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Title page 1

Contents 6

Abstract/Résumé 5

1. Introduction 8

2. Cross-country trends in digital investment 12

2.1. Data sources, definitions and descriptives 12

2.2. Stylised facts on digital investment dynamics 15

2.3. Robustness of the observed digital investment patterns 19

2.3.1. Firm-level evidence 19

2.3.2. Renting digital assets: what impact on investment dynamics? 22

2.3.3. Deflator measurement: do cross-country differences affect real investment comparisons? 23

3. Implications for capital accumulation 26

3.1. Fast depreciation of digital capital 26

3.2. Digital capital accumulation is faster than other types of capital 28

4. The role of sectoral specialisation in driving trends in digital investment 31

5. Concluding remarks 34

References 36

Annex A. Construction of digital business investment and capital series 39

A.1. Data coverage in the national accounts 39

A.2. Construction of digital business investment 39

A.3. Construction of real investment and real capital for digital and non-digital assets 40

Annex B. Shift-share exercise 43

Annex C. Additional figures and tables 44

Figures 6

Figure 1. Weak capital accumulation has contributed to slowing per capita potential growth 9

Figure 2. Strong divergence in productivity and investment performance across OECD regions 10

Figure 3. Digital represents around one quarter of business investment spending across OECD countries 13

Figure 4. Digital investment is widespread across sectors, with ICT services and finance leading 14

Figure 5. The relative price of digital assets continues to fall but much less sharply since the GFC 15

Figure 6. Digital investment has outpaced other investment types across the OECD, most strongly in the United States 16

Figure 7. R&D investment is an important complement to digital investment 17

Figure 8. Digital investment growth shows wide cross-country variation, more so than non-digital investment 18

Figure 9. Digital investment accounts for almost 90% of the gap in business investment growth between the United States and... 19

Figure 10. The rising but still moderate role of the 'Magnificent 7' technology firms in aggregate United States investment 20

Figure 11. A firm-level view of digital capital expenditure across regions 21

Figure 12. Renting ICT services outpaces digital investment in Europe 22

Figure 13. Considering rented foreign digital assets leaves most of the gap with the United States unaffected 23

Figure 14. Strong relative decline in digital investment prices, with sizable but shrinking cross-country differences 25

Figure 15. The United States' digital investment lead is robust to using alternative deflators 25

Figure 16. Digital assets depreciate faster than other assets 26

Figure 17. Digital asset service lives are shorter and depreciation rats are higher, with little cross-country variation 28

Figure 18. Capital accumulation is higher for digital assets 29

Figure 19. Digital capital accumulation is stronger than that of total capital and accelerates in the United States 30

Figure 20. Lack of convergence in digital capital stocks per worker 31

Figure 21. Production has shifted towards more digitally intensive service sectors, and even more so in the United States 32

Figure 22. The rise in digital investment intensity is primarily due to within-sector trends and not due to sectoral reallocation 33

Boxes 7

Box 1. Firm-level evidence on digital investment in China 21

Annex Tables 6

Table A.1. The sectoral composition in ISIC Rev 4. Industry classification and our business sector definition 41

Table A.2. Asset categories included in the measure of digital business investment 41

Table A.3. Countries included in the analysis 42

Annex Figures 7

Figure C.1. Multifactor productivity, index, 2001=100 44

Figure C.2. Real business investment in the OECD 45

Figure C.3. Real business investment growth in the OECD 46

Figure C.4. Differences in sector composition do not account for the lead of the U.S. in digital investment 46

Figure C.5. Digital investment intensity is higher in the United States in several digitally intensive sectors 47

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