Definition: Gross investment in tangible goods
Investment in all tangible goods which include both new and existing capital items, having a useful life of more than one year where non-produced tangible goods such as land are included. All investments are valued prior to value adjustments and before the deduction of income from disposals. Purchased goods are valued at purchase price, i.e. transport and installation charges, fees, taxes and other costs of ownership transfer are included.
Note: Also included are all additions, alterations, improvements and renovations, which prolong the service life or increase the productive capacity of capital goods.
Current maintenance costs are excluded, as is the value and current expenditure on capital goods used under rental and lease contracts. Investment in intangible and financial assets is excluded.
Glossary For Transport Statistics, Eurostat, ECMT, UN/ECE, Third edition