This report investigates the hypothesis that the real contribution of ICT investment may be masked in official statistics because intermediate ICT expenditures embodied in non-ICT capital assets are not treated as ICT investment. Based on detailed SUTs collected in 12 OECD countries, the report presents estimates of indirect ICT investment, i.e. the value of ICT inputs embodied in non-ICT capital assets.

ICT investment appears significantly higher when considering its indirect component, the average increase being about 35%. In addition, the inclusion of indirect ICT investment changes significantly the relative position of countries with respect to the ICT intensity of their investments.