Gross Fixed Capital Formation / Formation Brute de Capital Fixe in construction
Methodological note - Construction investment data
FIEC Statistical Report No. 69
Key message
The FIEC reference methodology remains GFCF/FBCF in construction. Where a member cannot fully follow this reference concept for the current edition, the difference is documented transparently rather than ignored.
construction assets.
1. Purpose of this note
This note explains how to read the construction investment data presented in the FIEC Statistical Report. It covers both investment figures at current market prices and investment figures at constant prices / chain-linked volumes. It also provides country-specific methodological clarifications where the figures provided by a member federation differ, or may differ, from the common FIEC reference concept.2. FIEC reference concept
The common reference basis for construction investment data is Gross Fixed Capital Formation (GFCF) / Formation Brute de Capital Fixe (FBCF) in construction. In simple terms, this refers to investment in fixedconstruction assets.
| Element | Reference |
| Accounting framework | ESA/SEC 2010 |
| Activity coverage | NACE 41 to 43 - Section F |
| Unit | Million euros. For countries outside the euro area, the euro conversion and reference exchange rate should be specified. |
| Constant-price method | Chain-linked volumes, with the reference year 2020. |
3. Two types of construction investment figures
The report uses two complementary ways of presenting construction investment. They should be kept separate because they answer different questions.4. Why country-specific methodological notes are needed
National statistical systems, available data sources and federation practices may differ. In some cases, the data are fully aligned with GFCF/FBCF. In other cases, the figures are based on national-account series complemented by federation estimates, or on construction output / production data rather than investment in fixed assets. The purpose of the notes below is to improve transparency and comparability. A methodological note does not mean that the data are unusable; it means that the user should be aware of the concept, source or breakdown used.5. Country-specific methodological notes
France
The French series are based Gross Fixed Capital Formation (GFCF), which includes taxes and transaction costs, as published in the national balance sheet accounts by Insee. This corresponds to the same GFCF series published by Eurostat, with a more detailed breakdown. We then decompose total housing investment into new construction and renovation using the housing satellite account. For years where data are not yet available, the GFCF series are extrapolated using observed and forecasted trends in turnover and price indices across the different market segments.
The Netherlands
The Dutch series provided by EIB are based on construction output / production data rather than on Gross Fixed Capital Formation in fixed assets. The data are compiled by EIB using several sources, including CBS and BAG. Property-transfer costs, transaction fees and VAT are excluded. EIB production data provide a split between new build and renovation for both residential and non-residential construction, but these figures should not be considered fully comparable with Eurostat GFCF/FBCF investment data.
Spain
The Spanish data are mainly based on official national sources, including the National Statistics Institute and AMECO. However, where official breakdowns are not available, the federation produces its own estimates. In particular, there is no official source for the split between new housing construction and renovation; this breakdown is estimated using Ministry "visados" data. The figures can therefore be used in the report, but the internal breakdown should be interpreted as partly estimated.
Italy
Italian construction investment data are based on ISTAT estimates for closed years, while ANCE prepares forecasts for subsequent years. ANCE uses the construction investment series net of property-transfer costs, although ISTAT also publishes gross series and Eurostat is understood to publish the gross concept. Further sub-sector breakdowns, including new dwellings, extraordinary residential maintenance, private non-residential buildings, extraordinary maintenance of private non-residential buildings and public works, are estimated by ANCE. Investments include VAT, which ANCE considers to have a limited weight.
Greece
Greek data currently use GFCF data from the European statistical system / Eurostat as the reference basis. However, obtaining the detailed breakdown needed for construction, and especially for housing, remains difficult. In particular, the split between new construction and renovation may not be available with the desired level of detail.
FIEC Statistical Report No. 69 - Methodological note on construction investment data
Norway
Norwegian data are broadly aligned with Eurostat and Statistics Norway construction investment concepts. Where figures are not available in Eurostat, Statistics Norway is used, as Eurostat figures are based on Statistics Norway data. However, Norway does not currently have an official investment-volume source separating new buildings and renovations, and may rely on estimated third-party splits. The treatment of property-transfer costs, VAT and other taxes has not been fully confirmed; detailed housing breakdowns should therefore be interpreted with caution.
Slovakia
Slovak data follow the Gross Fixed Capital Formation (GFCF/FBCF) concept as published by the Statistical Office of the Slovak Republic, complemented where necessary by internal estimates. However, transaction costs related to property transfers are not fully included in the total investment data, and transaction costs related to existing dwellings are excluded from construction investment categories. The internal construction breakdown follows national statistical publications but is not explicitly labelled as an assets-based or products-based breakdown.
The French series are based Gross Fixed Capital Formation (GFCF), which includes taxes and transaction costs, as published in the national balance sheet accounts by Insee. This corresponds to the same GFCF series published by Eurostat, with a more detailed breakdown. We then decompose total housing investment into new construction and renovation using the housing satellite account. For years where data are not yet available, the GFCF series are extrapolated using observed and forecasted trends in turnover and price indices across the different market segments.
The Netherlands
The Dutch series provided by EIB are based on construction output / production data rather than on Gross Fixed Capital Formation in fixed assets. The data are compiled by EIB using several sources, including CBS and BAG. Property-transfer costs, transaction fees and VAT are excluded. EIB production data provide a split between new build and renovation for both residential and non-residential construction, but these figures should not be considered fully comparable with Eurostat GFCF/FBCF investment data.
Spain
The Spanish data are mainly based on official national sources, including the National Statistics Institute and AMECO. However, where official breakdowns are not available, the federation produces its own estimates. In particular, there is no official source for the split between new housing construction and renovation; this breakdown is estimated using Ministry "visados" data. The figures can therefore be used in the report, but the internal breakdown should be interpreted as partly estimated.
Italy
Italian construction investment data are based on ISTAT estimates for closed years, while ANCE prepares forecasts for subsequent years. ANCE uses the construction investment series net of property-transfer costs, although ISTAT also publishes gross series and Eurostat is understood to publish the gross concept. Further sub-sector breakdowns, including new dwellings, extraordinary residential maintenance, private non-residential buildings, extraordinary maintenance of private non-residential buildings and public works, are estimated by ANCE. Investments include VAT, which ANCE considers to have a limited weight.
Greece
Greek data currently use GFCF data from the European statistical system / Eurostat as the reference basis. However, obtaining the detailed breakdown needed for construction, and especially for housing, remains difficult. In particular, the split between new construction and renovation may not be available with the desired level of detail.
FIEC Statistical Report No. 69 - Methodological note on construction investment data
Norway
Norwegian data are broadly aligned with Eurostat and Statistics Norway construction investment concepts. Where figures are not available in Eurostat, Statistics Norway is used, as Eurostat figures are based on Statistics Norway data. However, Norway does not currently have an official investment-volume source separating new buildings and renovations, and may rely on estimated third-party splits. The treatment of property-transfer costs, VAT and other taxes has not been fully confirmed; detailed housing breakdowns should therefore be interpreted with caution.
Slovakia
Slovak data follow the Gross Fixed Capital Formation (GFCF/FBCF) concept as published by the Statistical Office of the Slovak Republic, complemented where necessary by internal estimates. However, transaction costs related to property transfers are not fully included in the total investment data, and transaction costs related to existing dwellings are excluded from construction investment categories. The internal construction breakdown follows national statistical publications but is not explicitly labelled as an assets-based or products-based breakdown.