In fact, in the top 10 activities in terms of investment volume – which account for 56.5% of the total investment – services clearly predominate (see chart on the previous page) and only three industrial sectors feature: electricity supply, food, and the automotive industry.

If we conduct the analysis in relative terms, real estate and rental activities remain among the most investment-intensive, allocating 41.3% and 85.3% of their value added, respectively. Information services also stand out, with the highest growth since 2019 (almost 38 points, reaching an investment rate of 47.6%). Some activities with a smaller share of the total in volume terms also show significant investment intensity, such as maritime transport and water distribution. In contrast, this intensity is lower in trade-related activities or in the food industry, although they account for a large share of total investment.   

Investment in intangibles is predominantly concentrated in services – accounting for over 67% – particularly advanced services (consulting, IT, and telecommunications), which explains their ability to generate high value-added growth with less investment in tangible assets.

In industry, intangibles are not a substitute for physical assets, but rather complement them, amplifying the impact of investment in machinery and equipment on productivity. In this sphere, the automotive industry stands out, followed some distance behind by the electricity supply sector and the pharmaceutical industry. Nevertheless, despite recent efforts, Spain continues to lag somewhat behind internationally: in 2023, investment in intangibles represented 7.8% of GDP, practically half the level in leading countries such as Sweden, the US or France.23