This paper investigates the role intangible capital plays for economic growth in different sectors in Germany. It
consists of two major parts. In the first part, we aim at measuring investment in intangibles at the sector level. We
shed light on differences across sectors but also compare these figures with investment in physical capital and with
investment in intangibles in the UK as European benchmark. The second part explores the role of intangible assets
for stimulating growth at the sector level by performing growth accounting analyses. We find that German firms
have boosted investments in intangible capital from 1995-2006 by 30%. Furthermore, results reveal differences in
the investment patterns among the UK and Germany. In nearly all sectors investments in design and computerized
information are larger in the UK. In contrast, German firms invest a higher proportion of gross output in R&D in all
sectors, and advertising is also more common except for the sector trade & transport. Intangible assets have
stimulated labour productivity growth in all sectors. The contribution varies between 0.17 (construction) and 0.59
(manufacturing) percentage points. In manufacturing, financial and business services innovative property capital is
the most influential type of intangible capital for labour productivity, followed by economic competencies and
computerized information. In all other sectors, economic competencies play the most prominent role for labour
productivity growth.
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