Finland - Mineral rents (% of GDP)

Mineral rents (% of GDP) in Finland was 0.062 as of 2019. Its highest value over the past 49 years was 0.381 in 1974, while its lowest value was 0.002 in 2001.

Definition: 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.

Source: Estimates based on sources and methods described in "The Changing Wealth of Nations: Measuring Sustainable Development in the New Millennium" (World Bank, 2011).

See also:

Year Value
1970 0.326
1971 0.182
1972 0.178
1973 0.379
1974 0.381
1975 0.104
1976 0.135
1977 0.106
1978 0.066
1979 0.113
1980 0.136
1981 0.076
1982 0.055
1983 0.066
1984 0.035
1985 0.036
1986 0.017
1987 0.018
1988 0.045
1989 0.099
1990 0.037
1991 0.045
1992 0.042
1993 0.027
1994 0.019
1995 0.017
1996 0.014
1997 0.029
1998 0.014
1999 0.023
2000 0.023
2001 0.002
2002 0.011
2003 0.016
2004 0.034
2005 0.046
2006 0.106
2007 0.104
2008 0.098
2009 0.081
2010 0.147
2011 0.192
2012 0.239
2013 0.129
2014 0.097
2015 0.067
2016 0.058
2017 0.120
2018 0.119
2019 0.062

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.

Limitations and Exceptions: This definition of economic rent differs from that used in the System of National Accounts, where rents are a form of property income, consisting of payments to landowners by a tenant for the use of the land or payments to the owners of subsoil assets by institutional units permitting them to extract subsoil deposits.

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 world price of units of specific commodities and subtracting estimates of average unit costs of extraction or harvesting costs (including a normal return on capital). 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).

Aggregation method: Weighted average

Periodicity: Annual

Classification

Topic: Environment Indicators

Sub-Topic: Natural resources contribution to GDP