Greece | Mineral rents (% of GDP)

Mineral rents are the difference between the value of production for a stock of minerals at world prices and their total costs of production. Minerals included in the calculation are tin, gold, lead, zinc, iron, copper, nickel, silver, bauxite, and phosphate. Development relevance: Accounting for the contribution of natural resources to economic output is important in building an analytical framework for sustainable development. In some countries earnings from natural resources, especially from fossil fuels and minerals, account for a sizable share of GDP, and much of these earnings come in the form of economic rents - revenues above the cost of extracting the resources. Natural resources give rise to economic rents because they are not produced. For produced goods and services competitive forces expand supply until economic profits are driven to zero, but natural resources in fixed supply often command returns well in excess of their cost of production. Rents from nonrenewable resources - fossil fuels and minerals - as well as rents from overharvesting of forests indicate the liquidation of a country's capital stock. When countries use such rents to support current consumption rather than to invest in new capital to replace what is being used up, they are, in effect, borrowing against their future. Statistical concept and methodology: The estimates of natural resources rents are calculated as the difference between the price of a commodity and the average cost of producing it. This is done by estimating the price of units of specific commodities and subtracting estimates of average unit costs of extraction or harvesting costs. These unit rents are then multiplied by the physical quantities countries extract or harvest to determine the rents for each commodity as a share of gross domestic product (GDP).
Publisher
The World Bank
Origin
Hellenic Republic
Records
63
Source
Greece | Mineral rents (% of GDP)
year value
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970 0.1525613
1971 0.15868548
1972 0.12334783
1973 0.13543131
1974 0.25944633
1975 0.16150066
1976 0.19804454
1977 0.1945002
1978 0.12736302
1979 0.11617795
1980 0.11928214
1981 0.13043338
1982 0.13443338
1983 0.11252932
1984 0.10726313
1985 0.1079659
1986 0.06595003
1987 0.04494052
1988 0.23463661
1989 0.19454644
1990 0.06054081
1991 0.11706353
1992 0.07843965
1993 0.03936368
1994 0.02637975
1995 0.01366756
1996 0.01427313
1997 0.00760498
1998 0.00285256
1999 0.01307331
2000 0.01536841
2001 0.00788012
2002 0.00726576
2003 0.00401695
2004 0.01763822
2005 0.03366522
2006 0.09947251
2007 0.20059646
2008 0.04528369
2009 0.01854793
2010 0.08150591
2011 0.10767642
2012 0.08436998
2013 0.0819323
2014 0.05501893
2015 0.02394347
2016 0.0439557
2017 0.04623795
2018 0.03078088
2019 0.02011779
2020 0.01361286
2021 0.05221929
2022

Greece | Mineral rents (% of GDP)

Mineral rents are the difference between the value of production for a stock of minerals at world prices and their total costs of production. Minerals included in the calculation are tin, gold, lead, zinc, iron, copper, nickel, silver, bauxite, and phosphate. Development relevance: Accounting for the contribution of natural resources to economic output is important in building an analytical framework for sustainable development. In some countries earnings from natural resources, especially from fossil fuels and minerals, account for a sizable share of GDP, and much of these earnings come in the form of economic rents - revenues above the cost of extracting the resources. Natural resources give rise to economic rents because they are not produced. For produced goods and services competitive forces expand supply until economic profits are driven to zero, but natural resources in fixed supply often command returns well in excess of their cost of production. Rents from nonrenewable resources - fossil fuels and minerals - as well as rents from overharvesting of forests indicate the liquidation of a country's capital stock. When countries use such rents to support current consumption rather than to invest in new capital to replace what is being used up, they are, in effect, borrowing against their future. Statistical concept and methodology: The estimates of natural resources rents are calculated as the difference between the price of a commodity and the average cost of producing it. This is done by estimating the price of units of specific commodities and subtracting estimates of average unit costs of extraction or harvesting costs. These unit rents are then multiplied by the physical quantities countries extract or harvest to determine the rents for each commodity as a share of gross domestic product (GDP).
Publisher
The World Bank
Origin
Hellenic Republic
Records
63
Source