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Instituto Valenciano de Investigaciones Económicas


Spain's stock of natural capital

The BBVA Foundation and the Ivie are among the many organizations who share an interest in providing a new perspective to economic analysis —that of the environment and the effects that the functioning of the productive system has on it. From this viewpoint, not only is economic growth or progress important, but its sustainability also becomes vital.

The database, which accompanies the book Economía y Medio Ambiente en España: Análisis del Flujo de Materiales y Capital Natural, addresses this concern by providing an estimate of the country’s stock of natural capital. This data supplements that found in other databases on the stock of human and physical capital also developed jointly by both institutions. The data provides a measure of the wealth represented by environmental assets, beyond those usually considered in economic analyses.

The data shows the value of natural capital in Spain (in current and real terms) for the period 1995-2018, distinguishing among nine individual natural assets (timber forest resources, non-timber forest resources, cropland, pasture land, protected areas, oil, natural gas, coal and metallic minerals). The information also includes the territorialization of these series by regions, which is one of the main contributions of the database, as it allows to evaluate the composition and changes of the natural capital of each region over time.

The estimations on the stock of natural capital have been directed by Ernest Reig and Ezequiel Uriel, Emeritus Professors at the University of Valencia and Ivie Research Professors; with participation by Ivie technicians: Eva Benages Candau and Juan Carlos Robledo Domínguez.

More details on the methodological criteria adopted and main results can be found in the book Economía y Medio Ambiente en España: Análisis del Flujo de Materiales y Capital Natural.

Recommended citation

BBVA Foundation and Ivie (The Valencian Institute of Economic Research). El stock de capital natural en España (1995-2018). Bilbao: València, October 2023. Database available at: [consultation: date].