Definition: Service life

National accounts

The service life of an asset is the total period during which it remains in use, or ready to be used, in a productive process. During its service life an asset may have more than one owner.
Source:
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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