Gross fixed capital formation gfcf
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International Workshop on Measuring GDP by Final Demand Approach, Shenzhen, China, 25-27 April 2011 Prepared By : Nursinah Amal Urai STATISTICS INDONESIA. Gross Fixed Capital Formation (GFCF).

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Gross Fixed Capital Formation (GFCF)

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Gross fixed capital formation gfcf

International Workshop on Measuring GDP by Final Demand Approach,

Shenzhen, China, 25-27 April 2011

Prepared By : Nursinah Amal Urai

STATISTICS INDONESIA

Gross Fixed Capital Formation (GFCF)


Gross fixed capital formation gfcf

Gross Fixed Capital Formation (GFCF) is measured by the total of a producer’s acquisition, less disposals, of fixed assets during the accounting period plus certain specified expenditure on services that adds to the value of non produced assets.

Fixed assets are produced assets that are use repeatedly or continuously in production processes for more than one year


Gross fixed capital formation gfcf

Gross Fixed Capital Formations includes:

Acquisitions less disposal of new or existing produced asset, such as dwelling, other building structure, machinery and equipment, weapon system, cultivated assets, intellectual property product (e.g., research & development, mineral exploration, computer software, entertainment, literary or artistic originals, and other intellectual property products;

Cost of ownership transfer on non produced, nonfinancial assets, such as land and patented assets;

Major improvement to produced and non produced assets that extend the lives of assets (e.g., reclamation of land from sea, clearance of forests, draining of marches or irrigation of forests, and prevention of flooding or erosion;

Acquisition can be in terms of purchase, own-account production, barter, capital transfer in kind, financial leasing, growth of cultivated assets and major repairs of produced assets;

Disposal can be in term of sale, barter, capital transfer in kind or financial lease, exceptional losses, such as those due to natural disasters (are not recorded as disposal).


Gross fixed capital formation gfcf

Assets in the 1993 SNA

Financial assets

Non-financial assets

Produced

Non-produced

Fixed

Inventories

Valuables

Tangible

Intangible

Tangible

Intangible

- Land

- Subsoil assets

- Non-cult biological resources

- Water resources

- Patented entities

- Leases and contracts

- Purchased goodwill

- Buildings

- Structures

- Machinery & Equipment

- Mineral exploration

- Computer software

- Entertainment, literary or artistic originals

-Other


Gross fixed capital formation gfcf

Assets in the SNA update

Financial assets

Non-financial assets

Non-produced

Produced

Fixed

Inventories

Valuables

Goodwill and marketing assets

Contracts, leases and licenses

Natural

resources

  • R&D

  • - Mineral exploration and evaluation

  • - Computer software and databases

  • - Entertainment, literary or artistic originals

  • - Other IP products

- Natural land

- Mineral & energy reserves

- Non-cult biological resources

- Water resources

- Other natural resources

Buildings

Structures

Machinery & Equipment


Gross fixed capital formation gfcf

GROSS CAPITAL FORMATION

GFCF

∆ Inventories

∆ Valuables

  • Construction

  • Machinery & equipment

  • Cultivated biological resources

  • Ownership transfer costs

  • Weapons systems

  • Intellectual property products)


Gross fixed capital formation gfcf

Gross Fixed Capital Formation (In Practice)

Type of Assets:

  • Dwelling

  • Construction on agriculture

  • Public work on roads, bridges and harbor

  • Construction and installation on electricity, water supply, gas & communication

  • Other constructions

  • Buildings & Constructions

  • Machinery

  • Transport

  • Others

  • Cultivated assets

  • Mineral explorations

  • Make up textile goods except wearing apparel

  • Manufacture of carpet, rope and textile

  • Hand tools and agricultural tools

  • Measuring, Photography and optical equipment

  • Musical instruments

  • Others

  • Prime movers engine

  • Machinery and apparatus

  • Electric generator and electrical motor

  • Electrical machinery and apparatus

  • Communication equipment and apparatus

  • Other electric appliances

  • Ship and its repair

  • Train and its repair

  • Motor vehicle

  • Aircraft and its repair

  • Other transport equipment


Gross fixed capital formation gfcf

GFCF Measurement

  • There are two methods for measuring GFCF:

  • Direct method

  • Indirect method (commodity flow)

  • In Practice :

    • Conventional approach:

    • By estimating based on the collecting data for business and public sector, especially commercial accounting

    • Commodity flow approach :

    • By estimating supply (output plus net import for related product) which is allocated to expenditure component.


