--- canonical_url: "https://csls.ca/ipm-archive/ipm-issue-33/the-role-of-capital-accumulation-in-the-evolution-of-total-factor-productivity-in-spain/" title: "The Role of Capital Accumulation in the Evolution of Total Factor Productivity in Spain" author: name: "CSLS" url: "https://csls.ca/author/cslc/" date_published: "2026-07-13T07:42:36+00:00" date_modified: "2026-07-13T07:42:36+00:00" post_type: "ipm" summary: "" ipm_issue_period: - "Fall 2017" ipm_keyword: - "capital accumulation" - "capital productivity" - "EU KLEMS" - "growth accounting" - "labour productivity" - "quality adjustment" - "Spain" - "TFP" - "World KLEMS" ipm_research_theme: - "Productivity trends and comparisons" ipm_country_focus: - "Europe" - "International" - "Spain" featured_image: "https://csls.ca/wp-content/uploads/2026/06/IPM_50_banner.webp" status: "publish" --- # The Role of Capital Accumulation in the Evolution of Total Factor Productivity in Spain Canonical URL: https://csls.ca/ipm-archive/ipm-issue-33/the-role-of-capital-accumulation-in-the-evolution-of-total-factor-productivity-in-spain/ # The Role of Capital Accumulation in the Evolution of Total Factor Productivity in Spain [Download full PDF article](https://csls.ca/wp-content/uploads/2026/07/IPM-Issue-33-3-Perez-Benages.pdf) Cite this article × Cite this article as: Perez, Francisco, and Eva Benages. 2017. “The Role of Capital Accumulation in the Evolution of Total Factor Productivity in Spain.” International Productivity Monitor, No. 33 (Fall 2017): 24–50. https://www.csls.ca/ipm-archive/ipm-issue-33/the-role-of-capital-accumulation-in-the-evolution-of-total-factor-productivity-in-spain/ ## Authors: - Francisco Perez University of Valencia - Eva Benages Valencian Institute of Economic Research (IVIE) ## IPM Issue 33 Fall 2017 pp. 24–50 ## Related IPM articles [Efficiency Adjustment of Hours Worked: Two Possible Modifications of a Jorgensen Production Model Barbara Fraumeni Fall 2025 | IPM Issue 49 | pp. 103–115](https://csls.ca/ipm-archive/ipm-issue-49/efficiency-adjustment-of-hours-worked-two-possible-modifications-of-a-jorgensen-production-model/) [Labour Productivity as a Measure of Technological Change Ulrich Kohli Fall 2025 | IPM Issue 49 | pp. 64–81](https://csls.ca/ipm-archive/ipm-issue-49/labour-productivity-as-a-measure-of-technological-change/) [The Relationship between Efficiencies Defenses for Mergers and TFP Growth Robin Shaban Fall 2025 | IPM Issue 49 | pp. 82–102](https://csls.ca/ipm-archive/ipm-issue-49/the-relationship-between-efficiencies-defenses-for-mergers-and-tfp-growth/) [IPM Issue 49 Editors’ Overview Andrew Sharpe, Bart van Ark, Paul Schreyer Fall 2025 | IPM Issue 49 | pp. 1–2](https://csls.ca/ipm-archive/ipm-issue-49/) [New Measures of Public Service Productivity: Lessons and Results from the United Kingdom Richard Heys Spring 2025 | IPM Issue 48 | pp. 90–114](https://csls.ca/ipm-archive/ipm-issue-48/new-measures-of-public-service-productivity-lessons-and-results-from-the-united-kingdom/) [The UK Productivity Slowdown: A Review of Timing, Magnitude, and Drivers Josh Martin Spring 2025 | IPM Issue 48 | pp. 1–34](https://csls.ca/ipm-archive/ipm-issue-48/the-uk-productivity-slowdown-a-review-of-timing-magnitude-and-drivers/) [Appendix: UK Productivity Growth Rates Across Data Vintages and Studies Josh Martin Spring 2025 | IPM Issue 48 | pp. 65–73](https://csls.ca/ipm-archive/ipm-issue-48/appendix-uk-productivity-growth-rates-across-data-vintages-and-studies/) [Opportunities and Risks of Artificial Intelligence for Productivity Francesco Filippucci, Peter Gal, Katharina Laengle, Matthias Schief, Filiz Unsal Spring 2025 | IPM Issue 48 | pp. 1–26](https://csls.ca/ipm-archive/ipm-issue-48/opportunities-and-risks-of-artificial-intelligence-for-productivity/) [Accounting for the Decline of Canada’s Real GDP Per Capita since Mid-2022 Philip Smith Spring 2024 | IPM Issue 46 | pp. 83–100](https://csls.ca/ipm-archive/ipm-issue-46/accounting-for-the-decline-of-canadas-real-gdp-per-capita-since-mid-2022/) [Cracking the Productivity Code: An International Comparison of UK Productivity John Van Reenen, Xuyi Yang Spring 2024 | IPM Issue 46 | pp. 60–82](https://csls.ca/ipm-archive/ipm-issue-46/cracking-the-productivity-code-an-international-comparison-of-uk-productivity/) ## Abstract ## Résumé EN FR Copy link Email LinkedIn GDP growth in Spain was strong for much of the last half century, whereas the country’s productivity performance during these years has been mediocre. The reasons for this situation have frequently been analysed with the focus on labour productivity. But, as this article highlights, the evolution of capital productivity should also be taken into account when looking for explanations for poor productivity performance. This article analyses the sources of growth in the Spanish economy, in comparison with major economies, and takes into account the effects that the improvements in the measurement of inputs (labour and capital) have on TFP estimates. Once problems are identified and the role played by labour and capital is evaluated, the paper analyses the possible causes for the negative results in terms of productivity in Spain and what policies can be considered to improve it. For much of the last half century, GDP La croissance du PIB en Espagne a été forte pendant une grande partie du dernier demi-siècle, alors que la performance de productivité du pays au cours de ces années a été médiocre. Les raisons de cette situation ont fréquemment été analysées en se concentrant sur la productivité du travail. Mais, comme le souligne cet article, l’évolution de la productivité du capital devrait également être prise en compte pour expliquer la piètre performance de productivité. Cet article analyse les sources de la croissance dans l’économie espagnole, en comparaison avec les grandes économies, et tient compte des effets que les améliorations dans la mesure des intrants (travail et capital) ont sur les estimations de la PMF. [Download full PDF](https://csls.ca/wp-content/uploads/2026/07/IPM-Issue-33-3-Perez-Benages.pdf)