Definition: the capital stock is the sum of all economic assets that are used on a recurring or continuous basis in the production process for more than one year (section AN.11; Eurostat, 2013). The indicator measures the net capital stock (machinery, buildings, transport and communication infrastructure etc.). It is calculated by subtracting from the gross capital stock, all assets of which being valued at the prices that would have to be paid if the assets were purchased now, the cumulative value of depreciation and by adding gross investments. The indicator is expressed as a percentage of GDP. The National Accounts Institute calculates the indicator for Belgium. In order to be able to compare Belgium with neighboring countries, data from Eurostat are used.

Goal: the capital stock must not decrease.

The Sustainable Development Goals or SDGs adopted by the UN in 2015 include target 9.1: "Develop quality, reliable, sustainable and resilient infrastructure, including regional and trans-border infrastructure, to support economic development and human well-being, with a focus on affordable and equitable access for all".

The capital stock "is a means of carrying forward value from one accounting period to another" (Eurostat, 2013, p.184). Consequently, the capital stock can be used by future generations and contribute to their well-being. Looking forward, it is considered that the capital stock must be maintained (UNECE, 2014, p.29). Therefore, it is considered as an implicit objective that the net capital stock must not decrease.

International comparison: the available time series (1995-2021) shows that the net capital stock in Belgium (in volume and percentage of the GDP) is lower than the average stock from the three neighborhood countries (Germany, France and Netherland). The observed gap remains constant through time. In 2021, the stock in Belgium (304.7% of the GDP) was below the one measured in Germany (347.6%) and in France (363.8%) but above the stock from Netherland (296.2%).

UN indicator: the selected indicator does not correspond to any monitoring indicator for the SDGs but is related to target 9.1. Increasing the capital stock makes it possible to have the necessary infrastructures for economic development.

Sources

• General

  • SDGs, Sustainable Development Goals: United Nations (2015), Transforming our world: the 2030 Agenda for Sustainable Development. Resolution adopted by the General Assembly on 25 September 2015, document A/RES/70/1.

  • Indicators: United Nations (2017), Work of the Statistical Commission pertaining to the 2030 Agenda for Sustainable Development. Resolution adopted by the General Assembly on 6 July 2017, document A/RES/71/313.

  • UN Sustainable Development: https://sdgs.un.org/ (consulted on 18/01/2023).

  • UN Sustainable Development Goal indicators website: https://unstats.un.org/sdgs/ (consulted on 18/01/2023).

• Specific

  • Eurostat (2013), European system of accounts. ESA 2010, Luxembourg: Publications Office of the European Union, 2013.

  • UNECE (2014), Conference of European Statisticians Recommendations on Measuring Sustainable Development, http://www.unece.org/publications/ces_sust_development.html (consulted on 24/09/2020).

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