What capital figures record, and what they leave elsewhere
Gross fixed capital formation records the fixed assets acquired in a year, less disposals; in plain terms, investment spending. It does not measure what an asset is worth, what has been completed or what has entered service. Across the asset's lifecycle, its operation, maintenance, information, replacement and eventual disposal are governed and recorded under different rules, in budgets, registers, contracts and accounting records. What the figures show, what they cannot show, and where to look for the rest.
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