--- canonical_url: "https://csls.ca/ipm-archive/ipm-issue-46/are-intangibles-running-out-of-steam/" title: "Are Intangibles Running out of Steam?" author: name: "CSLS" url: "https://csls.ca/author/cslc/" date_published: "2026-07-13T08:15:08+00:00" date_modified: "2026-07-17T09:36:17+00:00" post_type: "ipm" summary: "" ipm_issue_period: - "Spring 2024" ipm_keyword: - "2011-2019" - "capital deepening" - "EU" - "EUKLEMS" - "intangibles" - "INTANProd" - "productivity" - "Productivity Institute" - "TFP spillovers" - "UK" - "United States" ipm_research_theme: - "Productivity trends and comparisons" ipm_country_focus: - "Europe" - "International" - "United Kingdom" - "United States" featured_image: "https://csls.ca/wp-content/uploads/2026/06/IPM_50_banner.webp" status: "publish" --- # Are Intangibles Running out of Steam? Canonical URL: https://csls.ca/ipm-archive/ipm-issue-46/are-intangibles-running-out-of-steam/ # Are Intangibles Running out of Steam? [Download full PDF article](https://csls.ca/wp-content/uploads/2026/07/IPM-Issue-46-2-van-Ark-de-Vrie-Erumban.pdf) Cite this article × Cite this article as: van Ark, Bart, Klaas de Vries, and Abdul Erumban. 2024. “Are Intangibles Running out of Steam?” International Productivity Monitor, No. 46 (Spring 2024): 38–59. https://csls.ca/ipm-archive/ipm-issue-46/are-intangibles-running-out-of-steam/ ## Authors: - Bart van Ark University of Manchester / The Productivity Institute - Klaas de Vries Statistics Netherlands - Abdul Erumban University of Groningen ## IPM Issue 46 Spring 2024 pp. 38–59 ## Related IPM articles [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/) [Appendix: Variable Definitions and Country/Sector Coverage for Regulatory Reform Analysis Gilbert Cette, Jimmy Lopez, Giuseppe Nicoletti, Océane Vernerey Fall 2025 | IPM Issue 49 | pp. 1–18](https://csls.ca/ipm-archive/ipm-issue-49/appendix-variable-definitions-and-country-sector-coverage-for-regulatory-reform-analysis/) [Adult Skills and Productivity: New Evidence from PIAAC 2023 Dan Andrews, Balázs Égert, Christine de La Maisonneuve Fall 2025 | IPM Issue 49 | pp. 41–63](https://csls.ca/ipm-archive/ipm-issue-49/adult-skills-and-productivity-new-evidence-from-piaac-2023/) [The Potential Impact of Pro-competitive Regulatory Reforms on Productivity and Growth in Canada Gilbert Cette, Jimmy Lopez, Giuseppe Nicoletti, Océane Vernerey Fall 2025 | IPM Issue 49 | pp. 3–40](https://csls.ca/ipm-archive/ipm-issue-49/the-potential-impact-of-pro-competitive-regulatory-reforms-on-productivity-and-growth-in-canada/) [The Challenges of Productivity Measurement — Review Article on The Measure of Economies: Measuring Productivity in an Age of Technological Change Chad Syverson Spring 2025 | IPM Issue 48 | pp. 139–143](https://csls.ca/ipm-archive/ipm-issue-48/the-challenges-of-productivity-measurement-review-article-on-the-measure-of-economies-measuring-productivity-in-an-age-of-technological-change/) [De-industrialization and the Great Productivity Slowdown: What Comes Next? Paul Fisher Spring 2025 | IPM Issue 48 | pp. 115–138](https://csls.ca/ipm-archive/ipm-issue-48/de-industrialization-and-the-great-productivity-slowdown-what-comes-next/) [ONS Response to ‘Are UK Regional Productivity Disparities Really Narrowing?’ Richard Prothero Spring 2025 | IPM Issue 48 | pp. 85–89](https://csls.ca/ipm-archive/ipm-issue-48/ons-response-to-are-uk-regional-productivity-disparities-really-narrowing/) [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/) [Are UK Regional Productivity Disparities Really Narrowing? An Investigation into Recent Productivity Data Revisions Fokke Reitze Gouma, Philip McCann, Raquel Ortega-Argilés Spring 2025 | IPM Issue 48 | pp. 63–84](https://csls.ca/ipm-archive/ipm-issue-48/are-uk-regional-productivity-disparities-really-narrowing-an-investigation-into-recent-productivity-data-revisions/) [Online Supplementary Material: UK Regional Productivity Data Fokke Reitze Gouma, Philip McCann, Raquel Ortega-Argilés Spring 2025 | IPM Issue 48 | pp. 15–19](https://csls.ca/ipm-archive/ipm-issue-48/online-supplementary-material-uk-regional-productivity-data/) ## Abstract ## Résumé EN FR Copy link Email LinkedIn Using the EUKLEMS-INTANProd database (2023 release) for nine EU countries, the UK, and the U.S., this article asks whether intangible capital has lost productivity momentum. Intangible investment shares of nominal GDP continue to rise, but real intangible capital stock growth has moderately slowed. The contribution of intangible capital deepening to labour productivity growth remains positive but insufficient to offset the large decline in tangible capital deepening. Labour productivity growth has slowed relatively more in the most intangible-intensive industries (especially the UK and U.S.). Econometric analysis finds little evidence of strong TFP spillovers from intangible deepening, and mixed evidence on complementarities. Policy should focus on broad-based investment in both tangible and intangible assets. À l’aide de la base de données EUKLEMS-INTANProd (version 2023) pour neuf pays de l’UE, le Royaume-Uni et les États-Unis, cet article se demande si le capital immatériel a perdu son dynamisme de productivité. Les parts de l’investissement immatériel dans le PIB nominal continuent d’augmenter, mais la croissance réelle du stock de capital immatériel a modérément ralenti. La contribution de l’approfondissement du capital immatériel à la croissance de la productivité du travail reste positive mais insuffisante pour compenser le large recul de l’approfondissement du capital tangible. L’analyse économétrique trouve peu de données probantes de forts effets de retombées de PMF provenant de l’approfondissement immatériel. [Download full PDF](https://csls.ca/wp-content/uploads/2026/07/IPM-Issue-46-2-van-Ark-de-Vrie-Erumban.pdf)