This chapter constructs industry-level capital inputs for Bhutan from 1990 to 2022, addressing the absence of a capital stock account in the Bhutanese System of National Accounts (BTSNA). It develops time-series investment and stock matrices to create industry-specific, quality-adjusted capital inputs. A key methodological adjustment is the shift of hydropower investments from a work-in-progress basis to an installed basis, ensuring that only fully operational assets are included in capital services. Large-scale hydropower projects often experience time lags of over 10 years from construction to operation, so this adjustment is crucial for accurate productivity assessment. As of early 2022, Bhutan’s nominal net capital stock is estimated at Nu 905 billion, roughly four times its GDP—the highest ratio in South Asia. Despite being one of the most capital-intensive economies in the region since the 1990s, Bhutan’s capital inputs continued to expand rapidly, averaging 9.5% growth per year between 1990 and 2022. This rapid growth occurred not only in the electricity sector but also across non-electricity industries, with an even faster accumulation after the democratic transition in 2008. While data limitations remain, this study establishes a vital framework for understanding Bhutan’s capital dynamics and lays the foundation for future refinements.