From 2014 to 2025, euro‑area business investment in digital assets rose by more than 60 %, driven mainly by intangible investments in intellectual property products such as software, databases and R&D. By the end of 2025, these intangible assets accounted for about 80 % of the cumulative expansion in business investment since late 2019, despite representing only two‑thirds of total capital expenditure on tangible assets. The growth of digital investment in the euro area has outpaced data‑centre construction, which remains a smaller share. In comparison, a similar proxy for the United States more than doubled over the same period, with a sharp uptick in 2025 thanks to a surge in data‑centre spending. The European Commission’s AI Action Plan and Next Generation EU funding are expected to further boost digital investment, though challenges such as energy supply, skills shortages and regulation could slow the pace.
© European Central Bank, 2025.
Summary derived from the ECB website (https://www.ecb.europa.eu ).
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