Fixed capital formation valuation and time of recording

Fixed Capital Formation:Valuation and Time of Recording

  • Valuation:

    - Market prices (included installation cost and other owner transfer cost)

    - Cost plus mark up (for net operating surplus or mixed income for self production)

  • Time of recording:

    - Change of ownership

    - Time of initiation of use


Gross fixed capital formation gfcf

GFCF by Institutions

  • Government

  • Household

  • NPISHs

  • Financial Corporation

  • Non Financial Corporation

GFCF by sector

Agriculture

Mining & Quarrying

Manufacturing

Electricity, gas and water supply

Construction

Trade, restaurant & hotel

Transport & communication

Financial intermediaries, real estate and business services

General government

Other services


Gross fixed capital formation gfcf

Sourceof Data

1. Primary Survey : Annual Survey of Fixed Assets

2. Secondary data :

  • Foreign trade statistics (net import capital goods value)

  • Corporate Annual reports

  • Statistics of Mining

  • Statistics of Large and medium Industries

  • Statistics of Construction

  • Government Capital Expenditure


Gross fixed capital formation gfcf

  • Fixed Capital Formation :

  • Main Types:

  • Construction

  • Machinery & equipment

  • Cultivated biological resources (livestock, timber and fruit trees)

  • Artistic products used in production (e.g. movies)

  • Major improvements to tangible non-produced assets (e.g. land)

  • Ownership transfer costs

  • Weapons systems

  • Intellectual property products (Research & Development, Mineral exploration,

  • Computer software)


Gross fixed capital formation gfcf

Non Produced Asset

  • Natural Resources

  • Land

  • Mineral & energy reserves

  • Non cultivated biological resources

  • Water resources

  • Others


  • Gross fixed capital formation gfcf

    • Contracts, leases, and licenses

  • Marketable operating lease

  • License to use natural resources

  • Permits to undertake specific activities

  • Entitlement to future goods and services on an exclusive basis

    • Goodwill and marketing asset


  • Gross fixed capital formation gfcf

    Worksheet of Measuring Gross Fixed Capital Formation

    Based on SNA 2008

    ( For the future  rebasing new year 2010 )


    The indonesia economic growth 2008

    THE INDONESIA ECONOMIC GROWTH, 2008

    Contribution (%)

    Production

    Expenditure

    Contribution (%)

    14,48

    Ch

    5,34 %

    Agriculture

    4,83 %

    60,62

    10,94

    Mining & Quarrying

    0,71%

    Cg

    10,43 %

    27,81

    Manufacturing

    3,66 %

    8,42

    G

    D

    P

    6,01 %

    0,83

    Elct,, Gas& Water Supply

    10,93%

    GFCF

    11,89 %

    27,70

    8,48

    Construction

    7,55%

    13,97

    Trade,hotel,& restaurant

    6,87 %

    Export

    9,53 %

    29,81

    6,31

    Transportation & Communication

    16,57 %

    7,44

    Finance,Real estt,Bus Service

    8,24 %

    - Import

    10,00 %

    28,75

    9,74

    Services

    6,24 %

    16


    The indonesia economic growth 2009

    THE INDONESIA ECONOMIC GROWTH, 2009

    Contribution (%)

    Expenditure

    Production

    Contribution (%)

    15,30

    Ch

    4,85 %

    Agriculture

    3,98 %

    58,72

    10,56

    Mining & Quarrying

    4,44 %

    Cg

    15,67 %

    26,37

    Manufacturing

    2,16 %

    9,59

    G

    D

    P

    4,58 %

    0,84

    Elct, Gas & Water Supply

    14,29%

    GFCF

    3,30 %

    31,13

    9,91

    Construction

    7,07 %

    13,28

    Trade,Hotel,& Rest

    1,30 %

    Export

    - 9,69 %

    24,17

    6,29

    Transportation& Communication

    15,50 %

    7,21

    Finance,R.Estt.Bus service

    5,05 %

    • Import

    • - 14,98 %

    21,36

    10,24

    Services

    6,42 %

    17


    The indonesia economic growth 2010

    THE INDONESIA ECONOMIC GROWTH 2010

    Contribution (%)

    Production

    Contribution (%)

    Expenditure

    Agriculture

    2,86 %

    Ch

    4,63 %

    15,34

    56,70

    11,15

    Mining & Quarrying

    3,48 %

    Cg

    0,29 %

    24,82

    Manufacturing

    4,48 %

    9,06

    G

    D

    P

    6,10 %

    0,78

    Electricity, Gas, Water Supply

    5,31 %

    GFCF

    8,50 %

    32,15

    10,29

    Construction

    6,98 %

    13,72

    Trade,Hotel&Restaurant

    8,69 %

    Export

    14,92 %

    24,61

    6,50

    Transportation & Communication

    13,45 %

    7,21

    Finance,R Est,& Bus Services

    5,65 %

    • Import

    • 17,28 %

    22,98

    10,19

    Services

    6,01 %

    18


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