goods for resale), Valuables;
- Non-produced non-financial assets, that come into existence other than through processes of production, as: Natural resources, Contracts, leases and licences, Purchases less sales of goodwill and marketing assets.
Fixed assets are produced non-financial assets that are used repeatedly or continuously in production processes for more than one year. Fixed assets consist of dwellings, other buildings and structures, machinery and equipment, weapons systems, cultivated biological resources, and intellectual property products.
While defining fixed assets, it is important to make the distinguish between flows and stocks.
Flows reflect the creation, transformation, exchange, transfer and extinction of the economic value. These imply the changes in the value of assets, liabilities, events that occur during a period of time. GDP and the majority of national accounts indicators (as Gross fixed capital formation) are flows linked to a certain period of time. Stocks are the holdings of assets and liabilities, at one moment in time. Stocks are registered at the beginning and at the end of each accounting period, thus they are measured at a given moment.
The accounts which register stocks of assets by institutional sectors are called balance-sheets.
The stocks of fixed assets are allocated, within each institutional sector, by industry according to NACE Rev.2.
More definitions and explanations could be found in Regulation (EU) No 549/2013 of the European Parliament and of the Council of 21 May 2013 on the European system of national and regional accounts in the European Union ESA 2010, Chapter 7 ''BALANCE SHEETS'' https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32013R0549&from=en |
| Periodicity |
Annual |
| Data sources |
National accounts - final version ESA 2010 details |
| Methodology |
Data are compiled according to ESA 2010. In line with the methodology, stocks of fixed assets and consumption of fixed capital should be estimated on the basis of the perpetual inventory method (PIM). Applying this method, there are obtained, for each type of asset, the values for:
- Opening stock (gross) in current and constant prices;
- The final stock (gross) in current and constant prices;
- Consumption of fixed capital in current and constant prices.
Consumption of fixed capital (the difference between the gross and net value of stocks) within the perpetual inventory method is compiled according to the linear amortization model for each type of assets.
An exception from the perpetual inventory method is made for stocks of dwellings. In this case the 'quantity x price' method is applied, using stratified statistical data regarding the total surface of dwellings and price per square meter of these dwellings. |
| Last update |
JAN 22, 2024 |
| Observations |
Data series compiled according to ESA 2010 and NACE Rev.2 are available starting year 2001.
The small differences between totals and sum of components are due to rounding.
For years 2001-2003 the estimates of fixed assets (excepting the estimates for Dwellings) do not cover general government because of lack of data sources.
Data for year 2018 were revised due to certain improvements in data sources processing. Data series for years 2004-2018 for "Transport equipment" were revised due to methodological improvements. |
| Responsible person |
Livia Marineta Dragusin, interior: 2288. e-mail: livia.dragusin@insse.ro |
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