Spain - Adjusted savings: natural resources depletion (% of GNI)

Adjusted savings: natural resources depletion (% of GNI) in Spain was 0.012 as of 2019. Its highest value over the past 49 years was 0.149 in 1983, while its lowest value was 0.001 in 2009.

Definition: Natural resource depletion is the sum of net forest depletion, energy depletion, and mineral depletion. Net forest depletion is unit resource rents times the excess of roundwood harvest over natural growth. Energy depletion is the ratio of the value of the stock of energy resources to the remaining reserve lifetime. It covers coal, crude oil, and natural gas. Mineral depletion is the ratio of the value of the stock of mineral resources to the remaining reserve lifetime). It covers tin, gold, lead, zinc, iron, copper, nickel, silver, bauxite, and phosphate.

Source: World Bank staff estimates based on sources and methods described in "The Changing Wealth of Nations 2018: Building a Sustainable Future" (Lange et al 2018).

See also:

Year Value
1970 0.035
1971 0.027
1972 0.021
1973 0.073
1974 0.149
1975 0.075
1976 0.076
1977 0.042
1978 0.031
1979 0.066
1980 0.110
1981 0.062
1982 0.065
1983 0.149
1984 0.116
1985 0.110
1986 0.031
1987 0.038
1988 0.141
1989 0.129
1990 0.044
1991 0.019
1992 0.019
1993 0.014
1994 0.018
1995 0.013
1996 0.010
1997 0.009
1998 0.004
1999 0.005
2000 0.009
2001 0.011
2002 0.009
2003 0.004
2004 0.005
2005 0.004
2006 0.008
2007 0.013
2008 0.006
2009 0.001
2010 0.009
2011 0.014
2012 0.020
2013 0.017
2014 0.014
2015 0.008
2016 0.007
2017 0.014
2018 0.017
2019 0.012

Development Relevance: Natural resources depletion is a critical component in the calculation of adjusted net national income. Adjusted net national income is calculated by subtracting from GNI a charge for the consumption of fixed capital (a calculation that yields net national income) and for the depletion of natural resources. The deduction for the depletion of natural resources, which covers net forest depletion, energy depletion, and mineral depletion, reflects the decline in asset values associated with the extraction and harvest of natural resources - this is analogous to depreciation of fixed assets.

Limitations and Exceptions: Net forest depletion is not the monetary value of deforestation. Roundwood and fuelwood production are different from deforestation, which represents a permanent change in land use and, thus, is not comparable. Areas logged out but intended for regeneration are not included in deforestation figures; rather, they are counted as producing timber depletion. Net forest depletion includes only timber values and does not include the loss of nontimber forest benefits and nonuse benefits. For both energy and mineral depletion, unit resource rent is calculated as (unit price - average cost). Marginal cost should be used instead of average cost in order to calculate the true opportunity cost of extraction; however, marginal cost is difficult to compute and data are not readily available. Unit prices refer to international or regional price rather than local prices. This differs from methodologies of national accounts, which may use local prices to measure energy or mineral GDP. This difference explains eventual discrepancies in the values for energy or mineral depletion, verses energy or mineral GDP.

Statistical Concept and Methodology: Natural resources depletion is the sum of net forest depletion, energy depletion, and mineral depletion: Net forest depletion is the product of unit resource rents and the excess of roundwood harvest over natural growth. In a country where incremental growth exceeds wood extraction, net forest depletion would be zero, no matter the absolute volume or value of wood extracted. Energy depletion is the ratio of the present value of energy resource rents, discounted at 4 percent, to the exhaustion time of the resource. Rent is calculated as the product of unit resource rents and the physical quantities of energy resources extracted. It covers hard and soft coal, crude oil, and natural gas. Mineral depletion is the ratio of the present value of mineral resource rents, discounted at 4 percent, to the exhaustion time of the resource. Rent is calculated as the product of unit resource rents and the physical quantities of mineral extracted. It covers tin, gold, lead, zinc, iron, copper, nickel, silver, bauxite, and phosphate.

Aggregation method: Weighted average

Periodicity: Annual

Classification

Topic: Economic Policy & Debt Indicators

Sub-Topic: National accounts