Gross fixed capital formation supplementary tables

Gross fixed capital formation (GFCF) is the estimate of net capital expenditure (acquisitions less the proceeds from disposals) on fixed assets by both the public and private sectors. Fixed assets are purchased assets used in production processes for more than one year.

Capital expenditure includes spending on:

• machinery and equipment

• transport equipment

• software

• artistic originals

• research and development

• new dwellings and major improvements to dwellings

• other buildings and major improvements to buildings

• structures, such as roads

In Blue Book 2026, we have implemented several methodological improvements and incorporated more up-to-date data sources to enhance the accuracy, relevance and reliability of our GFCF estimates.

We have implemented updated methods for estimating costs associated with the transfer of ownership of non-financial assets, otherwise known as transfer costs. These updates help ensure that our estimates better reflect real market activity and international best practice. This includes updates for Land Registry fees and fees associated with the transfer of a football player.

We have also included revised Annual Survey of Hours and Earnings (ASHE) data for 2024, which we use to calculate labour costs in our sum-of-costs approach for estimating own-account software.

We have updated artistic originals from 2018 onwards to incorporate improved data sources, strengthening coverage and reliability for these periods.

We have also refined the bottom-level industry profile for estimates of research and development (R&D) GFCF. These changes improve the detailed industry allocation of R&D estimates but do not affect top-level aggregates.

We have incorporated revised Annual Business Survey (ABS) benchmarks for 2023 and new ABS data for 2024. Revised data from important surveys, such as the Quarterly Acquisitions and Disposals of Capital Assets Survey (QCAS), and the ABS continue to play a central role.

Together, these changes are designed to deliver more granular, transparent and accurate estimates, strengthening the quality of the UK National Accounts.

GFCF data in Blue Book 2026 are open for revision from 1997. Additionally, in our chained volume estimates, we have moved the last base year on to 2024, as part of our production process. Our revisions approach aligns with our latest National Accounts Revisions Policy.

Further changes include the latest seasonal adjustment review. Each year, the seasonal adjustment models used in the processing of GFCF data are reviewed to ensure they are still appropriate following revisions to the data.

As is usual during the Blue Book process, the opportunity was taken to review and improve national accounts balancing adjustments across all transactions.