The capital stock of firms had a markedly negative evolution during the Economic and Financial Assistance Program, but with considerable heterogeneity among segments of the variable’s distribution and activity sectors. Subsequently, the recovery was moderate and occurred mainly in the highest percentiles of the distribution, allowing to approximately recover the levels of 2010. Around the median, the recovery was quite tenuous and, in some sectors, virtually non-existent.

For more details see Gouveia and Pereira (2022), “An economic estimate of capital stock at the firm level for Portugal”, Banco de Portugal Occasional paper Nº 4/22. 

Prepared by Manuel Coutinho Pereira. The analyses, opinions and findings expressed above represent the views of the author and not necessarily those of Banco de Portugal or the Eurosystem.

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