Definition: Major renovations or enlargements

National accounts

Major renovations or enlargements are activities which increase the performance or capacity of existing fixed assets or significantly extend their previously expected service lives; the decision to renovate, reconstruct or enlarge a fixed asset is a deliberate investment decision which may be undertaken at any time and is not dictated by the condition of the asset.
Organisation for Economic Co-operation and Development (OECD), "Measuring Capital - OECD Manual: Measurement of Capital Stocks, Consumption of Fixed Capital and Capital Services", Annex 1: Glossary of technical terms used in the Manual, Paris, 2001

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