|Gross fixed investment|
The total spent on fixed investment, before making any deduction for depreciation of the existing capital stock. This is contrasted with net fixed investment, which is gross fixed investment less an estimate of capital consumption. The figures for gross fixed investment are relatively reliable, as it is mainly carried out via observable market transactions, whereas capital consumption and thus net fixed investment are estimates, not based on observed market transactions.
|Reference: Oxford Press Dictonary of Economics, 5th edt.|