Spain - Oil rents (% of GDP)

Oil rents (% of GDP) in Spain was 0.001 as of 2019. Its highest value over the past 49 years was 0.143 in 1983, while its lowest value was 0.000 in 1970.

Definition: Oil rents are the difference between the value of crude oil production at world prices and total costs of production.

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 0.000
1971 0.000
1972 0.000
1973 0.005
1974 0.079
1975 0.063
1976 0.060
1977 0.032
1978 0.027
1979 0.059
1980 0.095
1981 0.064
1982 0.043
1983 0.143
1984 0.118
1985 0.110
1986 0.028
1987 0.033
1988 0.018
1989 0.019
1990 0.015
1991 0.009
1992 0.009
1993 0.008
1994 0.007
1995 0.005
1996 0.006
1997 0.004
1998 0.001
1999 0.002
2000 0.005
2001 0.005
2002 0.004
2003 0.004
2004 0.004
2005 0.003
2006 0.003
2007 0.003
2008 0.003
2009 0.002
2010 0.003
2011 0.003
2012 0.005
2013 0.011
2014 0.008
2015 0.003
2016 0.001
2017 0.002
2018 0.002
2019 0.001

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