The creation, renovation, repair or extension of fixed assets in the form of buildings, land improvements of an engineering nature and other engineering constructions (including roads, bridges, dams, etc.). Installation and assembly work, site preparation and general construction, specialised services such as painting, plumbing and demolition, and management of construction projects.
The definition of the concept is consistent with Balance of Payments and International Investment Position Manual (6th edition) of the International Monetary Fund.