Spain | 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
Kingdom of Spain
Records
63
Source
Spain | Mineral rents (% of GDP)
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970 0.06429764
1971 0.04616274
1972 0.03813943
1973 0.12208477
1974 0.1415806
1975 0.02341155
1976 0.04154086
1977 0.02984361
1978 0.01462658
1979 0.04093686
1980 0.05880093
1981 0.02712996
1982 0.02137039
1983 0.02393478
1984 0.01915286
1985 0.0073098
1986 0.00557883
1987 0.0105148
1988 0.14077407
1989 0.13404502
1990 0.03482075
1991 0.01183602
1992 0.02091824
1993 0.01607491
1994 0.01608952
1995 0.01272729
1996 0.00704431
1997 0.00964884
1998 0.00346867
1999 0.0039402
2000 0.00693068
2001 0.00247726
2002 0.002153
2003 0.00127952
2004 0.00147376
2005 0.00243183
2006 0.0080915
2007 0.01365102
2008 0.00391675
2009 0.00064018
2010 0.01398816
2011 0.02145891
2012 0.03552286
2013 0.02334426
2014 0.02113912
2015 0.01423709
2016 0.01303668
2017 0.02622877
2018 0.02984084
2019 0.01641471
2020 0.01820821
2021 0.0964958
2022

Spain | 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
Kingdom of Spain
Records
63
Source