---
title: "Intangible Capital: A Country and Industry-level Comparison 2000–2021"
authors:
  - name: "Kaitila, Ville"
    url: "https://www.etla.fi/henkilot/kaitila-ville/"
    sameAs:
      - "https://orcid.org/0000-0002-9050-3431"
      - "https://scholar.google.com/citations?user=iYY2NssAAAAJ"
      - "https://twitter.com/villekaitila"
date_published: "2026-10-12"
series: "ETLA Working Papers"
series_number: "149"
issn:
  - "2323-2420"
  - "2323-2439"
jel_codes:
  - "E22"
  - "E24"
  - "J24"
  - "O57"
language: "fi"
publisher: "ETLA Economic Research"
pdf_url: "https://www.etla.fi/wp-content/uploads/ETLA-Working-Papers-149.pdf"
identifier: "https://www.etla.fi/julkaisut/id/ETLA-Working-Papers-149"
abstract_translations:
  en: "Intangible and tangible investments, and the capital stock accumulated over time, play a key role—alongside the labour input and the economic operating environment shaped by factors such as legislation—in creating a nation’s value added, and thus its incomes and purchasing power. This working paper examines macroeconomic statistics related to investments and productivity for Finland and seven other countries between 2000 and 2021, both for the whole economy and for individual industries. Intangible investments, in particular, face measurement challenges that complicate cross-country comparisons. On average, within non-agricultural market economy, Finland’s investment rate is moderate or among the leaders in intangible investments, but lagging behind in tangible investments. However, there is significant variation across different industries and investment assets."
---

# Intangible Capital: A Country and Industry-level Comparison 2000–2021

**Published:** 2026-10-12  
**Categories:** Working Papers  
**URL:** https://www.etla.fi/en/publications/working-papers-en/aineeton-paaoma-maa-ja-toimialatason-vertailu-2000-2021/

#### Abstract

Intangible and tangible investments, and the capital stock accumulated over time, play a key role—alongside the labour input and the economic operating environment shaped by factors such as legislation—in creating a nation’s value added, and thus its incomes and purchasing power. This working paper examines macroeconomic statistics related to investments and productivity for Finland and seven other countries between 2000 and 2021, both for the whole economy and for individual industries. Intangible investments, in particular, face measurement challenges that complicate cross-country comparisons. On average, within non-agricultural market economy, Finland’s investment rate is moderate or among the leaders in intangible investments, but lagging behind in tangible investments. However, there is significant variation across different industries and investment assets.

---

## Additional Information

**Saatavuus:** 2

**Issn:** 2323-2420, 2323-2439 (Pdf)

**Sarja Nro:** 149

**Sarja:** ETLA Working Papers

**Kieli:** fi

**Sivuja:** 78

**Paivays:** 12.10.2026

**Jel:** E22, E24, J24, O57

**Key Words:** Intangible investment, Tangible investment, Capital stock, Productivity

**Lataa Pdf:** https://www.etla.fi/wp-content/uploads/ETLA-Working-Papers-149.pdf

**Kansikuva:** https://www.etla.fi/wp-content/uploads/etla-working-papers-149-kansi.jpg

**Kirjoittajat:** Kaitila, Ville

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