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Metallic mining contributed very little to the economy in 2011

In IBON Infomaterial on October 1, 2012 at 2:34 am

Metallic mining contributed very little to the economy in 2011

“The contribution of the mining industry to the economy is very minuscule and that mining only benefits large mining firms. In fact among the sub-industries in the country, mining and quarrying accounts for the smallest share and is actually contributing the second smallest in the entire economy after the forestry sector, said the group. The gross-value added (GVA) of the mining industry, which government itself measures, registered an average of 1% in 2000-2011 at current prices– it peaked in 2007 at only 1.63 percent. IBON added that while the GVA in mining in absolute terms has been increasing on average albeit in a slow pace, the share of mining’s GVA to the gross domestic product (GDP) is actually decreasing on average after peaking in the 1970s.” – http://ibon.org/ibon_articles.php?id=260

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