The Cotec Foundation for Innovation and Ivie have presented the report La economía intangible en España. Evolución y distribución por territorios y sectores (1995-2014), based on the world’s first database which includes the estimation of intangible assets at regional level. This new database is the result of the research collaboration between both entities and allows the cross reference of annual data on investment in different types of intangible assets for the period 1995-2014 for Spain’s 17 autonomous communities and the cities of Ceuta and Melilla for a total of 27 industries.
The report, coordinated by the University of Valencia Professors and Ivie Researchers Matilde Mas and Javier Quesada, analyzes both the investment in intangible assets already included in the Spanish System of National Accounts (AIPIB), as well as those not yet included (AIMPIB) such as firm’s organizational structure, human capital, design, advertising and market research. The inclusion of these intangibles in the National Accounts would raise Spain’s GDP level by 3.5% (more than 37,000 million euros), according to the results presented in the study.
- Spain is at the same level as Europe’s advanced economies in investment in tangible assets
- However, Spain is at the tail end in intangible assets’ investment, less than 6% of GDP, compared to other countries such as the United Kingdom (12.4% of GDP) and the United States (13.8% of GDP).
- Spain’s autonomous communities have a tendency to converge in investment in intangible assets, although with clear differences. Madrid stands out from the rest
- Financial and Insurance Activities is the sector that most invests in intangible assets, up to 70.3% of its total investments, while Agriculture, Livestock and Fisheries invests only 3.7% in intangible assets.