Standardized capital stock estimates for the Greek economy 1948–2020

Abstract

In this study we present new estimates of the capital stock of the Greek economy for the period 1948 to 2020 using the Perpetual Inventory Method (PIM). Asset detail is at the fourth digit level for construction and equipment and at the third digit level for all other assets. Our estimates are derived using the OECD methodology from National Accounts data on gross fixed capital formation coupled with a number of official and semi-official publications. The results are subjected to a sensitivity analysis by varying estimates of a number of critical magnitudes. Our results indicate the significance of measurement and estimation issues, especially the choice of survival functions and age-efficiency profiles, for the implementation of the PIM approach and therefore for the estimation of key macroeconomic variables such as the capital–output ratio.