However, on review of international
productivity trends, comparing total investment rates
is not very helpful, because the category comprises
quite different classes of investment.
In particular, we must distinguish between investment in equipment
and investment in construction (residential and non-
residential) because productivity is driven above all by
investment in equipment (which includes plant and
machinery for producing goods and services).
The private sector accounts for most investment in equipment and
housing. Since 1991, on average 97 percent of investment
in equipment and almost all housing construction has
been undertaken by the private sector.
The state invests
above all in non-residential construction, which includes