Glossary of the 1993 SNA - Definition of Term | | Term | Major renovations or enlargements (of fixed assets) | | Definition | Major renovations or enlargements of fixed assets are activities which increase the performance or capacity of existing fixed assets or significantly extend their previously expected service lives and so are classified as part of gross fixed capital formation; the decision to renovate, reconstruct or enlarge a fixed asset is a deliberate investment decision which may be undertaken at any time and is not dictated by the condition of the asset (note the contrast between this item and “maintenance and repairs”). | | Paragraphs | 6.162. |
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