Striking Gold in the Mining Industry

June 4, 2015


There is encouraging news this week on how the mining industry can still occasionally strike gold. Literally.


The gold industry has lost a little of its lustrous shine in recent years. Yet, mining has still been able to unearth profits in gold.


A study published this week shows the gold sector contributed more than $171 billion U.S. dollars to the world economy in 2013. Let's put that in perspective. That dollar amount is more than the gross domestic product of the Czech Republic and about half of Denmark's national income.


The document published this week was produced by an international economic consultancy. The study shows the gold industry directly contributed more than $83 billion to the global economy in 2013. When the indirect economic impact was taken into account, the study found that the figure increased to $171.6 billion in U.S. dollars.


The head of the World Gold Council says the report shows evidence that the "total economic impact of gold mining is significant and substantial".


The study summarized the impact of large-scale commercial gold mining in 47 countries that mine and produce gold.


The study also showed that gold miners directly employed more than one million people in 2013.