Spain | Total natural resources rents (% of GDP)

Total natural resources rents are the sum of oil rents, natural gas rents, coal rents (hard and soft), mineral rents, and forest rents. 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 | Total natural resources rents (% of GDP)
year value
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970 0.20085286
1971 0.16730778
1972 0.15702564
1973 0.25106968
1974 0.36622821
1975 0.28757327
1976 0.31158269
1977 0.26139705
1978 0.20427124
1979 0.23566507
1980 0.33531368
1981 0.40050107
1982 0.44403392
1983 0.43579649
1984 0.30935202
1985 0.30527719
1986 0.14032951
1987 0.12027485
1988 0.22981058
1989 0.23586345
1990 0.12223162
1991 0.07402346
1992 0.07109584
1993 0.06842696
1994 0.06930148
1995 0.06869673
1996 0.05972824
1997 0.05339801
1998 0.04258099
1999 0.03929087
2000 0.04992667
2001 0.05644059
2002 0.04593793
2003 0.03768004
2004 0.04689836
2005 0.03651299
2006 0.04376111
2007 0.05225452
2008 0.06517688
2009 0.03531083
2010 0.05834606
2011 0.06525621
2012 0.07306292
2013 0.06273487
2014 0.06064775
2015 0.04789226
2016 0.04193172
2017 0.05306561
2018 0.06300778
2019 0.03901011
2020 0.0381216
2021 0.11518102
2022

Spain | Total natural resources rents (% of GDP)

Total natural resources rents are the sum of oil rents, natural gas rents, coal rents (hard and soft), mineral rents, and forest rents. 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